Global Shrimp Market Set to Surge to $102.48 Billion by 2033, Driven by Steady 4.52% CAGR Growth

Shrimp Market Overview

An age of extraordinary expansion and change is upon the shrimp industry worldwide. According to recent market intelligence, the shrimp industry was valued at USD 68.84 billion in 2024 and is expected to reach USD 102.48 billion by 2033, with a compound annual growth rate (CAGR) of 4.52% from 2025 to 2033. This growth is driven by resilient trade mechanisms, aquaculture innovation, sustainability initiatives, and growing consumer appetites. Analysts predict that the industry may reach USD 105 billion by the end of the decade due to rising demand in emerging nations, the expansion of premium products, and advancements in aquaculture technology.

Shrimp: A Global Protein Powerhouse

Shrimp continues to be among the most consumed seafood proteins globally. Its popularity is rooted in lean nutritional content, versatile preparation possibilities, and broad cultural acceptance. According to estimates, global shrimp consumption grew by approximately 3–4% annually over the past five years, with projected growth climbing to 5–7% per annum through 2030.

Shrimp farming methods have greatly improved as a result of recent developments in aquaculture technologies. Higher yields, better-quality shrimp, and more environmentally friendly production techniques are the results of these advancements. A steady supply, increased availability, and affordability are the main factors driving the growing preference for farmed shrimp over wild-caught types, all of which support market expansion.

Additionally, consumers now have easier access to and convenience with shrimp because to advancements in processing, including improved packing and freezing methods. Consumer confidence in shrimp sourced sustainably is also rising as a result of the use of eco-friendly farming methods and certification schemes. Additionally, the growth of food service platforms, such as eateries and catering services, keeps shrimp prominent on menus and improves the prognosis for the market as a whole.

Key information covered in the report.

Base Year - 2024

Historical Period - 2020-2024

Market Forecast - 2025-2033

Market - US$ Billion

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Shrimp Market Growth Trends:

A thriving aquaculture sector

Aquaculture will play a significant role in the growth of the global shrimp market in 2024. In order to satisfy the growing demand from both domestic and foreign markets, shrimp farming operations—particularly those involved in processing—are growing quickly. The main drivers of this increase are technological advancements in shrimp processing that have raised product quality, sustainability, and efficiency. Eco-friendly methods, selective breeding, and controlled farming conditions have all greatly raised yields.

An Abu Dhabi partnership that introduced a recirculating aquaculture system that can produce 2,000 metric tons of quality salmon while reusing more than 99.5% of its process water is a noteworthy example. This illustrates how the larger seafood supply chain might profit from such developments. Additionally, businesses like Orffa are adding new product lines to their aquaculture portfolios in an effort to improve the production and health of shrimp. These advancements demonstrate how crucial aquaculture is to guaranteeing a consistent and superior supply of shrimp to satisfy rising demand worldwide.

Consumers' Growing Health Awareness

Shrimp's extraordinary nutritional makeup is driving its global expansion. Shrimp is becoming more and more well-liked by health-conscious consumers since it is a low-calorie, high-protein shellfish that is high in omega-3 fatty acids and vital vitamins and minerals. It is also a healthier substitute for red meat due to its lower saturated fat level. A notable example of ethical sourcing and environmental responsibility is the partnership between Thai Union Frozen, Avanti Frozen Foods, and Chicken of the Sea in December 2022, which made the company the largest importer of fair trade-certified farmed shrimp in the US. In addition to encouraging sustainability, these programs support the maintenance of robust and steady shrimp market prices throughout the world.

Imports of Shrimp Worldwide Drop in 2024

In 2024, global shrimp imports fell 1.6% in volume and 5.9% in value. From 49% to 48%, the aggregate percentage of imports from the US and China fell little. Japan and the European Union saw slight annual increases in imports, but these gains were not enough to counteract the global fall. In contrast to China, which increased its domestic shrimp output and continued to decrease its dependency on imports, U.S. imports started to rebound by early 2025.

On the supply side, although larger shrimp sizes were still in short supply, Asia's farmed shrimp harvests began to reach export processors in April 2025. Vannamei shrimp harvests in Ecuador increased, greatly boosting the world supply, whereas harvests in India were estimated to be lower. The necessity for imports was further reduced by China's greenhouse shrimp farming, which continued to produce shrimp at a consistent rate.

According to Rabobank, Ecuador will be a key contributor to the 6 million tonnes of farmed shrimp produced worldwide in 2025. However, Asian farmers are reevaluating their production goals as a result of lower imports from China and higher U.S. taxes.

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Regional Insights & Growth Hotspots

China Shrimp Market

With India, Vietnam, Thailand, Indonesia, and Bangladesh leading the way, the area produces more than 70% of the world's shrimp, and domestic consumption is also rising.

China is the world's biggest shrimp producer and consumer. Even though domestic aquaculture is strong, imports of frozen, high-quality shrimp are increasing due to urbanization and increased disposable incomes. The food service sector is the main force behind the shrimp industry in China. China was the biggest buyer of Vietnamese shrimp in 2023, with $834 million in imports, surpassing the U.S. at $756 million, according to VASEP in February 2025. In 2024, shrimp exports are predicted to reach $3.9 billion, a 14% annual growth, while shrimp imports from China are predicted to rise 39%.

The Shrimp Market in Japan

Japan is one of the biggest seafood consumers in the world, with a robust and consistent demand for premium shrimp. According to USDA, the country imported USD 15 billion worth of seafood in 2022, making it the third-largest seafood importer in the world. The culinary culture of Japan, which emphasizes seafood heavily in the retail, restaurant, and processing sectors, is a major factor in this demand.

The Japanese shrimp market is expanding steadily due to the rising use of shrimp in both traditional and contemporary recipes as well as a growing emphasis on eating a healthy diet. Further driving market expansion is Japan's taste for premium, responsibly farmed shrimp, which has led to an increase in imports from outside providers. The demand for shrimp in Japan is anticipated to keep growing as long as seafood consumption is high and customer preferences change.

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Current Events and News

February 2025 In a planned Bilateral Trade Agreement (BTA), India is thinking about lowering import taxes on a few low-volume American goods. The protection of home industries is the main goal of this agreement. Protecting Indian shrimp exports, which may face reciprocal U.S. tariffs of up to 38.2%, is a major issue. India is investigating a "zero-for-zero" tariff scheme in an effort to balance these trade interests. With the aim of tripling bilateral commerce to USD 500 billion by 2030, recent reductions in levies on aquatic feed inputs and other commodities are indicative of attempts to improve trade relations.

March 2024: Martak's shrimp peeling business line was purchased by Laitram Machinery, a well-known seafood processing company. The purpose of this calculated action is to increase Laitram's market share in the shrimp processing industry, specifically in the cold-water shrimp market.

In February 2024, the U.S.-based seafood importer CenSea Inc. was purchased by Indian e-commerce seafood shop Captain Fresh. Captain Fresh anticipates that this acquisition will represent a major milestone in its global expansion strategy, increasing its market share in the United States from the current 25–30% to over 50%.

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