Shrimp Market Report by Environment (Farmed Shrimp, Wild Shrimp), Species (Penaeus Vannamei, Penaeus Monodon, Macrobrachium Rosenbergii, and Others), Shrimp Size (<21, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70, >70), Distribution Channel (Hypermarkets and Supermarkets, Convenience Stores, Hotels and Restaurants, Online Sales, and Others), and Region 2024-2032

Shrimp Market Report by Environment (Farmed Shrimp, Wild Shrimp), Species (Penaeus Vannamei, Penaeus Monodon, Macrobrachium Rosenbergii, and Others), Shrimp Size (<21, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70, >70), Distribution Channel (Hypermarkets and Supermarkets, Convenience Stores, Hotels and Restaurants, Online Sales, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A628
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Shrimp Market Size:

The global shrimp market size reached US$ 69.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 100.2 Billion by 2032, exhibiting a growth rate (CAGR) of 4.1% during 2024-2032. The market is experiencing moderate growth driven by increasing consumer demand for seafood, the growing awareness of the health benefits associated with shrimp consumption, and a surge in aquaculture practices, resulting in higher shrimp production.

Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023 US$ 69.0 Billion
Market Forecast in 2032 US$ 100.2 Billion
Market Growth Rate 2024-2032 4.1%

Shrimp Market Analysis:

  • Market Growth and Size: The global shrimp market has witnessed substantial growth, primarily due to increasing consumer demand for seafood. It is a sizable market with a significant share in the overall seafood industry, valued at billions of dollars.
  • Technological Advancements: Technological advancements in shrimp farming, including automated feeders and monitoring systems, have improved efficiency and production. Sustainable practices and traceability technologies have gained prominence in shrimp production. Besides, cold chain logistics and preservation techniques have extended the shelf life of shrimp products.
  • Industry Applications: Shrimp is widely used in the food and culinary industry, featuring prominently in various cuisines. Besides, it is a significant ingredient in seafood dishes, sushi, and as a protein source in ready-to-eat meals.
  • Geographical Trends: Key shrimp-producing regions include Southeast Asia, Latin America, and the United States. Besides, Asia dominates both production and consumption, with countries like India, China, and Vietnam leading.
  • Competitive Landscape: The global shrimp market features a mix of small-scale and large-scale producers. Major players include seafood companies, aquaculture firms, and processing plants. Moreover, competition is fierce, with companies striving to meet quality and sustainability standards.
  • Challenges and Opportunities: Challenges include disease outbreaks in shrimp farms, environmental concerns, and fluctuating market prices. Opportunities lie in the adoption of technology for disease prevention, expansion into emerging markets, and diversification of shrimp product offerings.
  • Future Outlook: The global shrimp market is expected to continue growing, driven by rising demand, technological innovations, and sustainable practices. The industry's future will likely be shaped by consumer preferences for responsibly sourced and traceable shrimp products.
     

Shrimp Market Report

Shrimp Market Trends:

Rising consumer demand

Consumer demand for shrimp is on the rise globally. Shrimp is a popular seafood choice due to its mild flavor and versatility in various cuisines. As incomes increase and dietary preferences evolve, more people are including shrimp in their diets. This growing demand is particularly noticeable in emerging economies where rising disposable incomes have led to increased consumption of seafood, including shrimp. The expansion of urban populations and changing lifestyles, which favor convenient and protein-rich foods like shrimp, further fuel this demand. As a result, the shrimp market is benefiting from the increasing appetite for this delectable seafood.

Growing aquaculture industry

Aquaculture has become a driving force behind the growth of the shrimp market. Shrimp farming, in particular, has seen significant expansion to meet the escalating demand. This growth is attributed to the development of advanced aquaculture techniques and technologies that enhance shrimp production efficiency. Controlled environments, improved breeding practices, and the adoption of sustainable farming methods have led to higher yields and reduced environmental impact. Shrimp farming is also attractive due to its shorter production cycle compared to wild-caught shrimp, enabling faster response to market demand fluctuations. Consequently, 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 global consumption needs.

Increasing health awareness among the masses

Shrimp's perceived health benefits and nutritional value are significant drivers of market growth. Shrimp is a low-calorie, high-protein seafood option that is rich in essential nutrients like omega-3 fatty acids, vitamins, and minerals. Consumers are increasingly health-conscious, seeking out nutritious and protein-packed foods. Shrimp aligns with these preferences, making it a popular choice for those looking to maintain a balanced diet. Additionally, shrimp is often considered a healthier alternative to red meat due to 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 in the global seafood market, contributing to its sustained growth and demand.

Rising global population and income levels

Demographic factors play a crucial role in driving the shrimp market. The world's growing population, coupled with increasing disposable incomes, has translated into higher 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 emerging markets, where urbanization and lifestyle changes have led to greater demand for convenient and value-added shrimp products. The combination of a larger consumer base and higher purchasing power has resulted in sustained market growth and opportunities for shrimp producers and suppliers to cater to a diverse and expanding customer base.

 

 
 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Shrimp Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global and regional levels for 2024-2032. Our report has categorized the market based on environment, species, shrimp size, and distribution channel.

Breakup by Environment:

  • Farmed Shrimp
  • Wild Shrimp
     

Farmed shrimp accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the environment. This includes farmed and wild shrimp. According to the report, farmed shrimp represented the largest segment.

Farmed shrimp, often referred to as aquaculture shrimp, constitutes the largest share of the market. This segment encompasses shrimp that are bred, raised, and harvested 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. This method of shrimp production allows for the precise management of factors like water quality, nutrition, and disease control, ensuring a reliable supply chain. The farmed shrimp segment caters to both domestic and international markets, providing a range of shrimp products, including various sizes, species, and processed options, to meet the diverse preferences of consumers and the requirements of the foodservice industry.

The market segmentation based on wild shrimp represents the segment of shrimp that are harvested from their natural habitats in oceans, seas, and coastal waters. While farmed shrimp dominates the market, wild shrimp holds its own unique niche, appealing to consumers who appreciate the distinct flavor and texture of shrimp caught in the wild. Wild shrimp capture methods include trawling, shrimp pots, and hand-picking, and they often vary by region and fishing practices. Wild-caught shrimp are prized for their authenticity and are favored for certain culinary applications, particularly in gourmet and specialty seafood dishes. This segment offers consumers a taste of the untamed ocean, and it continues to thrive as a sustainable and environmentally conscious choice for those seeking a more traditional and natural shrimp experience.

Breakup by Species:

 

 
 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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  • Penaeus Vannamei
  • Penaeus Monodon
  • Macrobrachium Rosenbergii
  • Others
     

Penaeus Vannamei holds the largest share in the industry

A detailed breakup and analysis of the market based on the species have also been provided in the report. This includes Penaeus Vannamei, Penaeus monodon, macrobrachium rosenbergii, and others. According to the report, Penaeus Vannamei accounted for the largest market share.

Penaeus Vannamei, commonly known as Pacific White Shrimp, represents the largest segment in the shrimp market. It enjoys this distinction due to its widespread cultivation, fast growth rate, and versatility in various aquaculture systems. This species is favored for its high productivity, adaptability to different environmental conditions, and relatively low production costs. Penaeus Vannamei is highly sought after in both domestic and international markets due to its mild flavor, firm texture, and appealing appearance. Its dominance in the market is a testament to its commercial success and the preference of consumers and producers alike for this particular shrimp species.

Penaeus Monodon, known as Black Tiger Shrimp, holds a significant position in the shrimp market. Despite facing competition from Penaeus Vannamei, it remains a valuable segment, particularly in certain regions where it is traditionally farmed. Black Tiger Shrimp is renowned for its larger size and distinctive flavor profile, which appeals to consumers seeking a unique shrimp experience. Although it requires more extensive farming management, its popularity in premium seafood markets and specialized culinary applications ensures a steady demand, making it a noteworthy segment within the market.

The Macrobrachium Rosenbergii, or Giant Freshwater Prawn, represents a niche segment within the shrimp market. Unlike its marine counterparts, this species thrives in freshwater environments and is particularly well-suited for freshwater aquaculture. Its segment in the market is characterized by its specific cultivation requirements and its appeal to consumers who appreciate its distinct taste and texture. While not as widely cultivated as marine shrimp species, the Giant Freshwater Prawn holds its place in regions where freshwater aquaculture is prevalent, offering a unique alternative to traditional shrimp species.

Breakup by Shrimp Size:

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

The report has provided a detailed breakup and analysis of the market based on the shrimp size. This includes <21, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70, and >70.

Shrimp in this segment, with less than 21 pieces per pound, are often referred to as "jumbo shrimp." These large-sized shrimp are prized for their succulent and meaty texture. They are typically used in gourmet dishes, grilling, or as impressive appetizers in fine dining establishments.

The 21-25 segment represents extra-large shrimp, which are still substantial in size and favored for various culinary applications. They are commonly used in stir-fries, pasta dishes, and shrimp cocktails due to their appealing size and flavor.

Shrimp in the 26-30 category are considered large. They strike a balance between size and affordability, making them a popular choice for a wide range of dishes, including shrimp scampi, grilled shrimp skewers, and fried shrimp platters.

With 31-40 pieces per pound, this segment offers medium-large shrimp that are versatile in cooking. They are often used in shrimp tacos, gumbo, and salads, as their size allows for cooking and excellent flavor absorption.

Medium-sized shrimp in the 41-50 category are known for their slightly smaller and still substantial appearance. They are commonly used in shrimp po' boys, pastas, and seafood stews, where they add a delightful seafood flavor.

Shrimp in the 51-60 category are considered small-medium in size. They are a cost-effective choice for dishes requiring a higher shrimp-to-sauce ratio, such as shrimp curry or shrimp fried rice.

Small-sized shrimp in the 61-70 range are often used in dishes where the shrimp serve as a complementary ingredient rather than the main focus. They work well in soups, chowders, and seafood stuffing due to their smaller size and affordability.

Shrimp with over 70 pieces per pound are the smallest in size and are often referred to as "tiny shrimp." They are commonly used in spreads, dips, and seafood sauces, where their small size allows them to blend seamlessly into the dish, adding a burst of seafood flavor.

Breakup by Distribution Channel:

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

A detailed breakup and analysis of the market based on the distribution channel has also been provided in the report. This includes hypermarkets and supermarkets, convenience stores, hotels and restaurants, online sales, and others.

Hypermarkets and supermarkets offer a wide variety of shrimp products, including fresh, frozen, and value-added options, making them convenient one-stop shops for consumers. The segment's dominance is attributed to factors such as the extensive reach of these retail chains, competitive pricing, and the ability to provide a diverse selection of shrimp to meet varying consumer preferences. Hypermarkets and supermarkets also benefit from their ability to maintain consistent quality and safety standards, further solidifying their position as the leading distribution channel for shrimp products.

Convenience stores play a significant role in the shrimp market, offering grab-and-go options for consumers seeking quick and easy seafood solutions. These stores typically carry frozen and pre-packaged shrimp products, catering to individuals looking for convenient meal solutions or snacks. While not as extensive as hypermarkets and supermarkets, convenience stores provide accessibility and serve as a supplementary distribution channel, particularly for impulse purchases or emergency seafood needs.

The hotel and restaurant sector is a crucial segment in the shrimp market, catering to consumers who prefer dining out. Shrimp dishes are popular menu items in various cuisines, and as a result, hotels and restaurants source significant quantities of shrimp products. The demand from this segment is driven by consumer preferences for diverse and high-quality seafood options when dining at foodservice establishments, ranging from fast-food outlets to fine dining restaurants.

Online sales of shrimp have witnessed substantial growth in recent years, driven by the convenience of e-commerce platforms. Online retailers and seafood marketplaces offer a wide range of shrimp products, allowing consumers to browse, select, and purchase shrimp from the comfort of their homes. The segment's growth is fueled by factors such as increased internet penetration, busy lifestyles, and the ability to access a broader selection of shrimp products, including specialty and gourmet options, often not available in traditional retail settings.

Breakup by Region:

Major Producing Regions:

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

China leads the market, accounting for the largest shrimp market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include producing regions like China, India, Indonesia, Vietnam, Thailand, Ecuador, and others. According to the report, China accounted for the largest market share.

China holds a dominant position in the global shrimp market. The country's extensive coastline and well-developed aquaculture industry make it the largest shrimp producer in the world. Chinese shrimp production encompasses a wide range of species, including whiteleg shrimp and black tiger shrimp. Moreover, China is a significant exporter of processed and value-added shrimp products, serving both domestic and international markets. Its thriving seafood processing sector and strong distribution networks contribute to its leadership in the global shrimp industry.

India is another major player in the global shrimp market. The country has witnessed substantial growth in shrimp aquaculture, particularly in states like Andhra Pradesh and Gujarat. Indian shrimp farming focuses on species like vannamei shrimp and has gained a reputation for producing high-quality, farm-raised shrimp. The Indian government's support for aquaculture development, coupled with a favorable climate, has propelled India into a leading position among shrimp-exporting nations.

Indonesia is an emerging player in the global shrimp market. The country's favorable geography, abundant natural resources, and expanding aquaculture practices contribute to its growing shrimp production. Indonesia primarily cultivates vannamei shrimp and has been actively pursuing sustainable farming practices. As a result, Indonesian shrimp is gaining recognition for its quality and environmentally responsible sourcing.

Vietnam is a significant contributor to the global shrimp market, known for its production of vannamei and black tiger shrimp. The country's shrimp industry has experienced steady growth, driven by investments in shrimp farming technology, processing facilities, and export infrastructure. Vietnam's shrimp exports cater to diverse international markets, with a focus on value-added products such as shrimp skewers and breaded shrimp.

Thailand has a well-established presence in the global shrimp market. It is a leading exporter of processed and cooked shrimp products, including shrimp-based ready meals and snacks. Thai shrimp farming primarily focuses on vannamei shrimp. The country's expertise in seafood processing and export logistics has made it a key player in the industry.

Ecuador is renowned for its premium-quality shrimp, especially the whiteleg shrimp. The country's shrimp farms adhere to strict environmental and sustainability standards, earning recognition in international markets. Ecuador's shrimp exports, often in the form of frozen and value-added products, are in high demand, particularly in North America and Europe.

Major Consuming Regions:

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

China represents the major consuming region

The report has also provided a comprehensive analysis of all the major consuming regional markets, which include United States, China, Europe, Japan, Indonesia, and Others. According to the report, China was the major consuming region for shrimp.

The United States is a significant consumer of shrimp products, driven by its love for seafood and a diverse culinary culture. Shrimp is a staple in various dishes, including shrimp scampi, shrimp cocktail, and shrimp gumbo. The U.S. market prioritizes sustainability and traceability, with consumers seeking responsibly sourced shrimp. As a result, there's a growing demand for certified shrimp products, and retailers and restaurants often promote their commitment to sustainable seafood sourcing.

China stands as the largest consumer of shrimp globally, driven by its vast population and a growing middle class with increasing disposable income. Shrimp is a popular ingredient in Chinese cuisine, featured in dishes like Kung Pao shrimp and shrimp with garlic sauce. China's appetite for shrimp has led to a thriving domestic aquaculture industry and significant imports. The Chinese market's sheer size makes it a focal point for shrimp producers worldwide, with a focus on meeting both quantity and quality requirements.

Europe represents a substantial market for shrimp consumption, with a preference for various shrimp species, such as prawns, tiger shrimp, and king prawns. European consumers value high-quality and sustainably sourced shrimp products, and there's a growing demand for organic and certified shrimp. European countries like Spain, France, and Italy have a rich seafood tradition, while the Nordic countries are increasingly incorporating shrimp into their diets. The European market's diversity offers opportunities for a wide range of shrimp products, from cooked and peeled shrimp for retail to value-added offerings for foodservice.

Japan is renowned for its sushi and sashimi culture, making it a prominent market for shrimp consumption. Shrimp sushi and tempura shrimp are popular dishes, and Japanese consumers have a discerning taste for freshness and quality. Japan's market demands a consistent supply of high-grade shrimp, both for domestic consumption and for export in sushi restaurants worldwide. Japanese consumers appreciate the delicate flavor of shrimp and are willing to pay a premium for premium-quality, traceable shrimp products.

Indonesia is a notable shrimp-consuming region due to its vibrant seafood culture. Shrimp is a common ingredient in Indonesian cuisine, featuring in dishes like Udang Goreng (fried shrimp) and Sambal Udang (shrimp in chili sauce). The domestic market, fueled by the country's large population, has a substantial appetite for shrimp. Additionally, Indonesia is a significant player in shrimp production, both for domestic consumption and export, making it a key contributor to the global shrimp market.

Leading Key Players in the Shrimp Industry:

The key players in the global shrimp market are actively engaged in several strategic initiatives to maintain and expand their market presence. These initiatives include a strong focus on sustainability practices, ensuring responsible sourcing and farming methods to meet growing consumer demand for eco-friendly seafood products. Additionally, players are investing in research and development to enhance shrimp breeding and disease management techniques, striving for improved yields and product quality. Furthermore, many major companies are expanding their product portfolios to offer a wide range of value-added and processed shrimp products, catering to changing consumer preferences and global food trends. This diversification, coupled with efforts to optimize supply chain logistics, helps key players maintain a competitive edge in the dynamic shrimp market.

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

  • 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
     

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Latest News:

  • February 2022: Thai Union initiated a pilot project for using satellite imaging in shrimp farming operations. This project, in collaboration with Sea Warden, a satellite data analytics company, and Wholechain, a supply chain traceability company, aims to support sustainable farming practices. The use of satellite technology is expected to provide valuable insights into shrimp populations, farm health, and potential contamination, thereby enhancing the sustainability and traceability of shrimp farming operations.
  • June 2022: A major player in North America's retail frozen seafood sector, Aqua Star Corp. introduced a new seafood category called Grill Shrimp Seafood. Aqua Star, headquartered in Seattle, is recognized for its expertise in product development, marketing, sales, and sourcing, and operates in 17 countries worldwide.
  • Charoen Pokphand Foods Public Company Limited (CP Foods) has adopted probiotic shrimp farming to promote sustainable production and ensure safe, antibiotic-free products. CP Foods' focus on "3 Cleans" techniques, including clean water, disease-free baby shrimp, and clean pond floors, helps boost shrimp growth rate and sustainably prevent diseases.

Shrimp Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion, Million Tons
Scope of the Report Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
  • Environment
  • Species
  • Shrimp Size
  • Distribution Channel
  • Region
Environments Covered Farmed Shrimp, Wild Shrimp
Species Covered Penaeus Vannamei, Penaeus Monodon, Macrobrachium Rosenbergii, Others
Sizes Covered <21, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70, >70
Distribution Channels Covered Hypermarkets and Supermarkets, Convenience Stores, Hotels and Restaurants, Online Sales, Others
Regions Covered
  • Major Producing Regions: China, India, Indonesia, Vietnam, Thailand, Ecuador, Others
  • Major Consuming Regions: United States, China, Europe, Japan, Indonesia, Others
Companies Covered 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, etc.

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Benefits for Stakeholders:

  • IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the shrimp market from 2018-2032.
  • The research report 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.
  • 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.
  • The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.

Key Questions Answered in This Report

The global shrimp market reached a value of US$ 69.0 Billion in 2023.

The changing consumer inclination from high-calorie food items towards a protein-rich diet, including shrimp, represents one of the key factors driving the global shrimp market.

Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary halt in numerous aquaculture activities and supply chain disruptions of shrimp and other related products.

Based on the species, the global shrimp market has been bifurcated into Penaeus vannamei, Penaeus monodon, Macrobrachium rosenbergii, and others. Currently, Penaeus vannamei holds the majority of the total market share.

Based on the size, the global shrimp market can be divided into <21, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70 and >70.

On a regional level, the market has been classified into China, India, Indonesia, Vietnam, Thailand, Ecuador and Others, where China currently dominates the production of the global market.

On a regional level based on consumption, the market has been classified into United States, China, Europe, Japan, Indonesia and others, where China dominates the global market.

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Shrimp Market Report by Environment (Farmed Shrimp, Wild Shrimp), Species (Penaeus Vannamei, Penaeus Monodon, Macrobrachium Rosenbergii, and Others), Shrimp Size (<21, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70, >70), Distribution Channel (Hypermarkets and Supermarkets, Convenience Stores, Hotels and Restaurants, Online Sales, and Others), and Region 2024-2032
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