Shrimp Market Overview:

The global shrimp market was valued at USD 71.87 billion in 2024 and is projected to reach USD 105.35 billion by 2033, representing a CAGR of 3.90% during the forecast period of 2025-2033. China dominates the market with over 32.7% share in 2024, driven by rising seafood consumption, health awareness, and expanding aquaculture. The market growth is supported by rising demand for protein-rich shrimp and technological advancements in farming and processing. The global shrimp market is witnessing strong growth driven by increasing seafood consumption, rising demand for high-protein low-fat foods, and expanding aquaculture production across key regions. Shrimp remains one of the most traded seafood products globally due to its versatile applications in culinary industries and quick cooking convenience. Technological advancements in shrimp farming, sustainable aquaculture practices, and disease control solutions are enhancing yield and supply stability. In addition, rising demand from foodservice, ready-to-eat meal categories, frozen seafood products, and premium value-added shrimp offerings is accelerating market expansion. Market players are focusing on traceability, certifications, and eco-friendly farming to strengthen global competitiveness.

STUDY ASSUMPTION YEARS

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

SHRIMP MARKET KEY TAKEAWAYS

• Current Market Size: USD 71.87 Billion in 2024
• CAGR: 3.90%
• Forecast Period: 2025-2033
• China accounts for 32.7% of the global shrimp market share in 2024, leading shrimp production through extensive aquaculture operations.
• Farmed shrimp holds 61.5% of the market share, favored for consistency in size, quality, and supply.
• Penaeus Vannamei (whiteleg shrimp) leads species market share at 72.1%, due to high yield and disease resistance.
• The shrimp size category 41-50 dominates with 21.8% market share, preferred for culinary versatility.
• Hotels and restaurants constitute 32.3% of distribution channels, boosted by shrimp’s premium demand.
• Key consuming regions include the United States, China, Europe, Japan, and Indonesia.

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MARKET GROWTH FACTORS

The global shrimp market benefits from rising consumer demand driven by increasing seafood consumption and health consciousness. Shrimp is favored for its mild flavor, versatility, and nutrient-dense profile, attracting consumers worldwide. Developing regions show especially high growth fueled by rising disposable incomes and urban lifestyles seeking convenient, protein-rich foods. For example, shrimp prices in Europe ranged from USD 33/kg to USD 67/kg during the first half of 2023. New product innovations like SeaPak's Southern Style Jumbo Shrimp and Beaver Street Fisheries’ Steamer Pot respond to evolving consumer preferences.

Thriving aquaculture is another vital growth driver. Controlled farming practices using selective breeding and eco-friendly methods improve yield and shrimp quality. Shrimp farming infrastructure improvements in nations like the United States and Indonesia support market expansion for both domestic consumption and export. Technological advancements, such as recirculating aquaculture systems, enhance sustainability, exemplified by Abu Dhabi’s project producing 2,000 metric tons of premium salmon with a 99.5% water reuse rate. Companies like Orffa develop new product lines to boost shrimp health and output.

Increasing health awareness globally fuels demand for shrimp as a low-calorie, high-protein sea food rich in omega-3 fatty acids, vitamins, and minerals. Shrimp serves as a healthier alternative to red meat with less saturated fat, elevating its market appeal. For instance, Chicken of the Sea partnered with Thai Union Frozen and Avanti Frozen Foods to promote ethical sourcing of fair trade-certified farmed shrimp in the US. This emphasis on sustainable and healthful products ensures steady demand and consumer confidence across regions.

MARKET SEGMENTATION

Analysis by Environment:

• Farmed Shrimp: Holds 61.5% market share; bred and harvested in controlled aquatic environments, offering consistency and year-round availability. Supports diverse consumer preferences with varied sizes, species, and processed options.
• Wild Shrimp: Not provided in source.

Analysis by Species:

• Penaeus Vannamei: Accounts for 72.1% of market share; whiteleg shrimp known for superior farming traits, rapid growth, disease resistance, and adaptability to pond and intensive systems.
• Penaeus Monodon: Not provided in source.
• Macrobrachium Rosenbergii: Not provided in source.
• Others: Not provided in source.

Analysis by Shrimp Size:

• <21: Not provided in source.
• 21-25: Not provided in source.
• 26-30: Not provided in source.
• 31-40: Not provided in source.
• 41-50: Leads with 21.8% market share; favored for versatility, affordability, and suitability for retail and foodservice cooking applications.
• 51-60: Not provided in source.
• 61-70: Not provided in source.
• >70: Not provided in source.

Analysis by Distribution Channel:

• Hypermarkets and Supermarkets: Not provided in source.
• Convenience Stores: Not provided in source.
• Hotels and Restaurants: Hold 32.3% share; shrimp is a premium seafood staple across cuisines, driving demand in fine dining, buffets, and catering.
• Online Sales: Not provided in source.
• Others: Not provided in source.

Analysis by Region:

• Major Producing Regions: China, India, Indonesia, Vietnam, Thailand, Ecuador, Others
• Major Consuming Regions: United States, China, Europe, Japan, Indonesia, Others

REGIONAL INSIGHTS

China dominates the global shrimp market with a 32.7% share in 2024 due to its extensive coastline and advanced aquaculture industry. The country leads production, processing, and export, bolstered by strong infrastructure and seafood trade capabilities. Coastal regions like Shandong and Guangdong serve as key hubs. China's leadership is further supported by significant investments, such as a USD 560 million funding from Saudi Arabia's Public Investment Fund to Guolian Aquatic Products in 2023.

RECENT DEVELOPMENTS & NEWS

In February 2025, India explored reduced import duties on select low-volume US goods, emphasizing protection of shrimp exports amid potential US reciprocal tariffs up to 38.2%. In March 2024, Laitram Machinery acquired Martak's shrimp peeling business to increase its share in shrimp processing, especially cold-water shrimp. In February 2024, Indian e-commerce seafood retailer Captain Fresh acquired US-based seafood importer CenSea Inc., aiming to increase US business share from 25-30% to over 50%.

KEY PLAYERS

• Apex Frozen Foods Ltd.
• Aqua Star
• Avanti Feeds Limited
• Charoen Pokphand Foods PCL
• Clearwater Seafoods LP
• Iberconsa
• Mazzetta Company LLC
• Nordic Seafood A/S
• Seaprimexco
• Thai Union Group PCL

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