The shrimp market size is expected to be valued at USD 64.8 billion in 2024. The market rose at a CAGR of 8.3% during the historical period. The market is projected to progress at a CAGR of 8.7% from 2024 to 2034. The demand for shrimps is forecasted to hit a value of USD 149 billion by 2034.
As more people become aware of the nutritional benefits of shrimp, the market demand continues to rise. Advancements in fishing and farming techniques are fueling growth in the market. Shrimp is a highly nutritious food low in fat and protein, making it a popular choice among health-conscious consumers.
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The growing popularity of sustainable and eco-friendly products has also contributed to the growth of the shrimp market as consumers seek products that are produced in a sustainable and responsible manner. The increasing demand for shrimp can also be attributed to its versatility in cooking. Shrimp can be cooked in various ways, including grilling, boiling, and frying, making it a popular ingredient in many cuisines globally.
“The development of new products such as easy-peel shrimps and pre-cooked shrimps has enhanced the convenience for consumers, contributing to the growth of the shrimp market,” says an analyst at FMI.
Key Takeaways from the Shrimp Market
- The global shrimp market is estimated to register a CAGR of 8.7% through 2034.
- The market is expected to reach a valuation of US$ 149 billion by 2034.
- The farmed whiteleg shrimp segment is estimated to dominate the global market by registering a 43.0% share in 2024.
- The frozen segment is expected to account for a 37% market share in 2024.
Competitive Landscape
The market is characterized by the presence of many players, from small local producers to major global businesses. Key players hold a considerable market share and are projected to maintain their dominance during the forecast period. However, many smaller competitors are entering the market with new products and marketing tactics. This creates a highly competitive landscape, which is excellent for customers since it gives them more options.
Some prominent companies in the market include Aqua Star Corp., Falcon Marine Exports, High Liner Foods Inc., Surapon Foods, Avanti Feeds Ltd., Devi Fisheries Limited, Thai Union Group, Marine Harvest, BMR Groups, Clearwater Seafoods Inc., Nekkanti Sea Foods Limited, Jayalakshmi Sea Foods Pvt. Ltd., etc.
Recent Developments in the Shrimp Market
- In 2022, Thai Union Group PCL collaborated with R&B Food Supply and Srinivasa Cystine Private Limited to introduce high-quality food ingredients in the Indian market. This partnership aims to utilize the relative skills of R&B Food Supply, Srinivasa Cystine, Thailand’s food ingredients company, and an affiliate of Avanti Group, an Indian participant in aquaculture and marine food processing.
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Shrimp Market Outlook by Category
By Species:
- Gulf Shrimps
- Farmed Whiteleg Shrimps
- Banded Coral Shrimps
- Royal Red Shrimp
- Giant Tiger Shrimps
- Blue Shrimps
- Ocean Shrimps
By Source:
- Organic
- Conventional
By Form:
- Canned
- Breaded
- Peeled
- Cooked & Peeled
- Shell-On
- Frozen
By Sales Channel:
- Direct
- Indirect
By Application:
- Food
- Pharmaceutical
- Cosmetics
- Industrial
- Biotechnology
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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