Shrimp Market Size, Share, Industry, Forecast and outlook (2024-2031)

Shrimp Market is segmented  By Type (Pink, Brown, White, Others), By Form (Frozen, Canned), By End User (Residential, Commercial), By Distribution Channel (Hypermarkets & Supermarkets, Convenience Stores, Online Sales Channel, Others), By Region (North America, South America, Europe, Asia Pacific, Middle East & Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Shrimp Market Size

The Global Shrimp Market US$ 56,875 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 85,319 million by 2030. The market is growing at a CAGR of 5.2% during the forecast period (2024-2031).

Larger shrimp species are sought by commercial fisheries for human consumption. Some shrimp species are raised in aquaculture in tropical areas. The major factors and shrimp market trends that drive the growth of the shrimp market include the easy availability of shrimp and their high nutritional content. As one of the most traded species of seafood, they are an essential component of various cuisines. Moreover, consideration is being given to sustainability and the expansion of the seafood supply. During the forecast period, these trends are anticipated to significantly alter how seafood is harvested, and marketed as well as provide lucrative opportunities.

Shrimp Market Scope

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Shrimp  Market Dynamics

Rising Demand For High Protein Diet And Sustainable Seafood Choices to Foster Market Growth

High consumer demand for the protein-rich diet, rising disposal income, and increasing expenditure on nutrient-rich products are expected to drive market growth. Also, manufacturers are focused on developing new protein-rich products for consumers. Shrimps are a rich source of protein that attract consumers to the consumption of shrimps. Moreover, various health benefits drive the growth of the market. Shrimp is low in calories. It provides more than 9 different vitamins and minerals and is a rich source of iodine, which is good for proper thyroid function and brain health. 

Experts predicted that global shrimp production will exceed 5 million metric tons for the first time in 2022. Global shrimp production was forecasted to jump 7 percent by the end of 2023 and reach 6 million metric tons for the first time ever, driven by a sharp expansion of Ecuador's shrimp farming industry, according to the Global Seafood Alliance's (GSA) annual production survey.

Stringent Trade Restrictions Are Holding Back The Shrimp Market Growth

Trade restrictions can impact the shrimp market by limiting access to important markets and reducing demand for shrimp exports. One example of this is the trade restrictions imposed by the European Union (EU) on shrimp imports from certain countries. In 2019, the European Union imposed new regulations on shrimp imports from countries that do not meet its environmental and food safety standards. This includes countries such as India, Vietnam, and Bangladesh, which are major producers and exporters of shrimp.

Shrimp Market Segmentation Analysis

The global shrimp market is segmented based on type, form, end-user, distribution channel, and region.

The Frozen Shrimp Segment Accounted for the Highest Share of the Global Shrimp Market

Fresh shrimps are available in a specific region and only for a specific season. On the other hand, frozen shrimp can be stored all year. They are easy to transport and handle. Frozen shrimp is available in different pack sizes and has many brand options to select from. Furthermore, a report by the Food and Agriculture Organization of the United Nations (FAO) states that the global trade of frozen shrimp has been increasing steadily over the past decade. 

In 2019, the global trade of frozen shrimp was valued at $18.5 billion, accounting for approximately 63% of the total value of the global shrimp trade. This indicates the high demand for frozen shrimp in the global market.

Source: DataM Intelligence Analysis (2024)

Global Shrimp Market Geographical Share

North America is the Dominating Region During The Forecast Period

In 2022, the North American region had the highest revenue share. Increasing demand for white shrimp in the region drives the growth of the market. The US imports 75% and 80% of the seafood from other countries, like Thailand, China, Canada, Indonesia, and Vietnam. Shrimp farming in the USA is the largest form of aquaculture business consuming various species of prawns and marine shrimp. The US is the second-largest consumer of shrimp after China. Shrimps are the most eaten food in the US, accounting for 25%-30% of the total seafood market in the country. 

Source: DataM Intelligence Analysis (2024)

Shrimp Market Companies

The major global players in the shrimp market are Aqua Star, Avanti Feeds Ltd., Clearwater Seafoods, High Liner Foods Inc, Mazzetta Company, LLC, Nordic Seafood A/S, Maruha Nichiro Corporation, Surapon Foods, Thai Union Group, and Nippon Suisan Kaisha.

COVID-19 Impact on Shrimp  Market

COVID Impact

The outbreak of Covid 19 has had a significant impact on the food service industry. The Asia Pacific is one of the leading producers of shrimp. However, decapod crustaceans’ production in the region was delayed by 3 months in the year 2020 due to the Covid 19 crisis. The decrease in demand from Asian countries like China, Vietnam, and India may negatively affect the market's growth. All the businesses dropped by 80-90%. Sales of seafood like shrimp have decreased due to strict lockdowns and curfews worldwide. Lockdown across all major regions has led to travel restrictions which have a serious effect on the distribution channel. 

AI Impact 

The impact of AI on the shrimp market has been significant in recent years. AI is being used in various aspects of the shrimp industry, including production, processing, and distribution. AI is being used to optimize shrimp farming by monitoring water quality, feeding schedules, and other environmental factors that affect shrimp growth. This allows farmers to make data-driven decisions and improve production efficiency. 

Russia-Ukraine War Impact

The Russia-Ukraine war has had a limited impact on the global shrimp market. This is because neither Russia nor Ukraine is a major producer or consumer of shrimp, and the conflict has not significantly disrupted the global shrimp supply chain. However, the conflict has had some impact on the regional shrimp market in Eastern Europe. Ukraine is a small but growing producer of shrimp, and the conflict has disrupted shrimp production and trade in the region. According to a report by Seafood Source, a news and information website for the seafood industry, the conflict has led to the closure of several shrimp farms in Ukraine, resulting in a decline in domestic production. 

Key Developments

• In March 2020, Sykes completed the deal for shrimp processor Klass Puul Beheer by creating $300 m shrimps. The combination of these two businesses offered customers access to a wide range of products in frozen format for retail and food service. 
• In January 2021, with the advent of a plant-based shrimp composed of sustainable seaweed and plant proteins, New Wave Foods is upending the $9 billion shrimp business. The company's initial sales efforts will be directed at restaurants and other food service establishments.
• In August 2022, Cooke Inc acquired Belgian shrimp processor Morubel, a shrimp processor company from independent investment firm Benics Capita Partners. 

Why Purchase the Report?

• To visualize the global shrimp market segmentation based on type, form, end-user, and distribution channel and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous shrimp market-level data points all for segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global shrimp market report would provide approximately 69 tables, 67 figures, and 102 pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies