Market Overview
The global shrimp market has witnessed steady growth and is expected to continue expanding significantly. The shrimp market, valued at USD 38.9 billion in 2023, is projected to grow to USD 90.2 billion by 2032 at a 9.80% CAGR. Industry growth is driven by technological advancements, seafood innovations, and new market entrants in commercial shrimp farming.
The demand for sustainably sourced shrimp is also increasing, with consumers and industries preferring eco-friendly and traceable seafood options. Additionally, value-added shrimp products, such as breaded, cooked, and seasoned shrimp, are gaining traction in the retail and foodservice sectors.
Key Players
The shrimp market features several major global players, including Pacific Seafood, Maruha Nichiro Corporation, Thai Union Group PCL, Cargill Incorporated, Nippon Suisan Kaisha, Lerøy Seafood Group, and High Liner Foods. These companies focus on sustainable aquaculture, innovative shrimp feed formulations, and expanding product portfolios to meet global demand.
Additionally, key suppliers such as Avanti Feeds Ltd, Clearwater Seafoods, Mazzetta Company LLC, Surapon Foods, and Aqua Star play significant roles in the industry. Many of these companies are investing in eco-friendly aquaculture practices and enhancing supply chain transparency.
Market Segmentation
The shrimp market is segmented by type, form, end-user, and distribution channel. White shrimp leads consumption, while pink and brown shrimp serve premium and processed markets. Frozen shrimp dominates due to affordability, with canned and peeled shrimp gaining traction. Residential consumers drive demand, while restaurants and catering businesses boost commercial use. Supermarkets hold the largest share, while online retail and direct sales grow in popularity.
Regional Analysis
Asia-Pacific leads the shrimp market, driven by rising seafood consumption and exports from China, India, Thailand, and Vietnam. North America, particularly the U.S., remains a major importer despite shifting seafood preferences. In Europe, demand for eco-certified shrimp is growing, with the UK, Germany, and France as key markets. Ecuador dominates shrimp exports in Latin America, mainly supplying China, Vietnam, and Japan. The Middle East & Africa are emerging markets, with increasing investments in aquaculture and government support boosting growth.
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