Shrimp Market Size and Growth Forecast Overview Through 2032
The global shrimp market was valued at USD 40.35 billion in 2023 and is projected to expand from USD 42.90 billion in 2024 to USD 74.24 billion by 2032, reflecting a CAGR of 7.09% during the forecast period (2024–2032). The Asia Pacific region dominated the market with a 38.22% share in 2023. In the United States, the shrimp market is forecasted to reach approximately USD 12.10 billion by 2032, supported by the growing preference for seafood as a high-protein food source and the rising popularity of flexitarian diets.
Impact of COVID-19 The COVID-19 pandemic had a notable negative effect on the shrimp industry, with demand declining across global markets. The market witnessed a 16.46% contraction in 2020 compared to the average growth observed between 2017 and 2019. However, as economies recover and global supply chains stabilize, the market’s CAGR is expected to normalize, returning to pre-pandemic growth levels in the following years.
Despite short-term disruptions, the seafood sector has experienced steady innovation, with technological advancements, new entrants in commercial aquaculture, and sustainability initiatives reshaping industry dynamics. These developments are anticipated to open lucrative opportunities for both shrimp farming and distribution over the next decade.
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Regional Production Insights The Asia Pacific region remains the largest producer of shrimp globally. However, production delays in 2020—particularly in decapod crustaceans—were observed due to lockdowns and logistical challenges. Nations such as China, Vietnam, India, and Thailand faced a temporary slowdown in aquaculture activities. In India, for example, pond seeding—typically carried out in March–April—was postponed until May–June, pushing harvests to August–September.
While the pandemic affected short-term output, regional production has since rebounded, supported by favorable climatic conditions, advancements in aquaculture technology, and growing export demand.
Market Dynamics & Market Drivers Growing Adoption of Flexitarian and Pescatarian Diets An increasing number of consumers worldwide are shifting toward flexitarian and pescatarian eating habits, emphasizing sustainable protein sources such as seafood. Flexitarian consumers primarily follow plant-based diets but incorporate seafood like shrimp for its nutritional diversity and high protein content. For instance, Asia Pacific’s shrimp market revenue increased from USD 14.46 billion in 2022 to USD 15.42 billion in 2023, reflecting the growing preference for health-oriented diets.
Market Restraints Impact of Global Trade Tensions International trade conflicts, particularly among major economies such as the U.S., China, and Russia, have created volatility in seafood exports. In 2019, China imposed retaliatory tariffs on approximately USD 110 billion worth of U.S. imports, with rates between 10% and 25%, which directly affected the profitability and export volume of shrimp producers.
Market Segmentation By Type: White Shrimp, Pink Shrimp, Brown Shrimp, and Others (White shrimp dominates due to its high availability and widespread consumption.) By Form: Frozen Shrimp and Others (Frozen shrimp leads the category, supported by growing demand through supermarkets, hypermarkets, and online platforms.) By End-User: Commercial and Residential (The commercial segment holds the largest share owing to rising seafood consumption in restaurants, hotels, and foodservice outlets.) By Distribution Channel: Supermarkets & Hypermarkets, Specialty Stores, Online Retail, and Others (The market is witnessing a transition from traditional retail to e-commerce, though specialty stores continue to be significant.)
Regional Insights The global aquaculture industry has expanded significantly in recent years, offering a sustainable solution to meet rising global protein needs while reducing pressure on wild fisheries. Within this landscape, shrimp farming has become a major growth driver, generating billions of dollars in annual revenue.
Asia Pacific recorded a market value of USD 10.74 billion in 2020 and is expected to maintain leadership, supported by advanced aquaculture systems, favorable environmental conditions, and rising seafood consumption. North America is projected to experience consistent growth, driven by demand for brown shrimp and large decapod species, along with a surge in sustainable seafood adoption. Europe will continue to expand moderately, with steady consumer demand despite competition from other seafood categories. South America, led by Ecuador, is emerging as a major shrimp production and export hub, offering competitive advantages in global trade.
COVID-19’s Regional Impact Although Asia Pacific maintained its production dominance, pandemic-related disruptions caused a three-month delay in shrimp harvesting during 2020. Countries like China, Vietnam, India, and Thailand faced logistical setbacks and reduced demand. In India, specifically, the pond seeding cycle shifted from March–April to May–June, leading to delayed harvests in August–September. Recovery efforts and resumed aquaculture operations have since stabilized production levels.
Competitive Landscape Leading market players are investing in technological upgrades, strategic partnerships, and capacity expansions to improve production efficiency and cater to growing consumer demand.
Key Companies in the Shrimp Market Include: Aqua Star Corp. (U.S.) Avanti Feeds Ltd. (India) Clearwater Seafoods Inc. (Canada) High Liner Foods Inc. (Canada) Marine Harvest (Norway) Maruha Nichiro Corporation (Japan) Nippon Suisan Kaisha (Japan) Nordic Seafoods A/S (Denmark) Surapon Foods (Thailand) Thai Union Group (Thailand)
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Recent Industry Development March 2024: Laitram Machinery acquired Martak’s shrimp peeling business, enhancing its processing capacity for cold-water shrimp and improving operational efficiency.
Report Coverage This report provides a comprehensive analysis of the global shrimp industry, including key trends, product categories, and application segments. It examines technological advancements, competitive developments, and strategic initiatives that are shaping market performance. The study offers valuable insights for industry stakeholders, investors, and policymakers aiming to assess growth potential and emerging opportunities in the global shrimp market.