Global Shrimp Market Research Report

Global Shrimp Market:

The global shrimp market size reached USD 71.9 billion in 2024. Looking forward, IMARC Group expects the market to reach USD 105.4 billion by 2033, exhibiting a growth rate (CAGR) of 3.9% during 2025-2033. The market is experiencing moderate growth driven by the increasing consumer demand for seafood, the growing awareness of the health benefits associated with shrimp consumption, and a surge in aquaculture practices, resulting in higher shrimp production.

Shrimp Market Analysis:

• Market Growth and Size: The global shrimp market has witnessed substantial growth, primarily due to the increasing consumer demand for seafood. It is a sizable market with a significant share in the overall seafood industry, valued at billions of dollars.
• Technological Advancements: Technological advancements in shrimp farming, including automated feeders and monitoring systems, have improved efficiency and production. Sustainable practices and traceability technologies have gained prominence in shrimp production. Besides, cold chain logistics and preservation techniques have extended the shelf life of shrimp products.
• Industry Applications: Shrimp is widely used in the food and culinary industry, featuring prominently in various cuisines. Besides, it is a significant ingredient in seafood dishes, sushi, and as a protein source in ready-to-eat meals.
• Geographical Trends: Key shrimp-producing regions include Southeast Asia, Latin America, and the United States. Besides, Asia dominates both production and consumption, with countries like India, China, and Vietnam leading.
• Competitive Landscape: The global shrimp market report features a mix of small-scale and large-scale producers. Major players include seafood companies, aquaculture firms, and processing plants. Moreover, competition is fierce, with companies striving to meet quality and sustainability standards. Some of the key market players include Apex Frozen Foods Ltd, Aqua Star (Admiralty Island Fisheries Inc.), Charoen Pokphand Foods PCL, Grand Ocean Seafoods Co. Ltd, Grupo Ibérica Congelados S.A., Liveris Afentoulis & Co., Mazzetta Company LLC, Nordic Seafood A/S (Nippon Suisan Kaisha Ltd.), Ocean More Foods Co. Ltd, Pacific Seafood, Seaprimexco Vietnam, Thai Union Group PCL, etc.
• Challenges and Opportunities: Challenges include disease outbreaks in shrimp farms, environmental concerns, and fluctuating market prices. Opportunities lie in the adoption of advanced technologies for disease prevention, expansion into emerging markets, and diversification of shrimp product offerings.
• Future Outlook: The global shrimp market is expected to continue growing, driven by the rising seafood demand, technological innovations, and sustainable practices. The industry's future will likely be shaped by consumer preferences for responsibly sourced and traceable shrimp products.
   

Shrimp Market Trends:

Rising Consumer Demand

The shrimp market demand is rising globally. Shrimp is a popular seafood choice, owing to its mild flavor and versatility in various cuisines. As incomes increase and dietary preferences evolve, more individuals are including shrimp in their diets. This growing need is particularly noticeable in emerging economies where the inflating disposable incomes have led to the increasing consumption of seafood, including shrimp. Additionally, the expansion of urban populations and changing lifestyles, which favor convenient and protein-rich foods like shrimp, further fuel this demand. For instance, In Europe during the first half of 2023, the shrimp market prices varied from USD 33/kg to USD 67/kg. Moreover, there is an increasing demand for new and distinct shrimp products that diversify the shrimp offerings available to consumers, attracting those looking for unique and flavorful options. For instance, SeaPak launched its new frozen shrimp offering, Southern Style Jumbo Shrimp, across the entire U.S. in February 2022. Apart from this, Beaver Street Fisheries, Inc. launched its newest selection to its popular Sea Best Seafood Festival line in November 2023. The seafood boil addresses a consumer demand for more interesting seafood options that are easy to prepare at home. The new Steamer Pot offers a New England-style boil that includes shrimps.

Growing Aquaculture Industry

Aquaculture has become a driving force behind the growth of the global shrimp industry. Shrimp farming, in particular, is significantly expanding to meet the escalating demand. The increasing shrimp market trends are attributed to the development of advanced aquaculture techniques and technologies that enhance shrimp production efficiency. Moreover, controlled environments, improved breeding practices, and the adoption of sustainable farming methods have led to higher yields and reduced environmental impact. For example, in Abu Dhabi, a group of businesses undertook a project to build a new recirculating aquaculture system. The project aims to supply 2,000 metric tons of premium quality, locally grown Atlantic salmon in the country. The new technology enables the re-use of over 99.5% of the process water, almost eliminating resource wastage. Furthermore, aquaculture's role as a major source of shrimp has propelled the industry's growth and facilitated a consistent supply of shrimp products to meet global consumption needs. For instance, Orffa expanded its aquaculture portfolio by introducing three product lines, including ingredients, specialties, and veterinarian pharma products. These products consist of a unique blend of branded additives.

Increasing Health Awareness Among the Masses

The perceived health benefits and nutritional value of this fish are significant drivers of shrimp market growth. It is a low-calorie, high-protein seafood option that is rich in essential nutrients like omega-3 fatty acids, vitamins, and minerals. Shrimp is a popular choice for maintaining a balanced diet, owing to its nutritious value and protein-packed qualities, which cater to the health-conscious consumers. Additionally, shrimp is often considered a healthier alternative to red meat, on account of its lower saturated fat content. As health and wellness trends continue to influence food choices, the positive nutritional profile of shrimp positions it as a favored option in the global seafood market, contributing to its sustained consumption and growth. For instance, in December 2022, Chicken of the Sea, in partnership with Thai Union Frozen and Avanti Frozen Foods, became the largest importer of fair trade-certified farmed shrimp in the U.S. It promotes transparency, fair practices, and environmental protection in the seafood supply chain.

Rising Global Population and Income Levels

Demographic factors play a crucial role in driving the shrimp market statistics. The growing population globally, coupled with the inflating disposable incomes, has bolstered the seafood consumption, including shrimp. As economies continue to grow, more consumers have the financial means to include seafood, a relatively premium protein source, in their diets. This trend is particularly evident in emerging markets, where urbanization and lifestyle changes have led to the escalating demand for convenient and value-added shrimp products. Moreover, according to the study “The State of World Fisheries and Aquaculture 2022”, published by the Food and Agriculture Organization (FAO), there has been a consistent annual growth rate of 3% in global consumption of aquatic foods (excluding algae) since 1961.

Shrimp Market Segmentation

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global and regional levels for 2025-2033. Our report has categorized the market based on environment, species, shrimp size, and distribution channel.

Breakup by Environment:

• Farmed Shrimp
• Wild Shrimp
   

Farmed Shrimp Accounts for the Majority of the Market Share

The report has provided a detailed breakup and analysis of the market based on the environment. This includes farmed and wild shrimp. According to the report, farmed shrimp represented the largest segment. Farmed shrimp, often referred to as aquaculture shrimp, constitutes the largest share of the market. This segment comprises shrimp that are bred, raised, and harvested in controlled aquatic environments, such as shrimp ponds or indoor aquaculture facilities. Farmed shrimp are preferred for their consistency in size, quality, and availability throughout the year. Moreover, the farmed shrimp segment caters to domestic and international markets, providing various shrimp products, such as diverse sizes, species, and processed options, to meet the shifting preferences of consumers and the requirements of the foodservice industry. For instance, in April 2023, Kemin AquaScience, headquartered in the U.S. introduced Pathorol to enhance farmed shrimp health across multiple Asian nations. Pathorol, a shrimp dietary supplement is designed to enhance the health of the hepatopancreas, a vital organ in the digestive tract of crustaceans. The product is now available in India, Thailand, Vietnam, Indonesia, and Singapore.

Breakup by Species:

• Penaeus Vannamei
• Penaeus Monodon
• Macrobrachium Rosenbergii
• Others
   

Penaeus Vannamei holds the Largest Share in the Industry

A detailed breakup and analysis of the market based on the species have also been provided in the report. This includes Penaeus Vannamei, Penaeus monodon, macrobrachium rosenbergii, and others. According to the report, Penaeus Vannamei accounted for the largest market share. Penaeus Vannamei, commonly known as Pacific White Shrimp, represents the largest segment in the shrimp market outlook. It enjoys this distinction, owing to its widespread cultivation, fast growth rate, and versatility in various aquaculture systems. Additionally, this species is favored for its high productivity, adaptability to different environmental conditions, and relatively low production costs. Penaeus Vannamei is highly sought after in domestic and international markets, on account of its mild flavor, firm texture, and appealing appearance. For instance, according to the FAO, 80% of the cultured shrimp produced are of the L. Vannamei species. Approximately 4.4 million tons of shrimp of L. Vannamei have been produced.

Breakup by Shrimp Size:

• <21 
• 21-25
• 26-30
• 31-40
• 41-50
• 51-60
• 61-70
• >70
   

The report has provided a detailed breakup and analysis of the market based on the shrimp size. This includes <21, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70, and >70. 

Shrimp in this segment, with less than 21 pieces per pound, are often represented as "jumbo shrimp." These large-sized shrimp are prized for their succulent and meaty texture. They are widely used in gourmet dishes, grilling, or as impressive appetizers in fine dining establishments.

The 21-25 segment represents extra-large shrimp, which are still substantial in size and favored for various culinary applications. They are commonly utilized in stir-fries, pasta dishes, and shrimp cocktails, owing to their appealing size and flavor.

Shrimp in the 26-30 category are considered large. They strike a balance between size and affordability, making them a popular choice for several dishes, including scampi, grilled skewers, and fried platters.

With 31-40 pieces per pound, this segment offers medium-large shrimp that are versatile in cooking. They find widespread applications in shrimp tacos, gumbo, and salads, as their size allows for cooking and excellent flavor absorption.

Medium-sized shrimp in the 41-50 category are known for their slightly smaller and still substantial appearance. They are typically used in shrimp po' boys, pastas, and seafood stews, where they add a delightful seafood flavor.

Shrimp in the 51-60 category are considered small-medium in size. They are a cost-effective option for dishes requiring a higher shrimp-to-sauce ratio, such as shrimp curry or shrimp fried rice.

Small-sized shrimp in the 61-70 range are used in dishes where they serve it as a complementary ingredient rather than the main focus. They are incorporated in soups, chowders, and seafood stuffing, on account of their smaller size and affordability.

Shrimp with over 70 pieces per pound are the smallest in size and are often referred to as "tiny shrimp." They are commonly used in spreads, dips, and seafood sauces, where their small size allows them to blend seamlessly into the dish, adding a burst of seafood flavor.

Breakup by Distribution Channel:

• Hypermarkets and Supermarkets
• Convenience Stores
• Hotels and Restaurants
• Online Sales
• Others
   

A detailed breakup and analysis of the market based on the distribution channel has also been provided in the report. This includes hypermarkets and supermarkets, convenience stores, hotels and restaurants, online sales, and others.

Hypermarkets and supermarkets offer various shrimp products, including fresh, frozen, and value-added, making them convenient one-stop shops for consumers. The dominance of this segment is attributed to factors, such as the extensive reach of these retail chains, competitive pricing, and the ability to provide a diverse selection of shrimp. Additionally, hypermarkets and supermarkets also benefit from their ability to maintain consistent quality and safety standards.

Breakup by Region:

Major Producing Regions:

• China
• India
• Indonesia
• Vietnam
• Thailand
• Ecuador
• Others
   

China Leads the Market, Accounting for the Largest Shrimp Market Share

The global shrimp industry report has also provided a comprehensive analysis of all the major regional markets, which include producing regions like China, India, Indonesia, Vietnam, Thailand, Ecuador, and others. According to the report, China accounted for the largest market share.

China holds the dominant position in the global shrimp market. The extensive coastline and well-developed aquaculture industry of the country make it the largest shrimp producer in globally. Chinese shrimp production encompasses various species, including whiteleg shrimp and black tiger shrimp. Moreover, China is a significant exporter of processed and value-added shrimp products, serving domestic and international markets. Its thriving seafood processing sector and strong distribution networks contribute to its leadership in the global shrimp industry. For instance, in June 2023, China-based Guolian Aquatic Products received US$ 560 Million as financial support from Saudi Arabia’s Public Investment Fund (PIF) to promote seafood trade.

Major Consuming Regions:

• United States
• China
• Europe
• Japan
• Indonesia
• Others
   

China Represents the Major Consuming Region

The report has also provided a comprehensive analysis of all the major consuming regional markets, which include United States, China, Europe, Japan, Indonesia, and Others. According to the report, China was the major consuming region for shrimp. Shrimp is a popular ingredient in Chinese cuisine, featured in dishes like Kung Pao shrimp and shrimp with garlic sauce. China's appetite for shrimp has led to a thriving domestic aquaculture industry and significant imports. The Chinese market's sheer size makes it a focal point for shrimp producers worldwide, with a focus on meeting both quantity and quality requirement.

The United States hold the majority of share in shrimp market consumption, owing to its diverse culinary culture. Shrimp is a staple in various dishes, including scampi, cocktail, and gumbo. The U.S. market prioritizes sustainability and traceability, with consumers seeking responsibly sourced shrimp. As a result, there is an escalating demand for certified shrimp products, and retailers and restaurants often promote their commitment to sustainable seafood sourcing. Moreover, between 2017 and 2022, the price of shrimp at a global level increased by 8.47%. In the United States, the price of shrimp increased by 0.96% in 2022 compared to the previous year.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The key players in the market include Apex Frozen Foods Ltd., Aqua Star (Admiralty Island Fisheries Inc.), Charoen Pokphand Foods PCL, Grand Ocean Seafoods Co. Ltd., Grupo Ibérica Congelados S.A., Liveris Afentoulis & Co., Mazzetta Company LLC, Nordic Seafood A/S (Nippon Suisan Kaisha Ltd.), Ocean More Foods Co. Ltd., Pacific Seafood, Seaprimexco Vietnam, Thai Union Group PCL.

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Shrimp Market News:

• March 2022: Thai Union Group partnered with Sustainable Fisheries Partnership (SFP) to promote supply chain transparency and examine wider ecological consequences. The partnership with SFP is dedicated to creating a responsible seafood business to ensure healthy marine and aquatic environments and a secure seafood supply.
• March 2023: NaturalShrimp, Inc, a Biotechnology Aquaculture Company that has developed and patented the first shrimp-focused, commercially operational RAS (Recirculating Aquaculture System), has, through its wholly owned subsidiary, NaturalShrimp USA Corporation, entered into a year-long agreement with Homegrown Shrimp USA, Inc. for the purchase of post-larvae shrimp for stocking in the Company’s Webster City, Iowa and La Coste, Texas facilities.
• November 2023: Beaver Street Fisheries, Inc. launched its newest selection to its popular Sea Best Seafood Festival line. The seafood boil addresses a consumer demand for more interesting seafood options that are easy to prepare at home. The new Steamer Pot offers a New England-style boil that includes shrimp, cold water lobster claws, clams, and mussels.

Shrimp Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the shrimp market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global shrimp market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the shrimp industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.