The global shrimp market is a dynamic and rapidly growing sector within the seafood industry. With a market volume of 8.08 million tons in 2024, the shrimp market is expected to grow at a CAGR of 6.30% between 2025 and 2034, reaching a projected volume of 14.88 million tons by 2034. The demand for shrimp continues to rise as consumers seek protein-rich diets and healthier food options, driving growth in both developed and emerging economies.

Market Size and Growth Rate

As of 2024, the global shrimp market size attained a volume of 8.08 million tons, and it is projected to continue expanding at a CAGR of 6.30% during the forecast period of 2025-2034. This growth trajectory will propel the market to a projected volume of 14.88 million tons by 2034. This impressive expansion is driven by rising demand in both developed and emerging markets, fueled by the growing popularity of seafood as a healthy and sustainable protein source.

The shrimp market is also benefiting from changes in consumer preferences, which are increasingly focused on nutritious, high-protein foods. Moreover, innovations in shrimp farming and global supply chain improvements have contributed to making shrimp more affordable and accessible to consumers worldwide.

Key Drivers of Market Growth

1. Growing Consumer Demand for Protein-Rich Diets

One of the primary factors driving the growth of the shrimp market is the increasing consumer demand for protein-rich diets. As health-conscious consumers focus on lean protein sources, seafood, particularly shrimp, has gained popularity due to its high nutritional value. Shrimp is rich in protein, vitamins, and minerals, making it an appealing choice for those looking to maintain a balanced and healthy diet.

Additionally, with a rising preference for plant-based and flexitarian diets, many consumers are seeking sustainable and healthier sources of protein, with shrimp standing out as an ideal choice due to its low-calorie and low-fat content.

2. Rising Popularity of Seafood

The growing interest in seafood globally is another major factor driving the shrimp market. As consumer awareness of the benefits of seafood increases, there is a rising demand for shrimp due to its versatility, taste, and nutritional benefits. Whether consumed in restaurants, prepared at home, or included in frozen meals, shrimp is gaining traction across various food categories.

Moreover, as countries like China, India, and Brazil experience an increase in disposable incomes and urbanization, seafood consumption, including shrimp, is rising at a fast pace, further fueling market growth.

3. Advancements in Shrimp Farming Techniques

Innovations in shrimp farming and aquaculture practices are improving the efficiency and sustainability of shrimp production. The development of bio-secure farming systems, improved breeding technologies, and innovative feed formulations has enhanced shrimp production, enabling farms to meet the growing global demand for shrimp. These advancements have helped mitigate some of the challenges faced in shrimp farming, such as disease outbreaks, reducing production risks and enhancing supply chain stability.

4. Export Growth from Major Shrimp Producing Regions

Key shrimp producing regions such as Asia-Pacific, Latin America, and parts of Africa are experiencing an increase in exports, further propelling global market growth. Countries like India, Thailand, Vietnam, and Indonesia are major shrimp exporters, contributing to the global supply chain. The rising export demand for shrimp from these regions is expected to support market growth, particularly in North America and Europe, where the demand for seafood is consistently increasing.

Challenges in the Shrimp Market

1. Environmental and Sustainability Concerns

Despite its rapid growth, the shrimp industry faces sustainability challenges. The environmental impact of shrimp farming, particularly regarding mangrove deforestation and water pollution, is a significant concern. As consumers become more eco-conscious, there is increasing pressure on shrimp producers to adopt sustainable aquaculture practices that minimize environmental damage.

To address these concerns, certifications like Aquaculture Stewardship Council (ASC) and Global GAP are becoming essential for companies in the shrimp supply chain. These certifications ensure that the shrimp is sourced from environmentally responsible farms that adhere to sustainable practices.

2. Disease Outbreaks in Shrimp Farming

Another major challenge facing the shrimp market is the vulnerability of shrimp to diseases such as white spot syndrome and early mortality syndrome. These diseases can have devastating effects on shrimp farms, leading to large-scale losses in production. Disease outbreaks not only affect the supply of shrimp but also result in increased costs related to disease management, making it difficult for shrimp producers to maintain profitability.

Efforts are being made to develop disease-resistant shrimp breeds and improve biosecurity measures to mitigate the risk of disease outbreaks.

3. Trade Barriers and Regulatory Challenges

The shrimp industry faces trade barriers and regulatory challenges that can impact the market. For example, tariffs, import/export regulations, and food safety standards can influence the flow of shrimp between countries. These trade barriers can disrupt supply chains and affect market dynamics, especially in regions where shrimp is in high demand but subject to strict regulations.

Key Trends in the Shrimp Market

1. Shift Towards Frozen and Ready-to-Cook Shrimp Products

There is a growing demand for frozen shrimp and ready-to-cook shrimp products due to their convenience and long shelf life. Frozen shrimp allows consumers to stock up and use it when needed, and the convenience of pre-cooked or seasoned shrimp is especially appealing to busy consumers who want quick, healthy meals. This trend is driving the market for value-added shrimp products, further contributing to the market's growth.

2. Increased Focus on Sustainability and Traceability

Consumers are becoming increasingly concerned about the sustainability of the products they buy. In response, shrimp producers are focusing on sustainable farming practices, ensuring that their products are ethically sourced. Additionally, traceability is becoming a key trend in the shrimp industry, with many companies investing in technology to track the journey of shrimp from farm to plate. This transparency is helping to build consumer trust and meet the demand for responsibly sourced products.

3. Technological Advancements in Shrimp Processing

Technological innovations are transforming the shrimp processing industry, making it more efficient and cost-effective. Automation in processing plants, the use of advanced packaging techniques, and improvements in preservation technologies have helped shrimp producers meet the increasing demand for shrimp while reducing waste and increasing shelf life.

Segmentation of the Shrimp Market

The global shrimp market can be segmented by product type, distribution channel, end-use, and region.

By Product Type

• Frozen Shrimp
• Fresh Shrimp
• Value-added Shrimp Products

By Distribution Channel

• Online
• Offline (Supermarkets/Hypermarkets, Specialty Stores)

By End-Use

• Residential
• Commercial (Restaurants, Food Service Providers)

By Region

• Asia-Pacific: The largest producer and exporter of shrimp, with major players in countries like India, China, and Vietnam.
• North America: High demand for shrimp in the U.S. and Canada, both in retail and foodservice sectors.
• Europe: Growing demand for shrimp, particularly in countries like Germany, France, and the UK.
• Latin America: Major shrimp-producing countries like Brazil, Mexico, and Ecuador are important contributors to the market.
• Rest of the World: Increasing demand from emerging markets in Africa and the Middle East.

Major Competitors in the Shrimp Market

The global shrimp market is highly competitive, with several key players leading the industry. Some of the major companies in the market include:

1. Thai Union Group – A global leader in shrimp production and seafood products.
2. Maricultura del Norte S.A. – One of the largest shrimp producers in Latin America.
3. Avanti Feeds – A major player in the shrimp farming and feed production sector.
4. Charoen Pokphand Foods (CPF) – A major producer of shrimp and other seafood products in Asia.
5. Darden Restaurants – A significant consumer of shrimp in the food service industry, operating popular restaurant chains like Red Lobster.
6. Honduras Aquaculture – A major supplier of shrimp from Central America.