Shrimps Market Demand Insights: Regional and Global Perspectives

Market Overview

The Shrimps Market is experiencing strong growth momentum, underpinned by rising seafood consumption, advances in aquaculture, and growing awareness of shrimp’s nutritional benefits. Shrimps, a key seafood commodity, are consumed globally in fresh, frozen, canned, and value-added forms, with demand particularly strong in the U.S., Japan, China, and Europe.

Aquaculture has become the backbone of global shrimp supply, accounting for over half of the world’s production, with Asia and Latin America dominating output. Rising disposable incomes, lifestyle changes, and consumer preference for protein-rich, low-calorie seafood products are accelerating demand. However, environmental concerns, disease risks, and labor rights issues present challenges that could restrain growth if not addressed through sustainable practices and industry-wide reforms.

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Market Size and Growth Projections

• Market Size (2024): USD 48.16 Billion

• Forecast (2032): USD 90.48 Billion

• CAGR (2025–2032): 8.2%

This growth trajectory highlights the increasing importance of shrimp as a staple seafood item worldwide. Expansion will be driven by the shift toward farmed shrimp, growing international trade, and innovations in aquaculture technology.

Key Market Drivers

• Shift to Aquaculture: With wild stocks under pressure, farmed shrimp is emerging as a sustainable and scalable solution, backed by advancements in genetics, water treatment, feed, and disease management.

• Rising Health Awareness: Shrimps are high in protein, low in fat, and rich in omega-3 fatty acids, making them attractive to health-conscious consumers.

• Trade Globalization: Free trade agreements and reduced tariffs facilitate international shrimp flows, expanding market reach.

• Value-Added Products: Demand for frozen, breaded, and ready-to-eat shrimp products is increasing due to convenience and changing consumption habits.

• Sustainability & Certifications: Growing demand for eco-labeled products (ASC, BAP) is pushing producers toward sustainable practices.

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Market Challenges & Restraints

• Environmental Concerns: Shrimp farming contributes to habitat loss, pollution, and coastal degradation. Compliance with sustainability regulations increases costs.

• Disease Outbreaks: EMS and WSSV remain major threats, capable of decimating shrimp populations and disrupting supply chains.

• Climate Change: Extreme weather and rising sea levels impact farming conditions and yields.

• Price Volatility: Supply-demand dynamics, currency fluctuations, and speculative trading contribute to unstable pricing.

• Labor & Ethical Issues: Reports of forced labor and poor working conditions damage the industry’s reputation, requiring strict governance.

Market Segmentation

By Product Type:

• Fresh Shrimp (largest share in 2024)

• Frozen Shrimp

• Canned Shrimp

• Breaded / Value-Added Products

• Dried / Dehydrated Shrimp

• Cooked / Pre-Cooked Shrimp

By Species:

• Whiteleg Shrimp (Pacific White Shrimp) – Dominates aquaculture globally due to adaptability and high yield.

• Black Tiger Shrimp

• Pacific White Shrimp

• Northern Pink Shrimp

• Brown Shrimp

• Rock Shrimp

Fresh and Whiteleg shrimp will continue leading segments due to consumer preference for freshness and farmers’ reliance on species adaptability.

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Regional Insights

• Asia-Pacific (APAC):

  • Largest consumer and producer, with China, India, Vietnam, Thailand, and Indonesia leading.

  • Growing middle-class population and preference for seafood support robust growth.

  • Increasing demand for eco-labeled and traceable shrimp.

• Latin America:

  • Ecuador and Brazil dominate exports.

  • Ecuador has strengthened its position as the world’s leading exporter, particularly to China.

  • Accounts for 16% of global production.

• North America & Europe:

  • U.S. remains the largest single shrimp market, with heavy reliance on imports from India, Thailand, and Ecuador.

  • EU imports valued at €2 billion, strong demand for sustainably sourced shrimp.

  • Both regions are tightening sustainability and labor compliance requirements.

• China:

  • Emerged as the largest global shrimp importer with a 46.5% YoY surge in imports in early 2024.

  • Ecuador is the top supplier, commanding 70% market share in imports.

  • India and Argentina also gaining share.

Key Players

Major companies shaping the shrimp market include:

1. Thai Union Group (Thailand)

2. Charoen Pokphand Foods (Thailand)

3. Minh Phu Seafood Corporation (Vietnam)

4. Nissui Group (Japan)

5. Zhanjiang Guolian Aquatic Products (China)

6. Godrej Agrovet Limited (India)

7. Devi Seafoods (India)

8. Clearwater Seafoods (Canada)

9. High Liner Foods (Canada)

10. Red Chamber Group (Canada)

11. CenSea (United States)

12. American Seafoods (United States)

13. Pacific Seafood (United States)

14. SeaPak Shrimp & Seafood Co. (United States)

These players are focusing on:

• Expanding aquaculture facilities

• Investments in sustainability certifications

• Innovation in value-added shrimp products

• Strengthening global trade partnerships

Conclusion

The global shrimps market is set for robust expansion, nearly doubling in value by 2032. The shift to aquaculture, rising consumer health awareness, and globalization of trade will continue to drive demand. However, environmental, social, and regulatory challenges pose significant risks, requiring coordinated industry efforts in sustainability and ethical sourcing.

Asia-Pacific will remain the production hub, while China and the U.S. sustain their dominance as import markets. Innovation in farming practices, disease management, and value-added product offerings will determine which companies and countries lead in the next decade.