Global Shrimp Market

Shrimp Market Size and Share:

The global shrimp market size was valued at USD 71.87 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 105.35 Billion by 2033, exhibiting a CAGR of 3.90% from 2025-2033. China currently dominates the market, holding a market share of over 32.7% in 2024. The region’s shrimp market share is driven by the increasing consumer demand for seafood products, the growing awareness about the health benefits associated with shrimp consumption, and the rising adoption of aquaculture practices, resulting in higher shrimp production.

At present, advancements in aquaculture technology have improved farming practices, resulting in higher yields, better quality, and more sustainable production methods. Besides this, increased demand for farmed shrimp over wild-caught varieties owing to its consistency, availability, and cost-effectiveness further supports the market growth. Additionally, innovations in shrimp processing, including packaging and freezing, have made shrimp more accessible and convenient for consumers. Apart from this, sustainability practices, such as eco-friendly farming and certification programs, contribute to building consumer confidence. The expansion of food service platforms, including restaurants and catering businesses, encourages the consumption of shrimp as a popular menu item, thereby favoring the shrimp market outlook.

The United States has emerged as a major region in the shrimp market owing to many factors. Several factors are driving the shrimp market. Consumer preference for seafood, especially shrimp, is rising due to its health benefits, versatility, and flavor. Besides this, shrimp is increasingly featured in various cuisines, making it a popular choice in both retail and food service sectors. The shift toward farmed shrimp, particularly from sustainable aquaculture, is ensuring a consistent and high-quality supply. Apart from this, innovations in farming and technology improve shrimp yields and production efficiency. Increased demand for processed and value-added shrimp products like frozen, cooked, or breaded varieties encourages companies to develop and market products. In November 2024, Prime Shrimp, a frozen shrimp brand, declared its expansion into chosen Whole Foods Market locations throughout the US. Four of Prime Shrimp’s best-selling flavors, Signature, Lemon & Cracked Pepper, Garlic Herb Butter, and New Orleans-Style BBQ are accessible in over 200 stores located in the Northeast, North-Atlantic, Mid-Atlantic, South, and Southwest regions.

Shrimp Market Trends:

Rising Consumer Demand

The increasing shrimp demand is impelling the market growth. Shrimp is gaining considerable popularity as a seafood choice, owing to the mild flavor and versatility it imparts 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 developing regions where the inflating disposable incomes have led to the increasing consumption of seafood, including shrimp. Additionally, the rapid rise in urban population and changing lifestyles, which favor convenient and protein-rich foods like shrimp, further drive the shrimp market demand. For example, in Europe during the first half of 2023, the prices for shrimp in the market ranged from USD 33/kg to USD 67/kg. Moreover, there is an increasing need for new and distinct shrimp products that diversify the shrimp offerings available to consumers, attracting those looking for unique and flavorful options. For instance, In February 2022, SeaPak introduced its new frozen shrimp product, Southern Style Jumbo Shrimp, nationwide in the US. Apart from this, In November 2023, Beaver Street Fisheries, Inc. introduced its latest addition to the well-known Sea Best Seafood Festival collection. The seafood boil meets the consumer need for more appealing seafood choices that are simple to make at home. The new Steamer Pot features a New England-style boil that consists of shrimp.

Thriving Aquaculture Industry

Aquaculture has become a driving force behind the growth of the global shrimp industry. Shrimp farming practices, in particular, are increasing to meet the high 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 consortium of companies launched a project to develop a new recirculating aquaculture system. This initiative will help cater 2,000 metric tons of premium quality, locally produced Atlantic salmon in the country. The new technology enables the re-use of over 99.5% of the process water, thereby 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 huge consumption needs. For instance, Orffa broadened its aquaculture range by adding three product lines, comprising ingredients, specialties, and veterinary pharmaceutical products. These items contain a distinctive mixture of recognized 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 and 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 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, contributing to its sustained consumption and growth. For instance, in December 2022, Chicken of the Sea, in alliance with Thai Union Frozen and Avanti Frozen Foods, became the largest importer of fair trade-certified farmed shrimp in the US. It encourages openness, equitable practices, and ecological conservation 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 increased 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 developing regions, where urbanization and lifestyle changes have led to the escalating demand for convenient and value-added shrimp products. Moreover, as per the study “The State of World Fisheries and Aquaculture 2022”, which was published by the Food and Agriculture Organization (FAO), since 1961, the global consumption of aquatic food items (excluding algae) has consistently grown at an annual rate of 3%.

Shrimp Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global shrimp market, along with forecast at the global, regional, and country levels from 2025-2033. The market has been categorized based on environment, species, shrimp size, and distribution channel.

Analysis by Environment:

• Farmed Shrimp
• Wild Shrimp

Farmed shrimp holds 61.5% of the market share. Farmed shrimp, often referred to as aquaculture shrimp, comprises bred, raised, and harvested forms 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, based in the US, launched Pathorol to improve the health of farmed shrimp in various Asian countries. Pathorol, a dietary supplement for shrimp, is intended to improve the health of the hepatopancreas, an essential organ in the digestive system of crustaceans. The product is available in Singapore, Indonesia, Vietnam, Thailand, and India.

Analysis by Species:

• Penaeus Vannamei
• Penaeus Monodon
• Macrobrachium Rosenbergii
• Others

Penaeus Vannamei accounts for 72.1% of the market share. Penaeus Vannamei, also known as the whiteleg shrimp, exhibits superior farming characteristics, high yield, and adaptability to various environmental conditions. This species is more resistant to diseases compared to other shrimp species, making it easier and more cost-effective to farm. Its ability to thrive in both pond and intensive farming systems contributes to its widespread cultivation across regions, such as Asia, Central America, and the Middle East. Penaeus Vannamei grows rapidly, allowing for quicker harvesting cycles and ensuring a consistent supply to meet global demand. Additionally, its mild flavor, firm texture, and versatility in cooking make it a preferred choice for both retail and food service industries. Its availability in various sizes and forms, such as raw, cooked, and breaded, further enhances its market dominance.

Analysis by Shrimp Size:

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

41-50 dominated the market, with 21.8% of the market share. The 41-50 shrimp size category is preferred due to its versatility, affordability, and suitability for various culinary applications. This size creates a balance between cost and portion size, making it popular in both retail and food service sectors. Restaurants and caterers prefer 41-50 shrimp for dishes like stir-fries, pasta, and appetizers, as they offer consistent portions and visual appeal. In retail, this size is favored by consumers for home cooking, as it is manageable for a variety of recipes while remaining cost-effective. Producers and distributors focus on this category because it appeals to a broad customer base, ensuring steady demand. Additionally, 41-50 shrimp are easier to farm and harvest efficiently compared to larger sizes, keeping the supply stable.

Analysis by Distribution Channel:

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

Hotels and restaurants account for 32.3% of the market share, driven by the high demand for shrimp as a premium and versatile seafood option. Shrimp is a staple in several cuisines, including Asian, Mediterranean, and Western dishes, making it a popular choice in fine dining, casual dining, and buffet settings. These establishments often feature shrimp in appetizers, main courses, and specialty dishes, catering to diverse customer preferences. The food service industry relies on consistent supplies of fresh and high-quality shrimp, which are procured in bulk from suppliers or distributors to meet different expectations. Additionally, the use of shrimp in large-scale events, banquets, and seasonal menus further drives its demand in hotels and restaurants. Its premium positioning and ability to adapt to various culinary styles make it a lucrative ingredient.

Analysis by Region:

Major Producing Regions:

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

Major Consuming Regions:

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

China, accounting for 32.7% of the share, enjoys the leading position in the market. With its extensive coastline and a well-developed aquaculture industry, China is the largest producer of shrimp worldwide. The country cultivates various shrimp species, including whiteleg shrimp and black tiger shrimp, meeting both domestic and international demand. The strong aquaculture infrastructure and advancements in farming practices have positioned China as the leader in shrimp production. In addition to production, the country plays a significant role in the global shrimp market through its seafood processing and export sectors. The country is a major exporter of processed and value-added shrimp products. China's robust distribution networks and seafood processing capabilities further enhance its global market share. For example, in June 2023, Guolian Aquatic Products, a China-based company, received USD 560 Million from Saudi Arabia's Public Investment Fund to improve seafood items trade.

Key Regional Takeaways:

United States Shrimp Market Analysis

United States hold 82.00% of the market share in North America. The 2018 Census of Aquaculture reported that there were 39 farms in the United States focused on producing saltwater shrimp, primarily located in Florida, Hawaii, Texas, and various other states. The presence of such a number of shrimp farming activities in varied regions is what primarily supports the US shrimp market. As per the NOAA report, it is estimated that around 80% of all seafood eaten in the United States originates from imported sources. In 2020, processed shrimp imports to the United States increased by 22.6 percent, reaching 179,365 tons, and accounted for 24 percent of the total shrimp imports. The demand trend of 2020 also prevailed during the first quarter of 2021, according to FAO. Continued expansion of shrimp farms in these states helps the United States to address the high internal need for shrimp caused by the increase in consumer demands for seafood and healthy protein products. Furthermore, improvements in the technology of shrimp culture practices, particularly better water management and disease management, have allowed greater productivity and sustainability of production. As the market continues to affirm locally sourced and environment friendly products, US shrimp farms are well-positioned to offer a sustainable and reliable supply of quality shrimp.

China Shrimp Market Analysis

By 2032, per capita fish and seafood consumption in China is projected to increase by 14%, driven by a shift towards healthier and more diverse food choices, according to OECD-FAO, 2023. This rising demand for seafood, including shrimp, is a key growth driver for the China shrimp market. Shandong, Guangdong, Fujian, Shanghai, and Zhejiang are the coastal regions that have a significant role in this market expansion, accounting for 68.0% of the total shrimp imports in 2023, as per reports. These regions have been strategically located and have strong seafood infrastructure, which has enabled them to become major hubs for shrimp production and distribution. Additionally, the rise in demand for healthier protein sources creates the need for shrimp, which has a low fat content and a high protein content. Increasing the focus on sustainable and high-quality seafood items also fuels the growth of the shrimp market in China.

Europe Shrimp Market Analysis

Europe ranks as the third biggest market globally for Pacific white shrimp. Imports reached around 370,000 tons in 2019, as reported by CBI. Increasing consumer demand for seafood, particularly Pacific white shrimp, known for its versatility and health benefits, drives the demand for shrimp in Europe. The largest importers in the region are, by far, countries like France, Spain, the United Kingdom, Italy, the Netherlands, Germany, and Belgium. These combine for around 80% of all imports. The high need and the presence of shrimp in core markets enhance huge growth rates within the continent. Furthermore, as people start gaining knowledge about the nutritional value of shrimps and also raise concerns over the environmental impacts of getting responsibly sourced and sustainably supplied seafood products, these create further prospects for market expansion. As Europe continues to emphasize healthier eating habits and more sustainable food choices, the shrimp market is expected to continue growing, with higher demand across both retail and foodservice sectors.

Japan Shrimp Market Analysis

Japan is one of the world's leading consumers of seafood, with a robust demand for high-quality shrimp. In 2022, Japan imported seafood products worth USD 15 Billion, which makes it the world’s third-largest importer, according to the USDA. This strong demand for seafood, including shrimp, is driven by Japan’s culinary culture, which places a high emphasis on seafood product consumption across various industries, such as retail, foodservice, and processing. With an increasing focus on health-conscious diets and the rising popularity of shrimp in various dishes, the Japanese shrimp market continues to experience steady growth. Additionally, Japan’s preference for sustainably sourced and high-quality shrimp has led to increased imports from worldwide suppliers, further propelling the market growth. As Japan’s seafood consumption remains strong and consumer preferences continue to evolve, the demand for shrimp is expected to rise.

Indonesia Shrimp Market Analysis

According to the expectations of KKP, Ministry of Marine Affairs and Fisheries of Indonesia, for 2024, the country aims to grow its shrimp industry by producing 2 million tons of shrimp. Toward this, the country plans to develop its largest modern shrimp pond on 1,800 hectares in Waingapu. This large-scale development caters to meet both domestic demand and export potential, establishing Indonesia as the leading shrimp-producing country. Enhancing shrimp farming infrastructure, production efficiency, and sustainability contributes to the market growth of this industry. Besides this, higher investments in improved farming technologies and management practices are able to improve the quality of shrimp produced and increase productivity. Strong growth in Indonesia's shrimp market is expected to be driven by the country's strategic initiatives to improve production capacity and meet international demand, with strong export relationships.

Competitive Landscape:

Key players are placing bets on ensuring a steady supply, maintaining quality standards, and meeting high demand. Farmers and aquaculture companies are producing shrimp using advanced farming techniques, improving yields and ensuring sustainable practices. Moreover, key players wager on innovations in feed, disease control, and farming systems. Retailers and food service companies are further making shrimp accessible to consumers through supermarkets, restaurants, and online platforms. They team up with government agencies and regulatory bodies to ensure compliance with environmental and trade standards. Collaboration among these stakeholders promotes sustainability and enhances market efficiency, making shrimp a key component of the seafood industry. Besides this, processors and exporters prepare shrimp for domestic and international markets, adhering to strict quality and safety regulations. In October 2024, JCCU, a national federation of consumer co-ops in Japan, introduced the first Co-op Black Tiger Shrimp sourced from certified ponds as an ASC-certified item. This item includes large quantities of shrimp, processed and frozen locally, which JCCU imports and packages for sale at a site that has ASC's Chain of Custody (CoC) certification.

The report provides a comprehensive analysis of the competitive landscape in the shrimp market with detailed profiles of all major companies, including:

• 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

Latest News and Developments:

• March 2024: Laitram Machinery, a seafood processing company, took ownership of Martak's shrimp peeling business line with the objective of increasing its share in shrimp processing, especially in Cold-Water Shrimp.
• February 2024: Indian e-commerce seafood retailer, Captain Fresh acquired the US-based seafood importer CenSea Inc. Following this acquisition, it anticipates increasing the share of US business to more than 50% from the current 25-30%.

Shrimp Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s 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 study 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.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.