Shrimp Market Research Report By Species (Penaeus vannamei, Penaeus monodon, Metapenaeus ensis, Litopenaeus setiferus), By Product Form (Frozen, Fresh, Canned, Cooked, Dried), By Distribution Channel (Supermarkets, Online Retail, Wholesale, Specialty Stores), By End Use (Food Service, Retail, Industrial) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa)- Forecast to 2035

Shrimp Market Overview

As per MRFR analysis, the Shrimp Market Size was estimated at 16.14 (USD Billion) in 2024.The Shrimp Market Industry is expected to grow from 16.69(USD Billion) in 2025 to 24.2 (USD Billion) by 2035. The Shrimp Market CAGR (growth rate) is expected to be around 3.43% during the forecast period (2025 - 2035)

Key Shrimp Market Trends Highlighted

The global shrimp market is experiencing significant growth, driven primarily by rising consumer demand for seafood and increasing health awareness. People are increasingly gravitating towards shrimp due to its high protein content and the perception of seafood as a healthier alternative to red meat. Furthermore, the trend of sustainable sourcing is gaining traction as consumers are looking for responsibly farmed shrimp. This is prompting producers to adopt better practices and certifications that align with environmental standards to attract conscientious buyers. As the market evolves, opportunities are emerging in aquaculture advancements, particularly in breeding and feeding technologies.

These innovations can enhance shrimp yield and quality, thereby reducing dependency on wild catch and minimizing the impact on marine ecosystems. Additionally, the growing trend of online grocery shopping has opened new distribution channels for shrimp. E-commerce platforms enable direct-to-consumer sales, making it easier for businesses to reach a larger audience while adapting to modern shopping habits. Recent trends within the global shrimp market also include a shift towards frozen and value-added products.

Consumers are increasingly inclined towards convenient meal solutions that minimize preparation time. Consequently, processed shrimp products such as shrimp burgers or ready-to-cook dishes are gaining popularity.Moreover, changing dietary patterns in various regions emphasize the inclusion of shrimp in various cuisines, further bolstering the market. Overall, the global shrimp market is poised for continued growth as it navigates evolving consumer preferences and sustainability challenges.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Shrimp Market Drivers

Increasing Global Seafood Consumption

The Global Shrimp Market Industry is significantly benefiting from the rising global demand for seafood, driven by changing dietary preferences towards high-protein and low-fat food options. According to the Food and Agriculture Organization (FAO), global seafood consumption has reached an average of 20.5 kilograms per person per year, a figure that has grown consistently over the past few decades. With the World Health Organization (WHO) advocating for healthier diets, shrimp, being rich in omega-3 fatty acids and other essential nutrients, has become a preferred choice.This shift is particularly prominent in regions like Asia and North America where per capita consumption of seafood is much higher than the global average. Because of the favorable nutritional profile of shrimp, projections suggest that this trend will continue, increasing demand in the Global Shrimp Market.

Rising Aquaculture Production

The growth of aquaculture is instrumental in boosting the Global Shrimp Market Industry, as it meets the increasing consumer demand without over-exploiting wild shrimp populations. The World Bank reports that aquaculture has been the fastest-growing food production sector over the past 50 years, with shrimp farming playing a key role in this growth. In fact, aquaculture accounts for over 50% of global shrimp production, enhancing supply stability and reducing costs associated with seafood harvesting.Countries like India, Vietnam, and Indonesia have made significant advancements in sustainable shrimp farming practices. This surge in aquaculture is expected to enhance the shrimp supply chain, thereby driving future market growth.

Technological Advancements in Shrimp Farming

Innovations in technology are transforming the Global Shrimp Market Industry. Enhanced breeding techniques and improved farming practices, such as recirculating aquaculture systems (RAS), have led to more efficient shrimp production. The International Journal of Fisheries and Aquaculture highlighted that modern farming technologies increase yield rates by up to 30% while significantly lowering disease occurrences. Moreover, intellectual property filings related to shrimp farming techniques have surged, indicating a robust R environment.These technologies not only maximize output but also present eco-friendly solutions, turning the global market towards sustainability thus aligning shrimp production with environmental goals.

Growth of E-commerce and Online Seafood Retailing

The evolution of e-commerce has profoundly impacted the Global Shrimp Market Industry, making seafood more accessible to consumers globally. The United Nations Conference on Trade and Development (UNCTAD) has reported a substantial increase in online seafood sales, which surged by 22% in the last two years. Modern consumers are increasingly inclined to purchase fresh products online, driving demand for shrimp due to its ease of handling and storage.As more consumers adopt digital platforms for their food purchases, shrimp distributors and retailers are expanding their online presence to cater to this growing market, thereby contributing to the overall market growth.

Shrimp Market Segment Insights

Shrimp Market Species Insights

The Global Shrimp Market showcases a significant focus on various species, with the segment expected to experience robust growth over the forecast period. Among the species, Penaeus vannamei holds a dominant position, valued at 7.0 USD Billion in 2024 and projected to reach 10.5 USD Billion by 2035, demonstrating its importance in the aquaculture industry due to its favorable growth characteristics and high market demand. This species accounts for the majority holding within the market, attributed to its resilience in farming environments and adaptability, making it a top choice for shrimp farmers globally.Following closely is Penaeus monodon, valued at 5.0 USD Billion in 2024, with an anticipated increase to 7.0 USD Billion by 2035, reflecting its popularity due to its large size and superior taste, which continues to appeal to gourmet consumers and major markets alike, contributing to the market growth.

Metapenaeus ensis stands at a value of 2.0 USD Billion in 2024 and is expected to expand to 3.0 USD Billion by 2035, primarily used in various processed food products, indicating a stable growth opportunity as consumer preferences shift towards convenience and ready-to-cook options.Meanwhile, Litopenaeus setiferus, valued at 2.69 USD Billion in 2024, with expectations of reaching 3.7 USD Billion by 2035, holds a significant niche in the market primarily due to its harvesting from both natural and farmed sources, appealing to domestic and export markets for its flavor profile and nutritional value. The increasing global demand for shrimp, driven by health-conscious consumers seeking protein-rich options, alongside advances in aquaculture practices, presents substantial opportunities for each species within the Global Shrimp Market, thereby fostering continued growth and expansion across regions.

Additionally, as sustainability becomes a core focus in the industry, these species play pivotal roles in adopting responsible farming techniques, thus enhancing their significance in balancing economic viability with environmental considerations. As a result, the Global Shrimp Market segmentation by species not only reflects current market dynamics but also sets the stage for sustained growth, given the evolving consumer preferences and the emphasis on sustainability in shrimp farming practices.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Shrimp Market Product Form Insights

The Global Shrimp Market revenue showcases a diverse segmentation based on product form, which plays a crucial role in catering to consumer preferences. The market experienced a valuation of 16.69 USD Billion in 2024, reflecting the rising demand for shrimp across various forms. Each product category, namely frozen, fresh, canned, cooked, and dried shrimp, offers unique qualities that appeal to different consumer segments. Frozen shrimp remains a dominant player in this space, known for its longer shelf life and convenience, thus capturing a substantial market share.Fresh shrimp is also gaining traction, particularly in regions where sea-to-table offerings drive sales.

Canned shrimp provides an easy-to-use option for consumers, especially in meal preparations and convenience foods. Cooked shrimp products offer ready-to-eat solutions that cater to busy lifestyles, further pushing growth within the market. Dried shrimp, often used in various culinary applications, presents opportunities in specialty food markets. The ongoing trend towards healthy eating and the increasing popularity of seafood contribute to the overall market growth and resilience in the Global Shrimp Market industry.The demand for balanced nutrition drives this evolution, with consumers increasingly opting for high-protein shrimp options.

Shrimp Market Distribution Channel Insights

The Global Shrimp Market has seen a significant evolution in its Distribution Channel, with various avenues playing crucial roles in market access and consumer reach. In 2024, the Global Shrimp Market revenue is projected to reach 16.69 USD Billion, highlighting the importance of effective distribution strategies. Supermarkets stand out as a leading channel due to their vast customer base and accessibility, catering to consumers' preferences for convenience and variety. The Online Retail segment has gained traction, driven by increasing internet penetration and a shift towards online shopping, responding to the growing demand for convenience and timely deliveries.Wholesale channels remain critical for the movement of bulk shrimp, allowing for competitive pricing and extensive distribution networks.

Specialty Stores serve niche markets, often focusing on high-quality or sustainable products, thus appealing to discerning consumers. Each distribution channel brings unique advantages that are vital for reaching diverse customer segments and aligning with the overall growth of the Global Shrimp Market. Market trends indicate a steady shift towards e-commerce, driven by changing consumer behaviors and technological advancements, presenting both opportunities and challenges within the industry.The combination of these channels forms a comprehensive ecosystem that caters to varying consumer preferences while contributing to the market's growth and segmentation dynamics.

Shrimp Market Use Insights

The Global Shrimp Market, valued at 16.69 billion USD in 2024, showcases diverse applications through itsEnd-se segmentation, which includes Food Service, Retail, and Industrial channels. The Food Service segment is particularly significant, catering to restaurants and catering services, reflecting a growing consumer preference for seafood-rich diets. Meanwhile, the Retail segment serves households and grocery chains, leveraging increasing demand for ready-to-cook shrimp products. The Industrial segment primarily focuses on processing and exporting shrimp products for various culinary uses, playing a crucial role in the supply chain.

As the Global Shrimp Market evolves, factors such as rising health consciousness, innovative culinary trends, and global trade dynamics will steer market growth. Nevertheless, challenges like environmental concerns and sustainability issues could impact the availability and pricing of shrimp. Insights from Global Shrimp Market data indicate an upward trend in consumption, highlighting how these segments must adapt to meet shifting consumer preferences and regulations. Overall, the segmentation of the Global Shrimp Market presents distinct opportunities for growth across diverse stakeholder groups, further reinforcing its importance within the food industry.

Shrimp Market Regional Insights

The Global Shrimp Market exhibits diverse dynamics across its regional segments, with anticipated market values highlighting significant growth. North America is expected to be valued at 4.0 USD Billion in 2024, increasing to 6.0 USD Billion by 2035, reflecting a strong demand for seafood products and a growing trend toward healthy eating. Europe, valued at 3.5 USD Billion in 2024 and projected to reach 5.0 USD Billion in 2035, also showcases a rising consumer preference for gourmet and sustainably sourced shrimp. The APAC region holds the majority, standing at 7.2 USD Billion in 2024 and expected to reach 10.5 USD Billion by 2035, driven by a booming aquaculture industry and increased consumption in countries like China and India.

South America’s market, valued at 1.5 USD Billion in 2024, is set to grow to 2.5 USD Billion by 2035, supported by its extensive coastline and favorable shrimp farming conditions. Meanwhile, the MEA segment, although smaller with a valuation of 0.49 USD Billion in 2024, is projected to grow to 0.7 USD Billion by 2035, indicative of emerging market opportunities in aquaculture. This comprehensive analysis of the Global Shrimp Market segmentation reflects the growing interest and investment opportunities across different regions, driven by evolving consumer preferences and environmental sustainability initiatives.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Shrimp Market Key Players and Competitive Insights:

The Global Shrimp Market is characterized by its dynamic competition among major players, driven by shifting consumer preferences, rising demand for seafood, and increasing health consciousness among consumers. Analyzing the competitive landscape reveals various strategies employed by leading companies, including product innovation, sustainability practices, and aggressive marketing to gain market share. The market is also influenced by global supply chains, which have faced disruptions, compelling companies to enhance their operational efficiencies and establish strategic partnerships. Such competitive insights serve as a critical tool for industry stakeholders to navigate the complexities of the shrimp market and identify growth opportunities amidst evolving consumer behaviors.

Thai Union Group has established a prominent presence in the Global Shrimp Market, showcasing its commitment to sustainable practices and high-quality products. The company leverages its vast network of partnerships with suppliers and distributors, enabling it to maintain a steady supply of shrimp across international markets. Thai Union Group's strength lies in its brand recognition and diverse range of offerings, including frozen shrimp, cooked shrimp, and processed shrimp products, catering to both retail and food service sectors. By prioritizing sustainability and responsible sourcing, the company has been able to build a loyal customer base while meeting the increasing demand for ethically produced seafood. Its proactive approach adopting new technologies and practices enhances operational efficiency, positioning Thai Union Group favorably within the competitive landscape.

Maple Leaf Foods has made significant strides in the Global Shrimp Market, focusing on high-quality products and sustainable sourcing to differentiate itself from competitors. The company's portfolio includes a variety of shrimp offerings that cater to both retail consumers and food service operations, emphasizing convenience and health. Maple Leaf Foods has demonstrated strength in its market presence through strategic mergers and acquisitions that bolster its product line and operational capabilities. This proactive growth strategy allows the company to expand its footprint in the global shrimp trade effectively.

Additionally, Maple Leaf Foods integrates sustainability into its core business practices, including responsible aquaculture and environmental stewardship initiatives, which resonate with the values of modern consumers, thereby enhancing its brand reputation and overall market position within the global shrimp industry.

Key Companies in the Shrimp Market Include

• Thai Union Group


• Maple Leaf Foods


• Nissui


• Green Ocean Seafood


• Acme Smoked Fish


• Ocean Quality


• Bumble Bee Seafoods


• Cargill


• Marel


• Maruha Nichiro


• Austevoll Seafood


• CP Foods


• Seabourn


• Wanchai Seafood


• Charoen Pokphand Foods

Shrimp Market Industry Developments

Recent developments in the Global Shrimp Market indicate significant activity among leading companies like Thai Union Group, Maple Leaf Foods, and Nissui. The market has seen a surge in demand post-COVID-19, with consumers increasingly prioritizing seafood as a healthy protein source. Current affairs show noteworthy investments in sustainable shrimp farming technologies driven by the need to address environmental concerns. In terms of mergers and acquisitions, Acme Smoked Fish has acquired a key player in the shrimp processing sector as of September 2023, reflecting a trend towards consolidation to enhance market share and innovate product offerings.

Furthermore, Cargill has been noted for expanding its shrimp feed production capabilities to meet the growing global demand, resulting in enhanced market valuation and supply chain efficiency. In the past two to three years, there have been notable shifts, such as the entry of Green Ocean Seafood's organic shrimp line into new geographies, which aligns with global sustainability trends dating back to early 2022. The combined effects of these dynamics are impacting pricing, availability, and overall market strategy within the Global Shrimp Market, driven by both consumer preferences and regulatory developments.

Shrimp Market Segmentation Insights

• Shrimp Market Species Outlook
  
  
  
  • Penaeus vannamei
  
  
  • Penaeus monodon
  
  
  • Metapenaeusensis
  
  
  • Litopenaeussetiferus
  
  
  
  


• Shrimp Market Product Form Outlook
  
  
  
  • Frozen
  
  
  • Fresh
  
  
  • Canned
  
  
  • Cooked
  
  
  • Dried
  
  
  
  


• Shrimp Market Distribution Channel Outlook
  
  
  
  • Supermarkets
  
  
  • Online Retail
  
  
  • Wholesale
  
  
  • Specialty Stores
  
  
  
  


• Shrimp Market Use Outlook
  
  
  
  • Food Service
  
  
  • Retail
  
  
  • Industrial
  
  
  
  


• Shrimp Market Regional Outlook
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa
  
  
  
  

Report Attribute/Metric Source:	Details
MARKET SIZE 2023	16.14(USD Billion)
MARKET SIZE 2024	16.69(USD Billion)
MARKET SIZE 2035	24.2(USD Billion)
COMPOUND ANNUAL GROWTH RATE (CAGR)	3.43% (2025 - 2035)
REPORT COVERAGE	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
BASE YEAR	2024
MARKET FORECAST PERIOD	2025 - 2035
HISTORICAL DATA	2019 - 2024
MARKET FORECAST UNITS	USD Billion
KEY COMPANIES PROFILED	Thai Union Group, Maple Leaf Foods, Nissui, Green Ocean Seafood, Acme Smoked Fish, Ocean Quality, Bumble Bee Seafoods, Cargill, Marel, Maruha Nichiro, Austevoll Seafood, CP Foods, Seabourn, Wanchai Seafood, Charoen Pokphand Foods
SEGMENTS COVERED	Species, Product Form, Distribution Channel, End Use, Regional
KEY MARKET OPPORTUNITIES	Sustainable aquaculture practices adoption, Expansion in emerging markets, Health-conscious consumer trends, Innovative shrimp-based products, E-commerce growth for seafood sales
KEY MARKET DYNAMICS	rising consumer demand, sustainable aquaculture practices, fluctuating global prices, health benefits of shrimp, trade regulations and tariffs
COUNTRIES COVERED	North America, Europe, APAC, South America, MEA