Shrimps Market Size Projected to Grow at a CAGR of 8.2% from 2024 to 2030

The Shrimps Market Size was USD 44.52 billion in 2023 and is expected to reach USD 77.29 billion by 2030, increasing at a CAGR of 8.2% during the forecast period. Rising consumer demand for seafood, combined with improvements in aquaculture practices, primarily drives this growth.



Factors and opportunities for market growth

The increase in shrimp consumption around the world is due to the fact that the disposable income is increasing, the dietary preferences of people are changing, and there is increasing awareness of the health benefits of eating high contents of seafood in a regular diet. Shrimps is a popular low-calorie, high-protein, and nutritious food with important omega-3 fatty acids, vitamins and minerals, and therefore, is well matched with rising health consciousness of present consumer. Furthermore, shrimp aquaculture expansion has also been key to fulfill part of this growing demand. Advancements in breeding tools, management disease, and feed formulation have increased efficiency in production making aquaculture a sustainable substitute of wild caught shrimp. In addition, trade liberalization and globalization have provided access to new markets opening new consumers and growth avenues for the shrimp sector.

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Segmentation Analysis

Based on species, source, form, distribution channel and region, the shrimps market is segmented extensively.

Species: The market includes several species of shrimp such as Litopenaeus vannamei (Pacific white shrimp), Penaeus monodon (black tiger shrimp), etc. The increasing preference for Litopenaeus vannamei has led to broader market dominance for this species, as it can be farmed in a range of conditions than the restricted breeding habitat offer more market yield.

Source: Shrimp are sourced from wild capture fisheries and aquaculture. Nevertheless, aquaculture has emerged as the primary supplier, due to diminishing captures of wild shrimp and the necessity of sustainability and sustainable means of production.

Form: There is shrimp products in different forms such as, peeled, shell-on, cooked and breaded. Owing to its ease in usage, the peeled and cooked segments have gained immense popularity in the foodservice sector.

Distribution Channel: The market is segmented based on distribution channel into retail, foodservice, and online. Retail is targeted at household consumers, while foodservice supplies restaurants, hotels and catering services.

Regional Insights

U.S.: After climbing to 983,000 tons from the U.S. shrimp market in 2024, we expect the market to continued its upward trend to approximately 1,280,000 tons in 2033 (+3% CAGR). Factors such as the growing preference for seafood, including nature-driven, health-based dietary abilities, and a variety of shrimp products are contributing to this growth.

Germany is seeing growth in shrimp consumption due to increasing seafood consumption and a growing trend of convenient ready-to-eat shrimp products. Market growth is supported by the country having a good retail set up and high demand for quality seafood among consumers.

China: Shrimp has also become a household name in China as it is among the top consumers and producers in this area and is further boosted by the growth of aquaculture industry across the world. Demand for shrimp products is further driven by urbanization and rising disposable incomes.

India has become a competitive producer of shrimp mainly for export. Algeria has favorable climate and aquaculture development support from government, in the country shrimp farming activities are increasing and contribute to the world supply.

Vietnam's shrimp sector has experienced remarkable growth, driven by investments in sustainable farming methods and technological advancements. That provides an easy pathway to entry via its location and trade agreements; to potential international market access, bringing it closer to driving export.

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Competitive Landscape

The global shrimp market is dominated by few big players in the market trying to match the growing demand with sustainable and innovative ways. Notable companies include:

Star Corp. (Seattle, U.S.): A leading seafood supplier specializing in a variety of shrimp products with a strong emphasis on quality.

Avanti Feeds Ltd. (India) — One of the top shrimp feed manufacturers and processed shrimp exporters in India, known for its integrated operations and sustainability initiatives.

Maruha Nichiro Corporation (Japan) : One of the largest seafood companies in the world with a wide range of shrimp products and invests in shrimp aquaculture technology.

Nippon Suisan Kaisha, Ltd. (Nissui) (Japan): Major seafood player/aggregator, broad shrimp product availability, sustainably-sourced shrimp

Royal Greenland A/S (Greenland): Best known for its premium cold-water shrimp; focuses on sustainable fisheries and traceability.

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Conclusion

Global Shrimps Market Summary The global shrimps market is growing due to increasing consumer demand, advancements in aquaculture, and the shift towards sustainable practices. Opportunities for industry players abound as key markets including U.S., Germany, China, India, and Vietnam are poised to grow. As innovation, sustainability, and market-driven strategic expansions continue to be companies' focus, companies are well-positioned to capitalize on the growth of the market as demand increases due to steady production of this popular luxury seafood.

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