Overview Of The Shrimp Market

The global shrimp market size has witnessed significant growth in recent years, with a projected volume of 8.08 million tons in 2024. This growth can be attributed to the rising popularity of shrimp as a high-protein, low-fat food that is rich in essential nutrients like vitamins, minerals, and omega-3 fatty acids. As consumers increasingly shift towards healthier diets, shrimp’s nutritional benefits make it an ideal choice. The global shrimp market is projected to continue expanding at a compound annual growth rate (CAGR) of 6.30% from 2025 to 2034, with the volume reaching approximately 14.88 million tons by 2034.

In this blog post, we’ll dive into the market size, growth drivers, challenges, emerging trends, and key competitors shaping the future of the shrimp market.

Market Size and Growth Rate

As of 2024, the global shrimp market volume stands at 8.08 million tons. The demand for shrimp is expected to grow steadily, thanks to its numerous health benefits and increasing consumer interest in seafood. The market is projected to grow at a CAGR of 6.30% from 2025 to 2034, with the volume reaching 14.88 million tons by the end of this forecast period.

Key Drivers of Growth

Several factors contribute to the robust growth of the global shrimp market:

  • Health Conscious Consumers: Shrimp is a rich source of protein, vitamins, and omega-3 fatty acids, all of which are essential for a balanced, nutritious diet. As more people turn to healthier eating habits, shrimp is increasingly featured in diets due to its low fat content and versatility in meal preparations.

  • Growing Seafood Consumption: With rising disposable incomes and improving living standards, consumers around the world are turning to seafood, including shrimp, as part of their regular diet. The increase in seafood demand, particularly in developing countries, contributes significantly to the market's growth.

  • Environmental Sustainability: Environmental concerns are driving the adoption of eco-friendly shrimp farming practices. The increasing focus on sustainable aquaculture methods is attracting investments in shrimp production, allowing the market to grow in a more responsible and sustainable manner.

Challenges Facing the Shrimp Market

While the shrimp market continues to grow, it faces a number of challenges:

  • Disease Outbreaks: Shrimp farming is often susceptible to diseases such as white spot syndrome and early mortality syndrome, which can severely affect shrimp populations. These outbreaks can disrupt supply chains and affect market prices.

  • Environmental Impact: Although there are efforts to make shrimp farming more sustainable, the industry has historically contributed to environmental degradation, including coastal habitat destruction and water pollution. Efforts to mitigate these impacts are essential to long-term market growth.

  • Price Volatility: Shrimp prices can be volatile due to factors like fluctuating feed costs, environmental conditions, and global supply-demand dynamics. These price fluctuations can create uncertainty for producers and consumers alike.

Market Trends

The global shrimp market is witnessing several trends that are shaping its future:

  • Sustainable and Ethical Farming Practices: With increasing demand for eco-friendly seafood, sustainable shrimp farming practices are gaining popularity. These include measures like improved water quality management, organic feed, and disease-resistant shrimp strains.

  • Aquaculture Technology Advancements: The use of technology in shrimp farming, such as automated feeding systems and water quality monitoring tools, is improving productivity and efficiency. Technological advancements also help address issues like disease management and resource optimization, driving further market growth.

  • Shift Towards Frozen and Value-added Shrimp Products: Consumers are increasingly demanding frozen and value-added shrimp products due to their convenience and longer shelf life. This trend is pushing shrimp producers to expand their product offerings, from raw shrimp to prepared, ready-to-cook, or ready-to-eat options.

  • E-commerce Growth: The online retailing of seafood, including shrimp, is on the rise. E-commerce platforms allow consumers to easily access a wide range of shrimp products, from fresh to frozen, broadening the market reach and stimulating demand.

Segmentation of the Shrimp Market

  Breakup by Type

  • Wild Shrimp
  • Farmed Shrimp

 Breakup by Species

  • Penaeus Vannamei
  • Penaeus Monodon
  • Macrobrachium Rosenbergii
  • Others

 Breakup by Product Category

  • Peeled
  • Shell-on
  • Cooked
  • Breaded
  • Others

 Breakup by Distribution Channel

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

 Breakup by Region

  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others

Major Competitors in the Shrimp Market

The shrimp market is dominated by several major players that lead in production, distribution, and innovation. These key competitors include:

  • Mazzetta Company, LLC: A leading North American seafood supplier, known for its extensive shrimp offerings, including frozen and value-added products.
  • Apex Frozen Foods Ltd.: An Indian company that specializes in frozen shrimp products, particularly known for exporting to global markets.
  • Seaprimexco Vietnam: A Vietnamese company with a strong presence in the shrimp export industry, offering high-quality farmed shrimp.
  • Liveris Afentoulis & Co.: A supplier focusing on sustainably sourced shrimp, catering to both local and international markets.
  • Grand Ocean Seafoods Co., Ltd: Based in China, this company is known for its diverse shrimp product range, from raw to cooked varieties.
  • Charoen Pokphand Foods PCL: A prominent Thai company that operates globally, offering shrimp products through advanced farming practices.

The global shrimp market is experiencing impressive growth, driven by the demand for high-protein, low-fat, and nutrient-rich food. With a projected volume of 8.08 million tons in 2024 and an expected CAGR of 6.30% through 2034, the market’s future looks promising. As consumer demand for sustainable, convenient seafood options increases, companies in the shrimp market will need to adapt and innovate to meet these expectations. Key players such as Mazzetta, Apex Frozen Foods, and Charoen Pokphand Foods are well-positioned to capitalize on these trends, shaping the market's future and ensuring its continued success.