Shrimp Market Overview

The Shrimp is anticipated to grow significantly from 2025 to 2035, driven by factors such as rising disposable incomes, increasing awareness of sleep health, and advancements in Shrimp technologies. By 2025, the market is projected to reach a value of around USD 69.58 Billion. Looking ahead to 2035, it is expected to expand further to about USD 154.35 Billion. This represents an annual growth rate of 7.9% over the ten-year period.

The Global Shrimp Market is a rapidly growing segment of the seafood industry, driven by increasing demand for protein-rich foods, expanding aquaculture production, and rising consumer preference for healthy seafood options. The global shrimp market includes the production, processing, distribution, and consumption of shrimp across various channels. It comprises wild-caught and farmed shrimp, catering to industries such as food & beverage, pharmaceuticals, and cosmetics. Governments in major shrimp-producing countries have recognized the seafood sector as a high-priority industry. Initiatives promoting cluster farming and sustainable practices have been implemented to boost production and attract new investments. Countries like China, India, Vietnam, and Thailand have been at the forefront of supporting shrimp culture through such policies. Despite growth, the industry faces challenges, including labor exploitation and ethical concerns. Reports have highlighted issues such as declining wages and poor working conditions for shrimp farm workers in countries like Indonesia, Vietnam, and India. ​Animal welfare has also come under scrutiny. Retailers like Waitrose have committed to more humane practices, such as implementing electrical stunning for farmed prawns, in response to campaigns against inhumane methods like suffocation in ice slurry.

Shrimp Market Drivers and Opportunities

Growing Global Seafood Consumption is anticipated to lift the Shrimp market during the forecast period

​​The global shrimp market is indeed experiencing significant growth, and this is heavily influenced by the increasing global consumption of seafood. Shrimp is rich in essential nutrients, including omega-3 fatty acids, making it a popular choice among health-conscious consumers seeking high-protein, low-fat options. Innovations in shrimp farming techniques have increased production efficiency and output, meeting the rising global demand. Several governments, particularly in South Asia and China, have implemented favorable regulations to boost shrimp production and exports, creating a conducive environment for market growth. Ecuador has emerged as a top shrimp exporter, with exports increasing by 6.82% in 2020 compared to the previous year. The United States has become the largest shrimp importer, with imports rising by 6.65% in 2020, surpassing China. Consumers are increasingly seeking healthy protein options, and shrimp fits this demand. The rise of "flexitarian" diets, which emphasize plant-based foods but include occasional meat and seafood, is boosting shrimp consumption. Frozen and pre-prepared shrimp products are popular due to their convenience, catering to busy lifestyles. The growth of online food delivery and e-commerce has made shrimp more accessible to consumers. Shrimp is a staple in many international cuisines, and its versatility makes it a popular ingredient in various dishes. Increased travel and exposure to different cultures have led to a greater appreciation for shrimp-based dishes.

Increasing Demand from Foodservice and Hospitality Industry is a vital driver for influencing the growth of the global Shrimp market

​​The global shrimp market is poised for significant growth, largely driven by increasing demand from the foodservice and hospitality sectors. This surge is influenced by several key factors, including changing consumer preferences, the versatility of shrimp in culinary applications, and strategic industry responses. ​ Shrimp's adaptability across various cuisines makes it a staple in many restaurants and catering services. Its appealing flavor and texture have led to its widespread inclusion in menus, catering to diverse consumer tastes. With a growing emphasis on health-conscious dining, consumers are seeking high-protein, low-fat options. Shrimp meets these criteria, being rich in protein, vitamins, and minerals, while low in calories and containing heart-healthy omega-3 fatty acids. This nutritional profile enhances its popularity in health-focused menus. The proliferation of restaurants, hotels, and catering services globally has increased the demand for versatile and premium ingredients like shrimp. The foodservice sector's growth directly correlates with higher shrimp consumption, as establishments strive to meet consumer demand for diverse and high-quality seafood dishes. To attract and retain customers, foodservice providers are continually innovating their menus. Shrimp's versatility allows for creative culinary applications, from traditional dishes to modern fusion cuisine, making it a preferred choice for chefs and menu planners. Consumers are increasingly aware of sustainability and ethical sourcing. The hospitality industry is responding by sourcing shrimp from certified sustainable fisheries and farms, appealing to environmentally conscious diners. ​ There's a resurgence in dining out, with consumers seeking unique and premium dining experiences. Shrimp-based dishes often feature in such experiences, driving demand in upscale restaurants and hotels.

Technological Advancements in Processing & Cold Chain Logistics is poised to create significant opportunities in the global Shrimp market

​​Technological advancements in shrimp processing and cold chain logistics are poised to significantly enhance the global shrimp market during the forecast period. These innovations are expected to improve product quality, extend shelf life, and expand market reach, thereby creating lucrative opportunities for industry stakeholders. ​ The integration of automation and robotics in shrimp processing enhances efficiency and consistency while reducing labor costs. Automated systems streamline tasks such as de-heading, peeling, and deveining, leading to increased production rates and uniform product quality. Modern preservation methods, including rapid freezing and vacuum sealing, maintain the freshness, taste, and texture of shrimp. These techniques not only extend shelf life but also ensure that consumers receive high-quality products, thereby boosting market demand. The implementation of Internet of Things (IoT) devices and data analytics enables real-time temperature and humidity monitoring throughout the supply chain. This ensures that shrimp products are stored and transported under optimal conditions, preserving quality and safety. Modern refrigeration solutions, such as energy-efficient cooling systems and advanced insulation materials, improve the reliability of cold storage and transportation. These technologies reduce spoilage rates and extend the marketability of shrimp products. Cloud-based platforms facilitate better inventory tracking and management, allowing for timely responses to demand fluctuations. This reduces waste and ensures a consistent supply of shrimp to meet consumer needs.

Shrimp Market Scope

Shrimp Market Report Segmentation Analysis

The Global Shrimp Market industry analysis is segmented into by Species, by Source, by Form, by Distribution Channel, by End-user and by Region.

The Whiteleg Shrimp segment is anticipated to hold the highest share of the global Shrimp market during the projected timeframe.

By Species, the Shrimp market is segmented into Gulf Shrimps, Farmed Whiteleg Shrimps, Banded Coral Shrimps, Royal Red Shrimp, Giant Tiger Shrimps, Blue Shrimps, Ocean Shrimps and Others. Whiteleg Shrimp (Penaeus vannamei): Commonly known as Pacific white shrimp, Penaeus vannamei is the most widely farmed shrimp species globally. Its popularity stems from its rapid growth rate, adaptability to aquaculture environments, and high survival rates. This species dominates the shrimp farming industry, particularly in countries like China, India, Vietnam, and Ecuador.

The Conventional Shrimp segment is anticipated to hold the highest share of the market over the forecast period.

On the basis of Source, the market is bifurcated into Organic and Conventional. Conventional Shrimp segment encompasses the majority of shrimp available in the market, including both wild-caught and traditionally farmed varieties. Conventional shrimp farming often utilizes intensive practices to maximize yield, catering to the high global demand for shrimp. Although, organic shrimp currently a niche market, the organic shrimp sector is experiencing significant growth due to increasing consumer awareness and demand for sustainable seafood options. ​ Produced through environmentally friendly and sustainable methods, organic shrimp farming adheres to strict standards, including the use of organic feed and the prohibition of synthetic chemicals.

The Frozen segment is expected to dominate the market during the forecast period.

Based on Form, the Shrimp market is segmented into Canned, Frozen, Peeled, Cooked, Breaded and Others. Frozen Shrimp segment includes various forms such as shell-on, peeled, cooked, and breaded shrimp. Frozen shrimp is a significant segment in the global market, offering convenience and extended shelf life, which appeals to both consumers and foodservice providers. The demand for frozen shrimp has been bolstered by advancements in freezing technologies and cold chain logistics, ensuring product quality and safety.

The B2B segment dominated the market in 2024 over the forecast period.

In terms of Distribution Channel, the Shrimp market is segmented into B2B, Hypermarkets & Supermarkets, Convenience Stores, Specialty Stores, Online and Others. This channel encompasses establishments where shrimp is consumed on the premises, such as restaurants, hotels, and other foodservice venues. In 2024, the on-trade distribution channel dominated the global shrimp market, accounting for approximately 60% of the total market share. This prominence is primarily driven by the extensive consumption of shrimp in dining establishments worldwide.

The Food segment is expected to dominate the market during the forecast period.

Based on End-user, the Shrimp market is segmented into Food, Pharmaceutical, Cosmetics, Industrial and Biotechnology. Food segment currently holds the largest market share. Shrimp is one of the most widely consumed seafood products globally, driven by rising demand for protein-rich and healthy food options. The expansion of quick-service restaurants (QSRs), casual dining, and fine dining establishments offering shrimp-based dishes has significantly boosted demand. Processed shrimp forms such as peeled, cooked, breaded, and frozen variants are becoming increasingly popular due to convenience and long shelf life. ​The US shrimp import volume reached over 835,000 metric tons in 2023, reflecting strong consumer demand.

The following segments are part of an in-depth analysis of the global Shrimp market:

Shrimp Market Share Analysis by Region

Asia Pacific is projected to hold the largest share of the global Shrimp market over the forecast period.

Asia Pacific region holds the largest market share, accounting for approximately 38% of the global Shrimp market. The region's large population and strong seafood culture contribute to its significant market share. Countries like China, India, Vietnam, and Thailand are leading producers, benefiting from favorable climatic conditions and established aquaculture practices. Cultural preferences for seafood contribute to substantial domestic consumption. However, North America, particularly the U.S., is a significant consumer of shrimp. While it has domestic aquaculture production, it also relies heavily on imports from Asia and Latin America. In U.S., a growing preference for healthy protein sources has increased shrimp consumption. The U.S. has a large consumption rate. European consumers prioritize sustainably sourced shrimp, influencing market offerings. Shrimp's versatility in various cuisines enhances its popularity across the region. European countries import large quantities of shrimp to meet consumer demand. Increasing health consciousness boosts the demand for seafood as a lean protein source. Shrimp is a staple in various European cuisines, driving consistent demand.

Shrimp Market Competition Landscape Analysis

The Shrimp industry is characterized by a mix of established manufacturers and emerging direct-to-consumer (DTC) brands. Companies of shrimp market are focusing on strategies such as expanding organic and antibiotic-free shrimp production, enhancing traceability, and adopting sustainable practices to meet rising consumer demand. ​

Global Shrimp Market Recent Developments News:

Joint Venture Formation: In January 2022, Thai Union Group PCL announced a joint venture with R&B Food Supply and Srinivasa Cystine Private Limited to establish a new company focused on providing high-quality food products.     

Sustainability Certification: In December 2022, Chicken of the Sea, in collaboration with Thai Union Frozen and Avanti Frozen Foods, became the largest importer of Fair Trade-certified farmed shrimp in the U.S. This initiative marked the first Fair Trade seafood certification in India and included shrimp production in both India and Thailand.

The Global Shrimp Market is dominated by a few large companies, such as

·         Thai Union Group PCL

·         Maruha Nichiro Corporation

·         Nippon Suisan Kaisha, Ltd.

·         Clearwater Seafoods

·         Songa

·         Omarsa

·         Grupo Iberica de Congelados

·         Mazzetta Company, LLC

·         Seatrade International

·         Surapon Foods Public Co. Ltd.

·         Apex Frozen Foods Ltd.

·         Devi Sea Foods Ltd.

·         Expalsa

·         Minh Phu Seafood Corporation

·         Seajoy Group

·         Others