The global shrimp market share has experienced significant growth in recent years, with a market volume reaching 7.60 million tons in 2023. The market is expected to continue growing, driven by rising consumer demand, favorable aquaculture developments, and the increasing popularity of seafood as a healthy protein source. The global shrimp market is projected to grow at a compound annual growth rate (CAGR) of 6.30% during the forecast period of 2024 to 2032, reaching a volume of 13.16 million tons by 2032. As consumers become more health-conscious and the foodservice industry embraces shrimp as a versatile ingredient, the shrimp market will continue to flourish across the globe.
Market Outlook (2024-2032)
The outlook for the global shrimp market is positive, with the rising demand for protein-rich seafood products driving the growth. Shrimp, being a versatile and nutritious protein source, has gained widespread popularity in households and restaurants alike. This demand is further supported by the growing middle class, especially in developing economies, where seafood consumption is rising.
The shrimp market is also benefiting from advancements in aquaculture practices that have increased the availability of farmed shrimp. Sustainable and eco-friendly shrimp farming techniques are becoming more popular, reducing the environmental impact and boosting production. Furthermore, the rising trend of convenience foods and ready-to-eat meals featuring shrimp as a key ingredient is contributing to market expansion.
Report Overview
This report offers a detailed analysis of the global shrimp market, focusing on market size, growth drivers, market dynamics, segmentation, and challenges. It provides insights into recent developments, trends, and the competitive landscape of key players in the shrimp industry. The report also covers regional trends, end-user insights, and applications, offering a comprehensive view of the global shrimp market from 2024 to 2032.
Market Size
- 2023 Market Volume: 7.60 million tons
- 2032 Forecasted Market Volume: 13.16 million tons
- CAGR (2024-2032): 6.30%
The global shrimp market is expected to witness steady growth in the coming years due to increasing consumer demand, favorable trade policies, and improvements in shrimp farming techniques. The rising consumption of shrimp in both developed and developing countries is likely to push the market towards significant expansion.
Market Dynamics
Market Drivers
- Rising Demand for Protein-Rich Seafood: Shrimp is a widely consumed seafood item due to its rich nutritional profile, high protein content, and low-fat levels. The increasing awareness of the health benefits of seafood, including omega-3 fatty acids and essential nutrients, is driving the demand for shrimp across global markets.
- Growth in Aquaculture Practices: The development of shrimp farming, particularly in countries like Vietnam, India, Thailand, and Ecuador, has significantly increased the availability of shrimp in the market. Advances in farming techniques have helped maintain consistent production, reduce disease outbreaks, and improve overall sustainability.
- Popularity in the Foodservice Industry: Shrimp is a popular ingredient in restaurants, hotels, and catering services due to its versatility in a wide range of dishes. The growing trend of dining out and the demand for seafood delicacies are contributing to the increasing consumption of shrimp in the foodservice sector.
- Emerging Markets and Rising Middle Class: The expanding middle class in emerging markets such as China, India, and Southeast Asia is boosting the demand for shrimp. With rising disposable incomes and changing dietary habits, consumers in these regions are incorporating more seafood into their diets, driving shrimp market growth.
Key Market Challenges
- Environmental Concerns and Sustainability Issues: While aquaculture has boosted shrimp production, it has also raised concerns regarding environmental degradation, pollution, and overfishing. Unsustainable farming practices can lead to habitat destruction, water pollution, and loss of biodiversity, which poses a challenge for the industry’s long-term growth.
- Price Fluctuations: The global shrimp market is subject to price volatility due to fluctuations in supply and demand, changes in production costs, and trade policies. Natural disasters, disease outbreaks in shrimp farms, and changes in import/export regulations can lead to disruptions in the market.
Segmentation
The shrimp market can be segmented based on species, form, distribution channel, and end-user.
By Species:
- Whiteleg Shrimp: The most commonly farmed shrimp species, accounting for a significant share of global shrimp production.
- Black Tiger Shrimp: Popular in Asian countries, particularly in Thailand, Vietnam, and India, and used in high-end food services.
- Other Species: This segment includes rock shrimp, pink shrimp, and others, which are consumed in smaller quantities.
By Form:
- Frozen Shrimp: Frozen shrimp remains the largest segment due to its longer shelf life and wide availability in supermarkets and retail stores.
- Canned Shrimp: Canned shrimp is gaining popularity as a convenient, ready-to-use option, especially in developed markets.
- Fresh Shrimp: While fresh shrimp has a shorter shelf life, it is in high demand in restaurants and premium grocery stores.
By Distribution Channel:
- Supermarkets/Hypermarkets: The primary distribution channel for shrimp, offering consumers easy access to a variety of shrimp products.
- Online Stores: The online segment is growing rapidly due to increasing e-commerce penetration and the convenience of home delivery.
- Foodservice: This channel includes restaurants, hotels, and catering services, where shrimp is used in a wide range of dishes.
Recent Developments
- Sustainable Aquaculture Initiatives: Several shrimp producers and exporters are focusing on sustainable aquaculture practices, reducing the environmental impact of shrimp farming. Certifications like Best Aquaculture Practices (BAP) and Aquaculture Stewardship Council (ASC) are gaining importance in the global shrimp market.
- Technological Advancements in Shrimp Farming: Innovations in farming techniques, such as the use of advanced feed, disease control, and water management systems, are improving productivity and sustainability in shrimp farming. These technologies help reduce costs and enhance the quality of shrimp produced.
- Rising Popularity of Value-Added Products: The demand for value-added shrimp products, such as pre-cooked, seasoned, and breaded shrimp, is increasing in both retail and foodservice channels. These products cater to the growing trend of convenience foods and ready-to-eat meals.
Component Insights
Whiteleg Shrimp: Whiteleg shrimp dominates the global shrimp market due to its widespread cultivation and lower production costs compared to other species. It is popular in both frozen and fresh forms, making it the most widely consumed shrimp variety globally.
Frozen Shrimp: The frozen shrimp segment remains the largest in the market, driven by consumer demand for convenience, longer shelf life, and the availability of a wide variety of frozen shrimp products in retail stores.
End-User Insights
Retail Consumers: Households are a significant consumer base for shrimp, with increasing demand for frozen and value-added shrimp products. Shrimp is a popular choice for at-home meal preparation due to its versatility and ease of cooking.
Foodservice Industry: Restaurants, hotels, and catering services represent a major market for shrimp, especially in premium and seafood-centric menus. The growing trend of seafood consumption in dining establishments is fueling demand in this segment.
Regional Insights
Asia-Pacific: Asia-Pacific is the largest market for shrimp, driven by high production levels in countries like Vietnam, Thailand, and India. The region also has a large consumer base, with shrimp being a staple in many Asian cuisines.
North America: North America is a major consumer of shrimp, with strong demand from both retail and foodservice sectors. The U.S. remains one of the largest importers of shrimp globally.
Europe: Europe is another significant market, with increasing demand for sustainable and certified shrimp products. Countries like Spain, France, and the UK are major consumers of shrimp in both retail and foodservice sectors.
Key Players
- Mazzetta Company, LLC: A leading seafood importer and distributor, Mazzetta Company specializes in sourcing high-quality shrimp for the U.S. market.
- Apex Frozen Foods Ltd.: Apex is one of the largest exporters of shrimp from India, focusing on both raw and value-added shrimp products.
- Seaprimexco Vietnam: A major player in the Vietnamese shrimp industry, Seaprimexco produces a wide range of frozen and processed shrimp products.
- Liveris Afentoulis & Co.: A key European seafood company, Liveris Afentoulis & Co. focuses on sourcing and distributing premium shrimp products.
- Grand Ocean Seafoods Co., Ltd: A Chinese seafood company, Grand Ocean Seafoods exports shrimp to international markets, particularly in Asia and North America.
- Charoen Pokphand Foods PCL: A Thai multinational conglomerate, Charoen Pokphand Foods is one of the largest producers of shrimp globally.
- Grupo Iberica Congelados, S.A: A Spanish company specializing in frozen seafood, Grupo Iberica is a key player in the European shrimp market.
- Ocean More Foods Co., Limited: Based in China, Ocean More Foods focuses on exporting a variety of shrimp products to global markets.
Key Market Trends
- Growth of Sustainable Aquaculture: The increasing focus on sustainability in shrimp farming is driving demand for eco-friendly practices and certifications, which appeal to environmentally conscious consumers.
- Increasing Popularity of Ready-to-Eat Shrimp: Convenience foods featuring shrimp are gaining traction, especially in developed markets. Pre-cooked and value-added shrimp products are becoming more common in supermarkets and online stores.
- Expansion in Emerging Markets: Emerging markets, particularly in Asia-Pacific and Latin America, are seeing increased consumption of shrimp due to rising disposable incomes and changing dietary preferences.
6 FAQs
- What is driving the growth of the global shrimp market?
The market is driven by rising consumer demand for protein-rich seafood, advancements in aquaculture, and the growing popularity of shrimp in the foodservice industry. - What is the expected market size by 2032?
The global shrimp market is projected to reach a volume of 13.16 million tons by 2032. - Which regions are leading in shrimp production?
Asia-Pacific, particularly Vietnam, Thailand, and India, leads shrimp production globally. - What are the main challenges facing the shrimp market?
Environmental concerns, unsustainable farming practices, and price fluctuations are key challenges facing the shrimp market. - What types of shrimp are most popular?
Whiteleg shrimp is the most popular species globally due to its lower production cost and widespread availability. - Who are the major players in the shrimp market?
Key players include Mazzetta Company, Apex Frozen Foods, Seaprimexco Vietnam, Charoen Pokphand Foods, and Grupo Iberica Congelados.