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, registering a CAGR of 7.09% during 2024–2032. In 2023, Asia Pacific held the dominant position in the market with a 38.22% share. In the United States, the market is expected to reach USD 12.10 billion by 2032, supported by the growing preference for seafood as a rich protein source and the increasing popularity of flexitarian diets.
The COVID-19 pandemic significantly disrupted the shrimp industry, resulting in a 16.46% decline in 2020 compared to the average annual growth rate recorded between 2017 and 2019. However, the market recovered quickly as global seafood consumption rebounded to pre-pandemic levels.
Continuous technological advancements, product innovations, and the entry of new players into commercial shrimp farming are anticipated to drive further market expansion. Additionally, rising emphasis on sustainable aquaculture and efficient seafood supply chains is transforming harvesting and marketing operations, creating new growth avenues.
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Market Dynamics
Market Drivers
Growing Adoption of Flexitarian and Pescatarian Diets
An increasing number of consumers are transitioning toward pescatarian and flexitarian lifestyles, favoring balanced diets that include seafood as a sustainable source of protein. Flexitarian consumers primarily follow plant-based diets but occasionally include seafood like shrimp for nutritional diversity. This shift has boosted shrimp consumption worldwide. For instance, Asia Pacific’s shrimp market revenue rose from USD 14.46 billion in 2022 to USD 15.42 billion in 2023.
Market Restraints
Impact of International Trade Tensions
Ongoing trade conflicts among leading economies—including the U.S., China, and Russia—have influenced the shrimp market’s performance. In 2019, China imposed retaliatory tariffs on U.S. imports worth approximately USD 110 billion, with rates ranging from 10% to 25%, directly affecting U.S. seafood export volumes and profitability.
Market Segmentation
By type, the market comprises white shrimp, pink shrimp, brown shrimp, and other varieties, with white shrimp leading due to its high consumption levels and broad availability. Based on form, frozen shrimp dominates the market, driven by robust demand across supermarkets, hypermarkets, and online retail platforms. In terms of end-users, the commercial segment holds the largest share, supported by the growing popularity of seafood in restaurants and foodservice establishments, along with rising disposable incomes. Regarding distribution channels, the industry is experiencing a transition from traditional retail outlets to e-commerce platforms, though specialty stores continue to play a significant role in overall sales.
Regional Insights
The global aquaculture industry has expanded rapidly over the past decade, offering a sustainable solution to meet rising global protein demand and reducing reliance on traditional wild fishing. Within this sector, shrimp farming has become a significant contributor, generating billions in annual revenue. The Asia Pacific region leads the market, recording USD 10.74 billion in 2020, and is projected to maintain strong growth driven by advanced aquaculture practices and favorable climatic conditions. North America is expected to see steady expansion fueled by rising demand for brown shrimp and large decapod species, while Europe experiences moderate growth due to competition from other seafood varieties, though consumer demand remains steady. Meanwhile, South America is poised for consistent growth, with Ecuador emerging as a major hub for shrimp production and exports.
COVID-19 Impact on Regional Production
Although Asia Pacific leads global shrimp production, the pandemic caused production delays in 2020—particularly in the harvesting of decapod crustaceans, which was postponed by nearly three months. Countries such as China, Vietnam, India, and Thailand witnessed temporary slowdowns. In India, for instance, pond seeding—typically carried out in March–April—was delayed until May–June, pushing harvest timelines to August–September.
Key Market Players
- 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 Developments
- March 2024: Laitram Machinery acquired Martak’s shrimp peeling business, increasing its processing capacity for cold-water shrimp and enhancing production efficiency.
