Market Overview

The shrimp market size attained a volume of 8.08 million tons in 2024. The market is expected to grow at a CAGR of 6.30% in the forecast period of 2025-2034 to reach a volume of 14.88 million tons by 2034. The shrimp market is poised for growth as consumers seek protein-rich diets and seafood alternatives. The Asia Pacific leads production, with China, India, and Vietnam being dominant exporters. The U.S. is witnessing high shrimp imports driven by the demand for convenient and sustainable seafood options. Health-conscious trends, including flexitarian diets, are boosting shrimp consumption as an alternative to traditional meats. However, challenges such as sustainability concerns and disease outbreaks could impact growth. Despite these challenges, advancements in aquaculture and sustainable practices are expected to drive market expansion. The shrimp market is projected to experience steady growth, influenced by innovation and changing dietary preferences in international markets.

Market Trends

A significant trend in the shrimp market is the increasing focus on sustainable and eco-friendly shrimp farming. Consumers and regulatory bodies are demanding responsibly sourced seafood, leading to advancements in aquaculture practices, such as recirculating aquaculture systems (RAS) and organic shrimp farming. Certifications such as the Aquaculture Stewardship Council (ASC) and Best Aquaculture Practices (BAP) are becoming more prevalent, ensuring sustainable sourcing. Additionally, the growing preference for ready-to-cook and value-added shrimp products, such as marinated or pre-seasoned shrimp, is enhancing convenience for consumers, driving market demand.

Another notable trend is the rise of e-commerce and direct-to-consumer seafood sales. Online grocery platforms and seafood delivery services are expanding, making shrimp more accessible to consumers worldwide. The digitalization of seafood distribution allows consumers to purchase fresh and frozen shrimp with ease. Furthermore, the increasing popularity of plant-based and alternative seafood options is pushing traditional shrimp producers to innovate and differentiate their products. These trends are collectively shaping the future of the shrimp market, promoting sustainability and convenience.

Market Growth

The demand for shrimp is expanding due to the rising preference for high-protein diets. Shrimp is considered a nutritious and low-fat source of protein, making it a desirable alternative to traditional meats. As consumers become more health-conscious, the demand for shrimp continues to rise, especially in developed economies where dietary shifts are occurring. Additionally, urbanization and increasing disposable incomes in emerging markets are contributing to greater shrimp consumption, driving industry growth.

Government policies and trade regulations are also influencing market expansion. Countries are investing in aquaculture infrastructure to boost domestic shrimp production and reduce reliance on imports. Trade agreements and tariff reductions between major shrimp-producing and importing nations further facilitate the growth of the industry. With continuous innovations in shrimp farming technology, including disease control measures and feed optimization, the industry is poised for long-term expansion. The combination of these factors will continue to drive market growth in the forecast period.

Market Segmentation

By Type

• Pink Shrimp
• White Shrimp
• Brown Shrimp
• Others

By Form

• Frozen Shrimp
• Canned Shrimp

By End-User

• Residential
• Commercial

By Distribution Channel

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

By Species

• Overview of key shrimp species consumed globally

By Product Category

• Wild-caught vs. farm-raised shrimp
• Organic and premium shrimp categories

Regional Market Analysis

• North America: Increasing consumption and growing imports
• Europe: Rising preference for sustainable seafood
• Asia-Pacific: Dominance in shrimp production and export markets
• Latin America Middle East: Emerging markets with high growth potential

Market Dynamics

Key Drivers

The shrimp market is experiencing strong demand due to the growing preference for seafood as a healthy protein source. Shrimp is rich in essential nutrients and low in saturated fat, making it a favorable choice for health-conscious consumers. The rise of sustainable shrimp farming techniques and innovations in aquaculture have contributed to increased production efficiency. Governments worldwide are implementing policies that promote aquaculture growth, further driving market expansion. Additionally, the expansion of international trade and the removal of trade barriers in key markets have facilitated the movement of shrimp products, boosting global consumption.

Challenges

Despite the positive outlook, the shrimp market faces several challenges. Sustainability concerns regarding overfishing and environmental degradation are leading to stricter regulations on shrimp farming practices. Disease outbreaks in shrimp farms, such as Early Mortality Syndrome (EMS) and White Spot Syndrome (WSS), pose significant risks to production levels. Additionally, fluctuating raw material costs and labor shortages impact profitability for shrimp producers. The presence of trade restrictions and tariffs in certain regions can also create obstacles for exporters. Addressing these challenges through technological advancements and regulatory compliance will be crucial for market stability.

Opportunities

The adoption of advanced aquaculture technologies presents significant opportunities for the shrimp industry. Innovations such as biofloc technology, genetic improvements, and automated feeding systems are improving production efficiency and sustainability. The expansion of online seafood sales and direct-to-consumer models is also opening new revenue streams for shrimp producers. Additionally, the growing demand for organic and antibiotic-free shrimp products is driving investment in eco-friendly shrimp farming practices. Companies that embrace these opportunities and align with consumer preferences for sustainability and convenience are likely to achieve long-term growth.

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Competitive Landscape

• Mazzetta Company, LLC
• Apex Frozen Foods Ltd.
• Seaprimexco Vietnam
• Liveris Afentoulis Co.
• Grand Ocean Seafoods Co., Ltd
• Charoen Pokphand Foods PCL
• Grupo Iberica Congelados, S.A
• Ocean More Foods Co., Limited
• Aqua Star
• Pacific Seafood
• Santa Priscila
• Thai Union Group PCL
• Avanti Feeds Ltd.
• Clearwater Seafoods Inc.
• High Liner Foods Inc.
• Marine Harvest
• Maruha Nichiro Corporation
• Nippon Suisan Kaisha
• Nordic Seafoods A/S
• Surapon Foods

Future Outlook (2025-2034)

The shrimp market is expected to witness substantial growth in the coming years, driven by increasing consumer demand, technological advancements, and sustainable farming practices. Countries in the Asia-Pacific region will continue to dominate shrimp production, while North America and Europe will experience steady growth in imports. The integration of automation and AI in aquaculture will enhance productivity and reduce operational costs. Additionally, government support for sustainable seafood initiatives will further drive market expansion. The evolving dietary preferences of consumers, coupled with the rise of e-commerce platforms, will shape the future of the shrimp industry, ensuring its steady growth from 2025 to 2034.