Global Shrimp Industry Research Report
Market Summary:
The global shrimp market size reached USD 69.0 Billion in 2023.
The market is expected to expand from USD 72.7 Billion in 2024 to USD 100.2 Billion by 2032, with a growth rate (CAGR) of 4.1% over the forecast period (2024-2032).
China leads the market, accounting for the largest shrimp market share.
Farmed shrimp accounts for the majority of the market share in the environment segment due to the increasing efficiency and scalability of aquaculture methods, ensuring a reliable and consistent shrimp supply.
Penaeus Vannamei represents the leading species segment, owing to its faster growth rate, disease resistance, and higher profitability in shrimp farming operations.
Based on the shrimp size, the market has been divided into <21, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70, and >70.
Based on the distribution channel, the market has been divided into hypermarkets and supermarkets, convenience stores, hotels and restaurants, online sales, and others.
The shrimp market is driven by rising demand for protein-rich food, with shrimp gaining popularity as a healthy, versatile, and nutrient-dense source of protein for consumers worldwide.
The expansion of the aquaculture industry and the increasing availability of processed and ready-to-eat shrimp products are shaping market trends, bolstering shrimp production and consumption globally.
As indicated in the latest market research report published by IMARC Group, titled “Shrimp Market Report by Environment (Farmed Shrimp, Wild Shrimp), Species (Penaeus Vannamei, Penaeus Monodon, Macrobrachium Rosenbergii, and Others), Shrimp Size (<21, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70, >70), Distribution Channel (Hypermarkets and Supermarkets, Convenience Stores, Hotels and Restaurants, Online Sales, and Others), and Region 2024-2032,” this report provides an in-depth analysis of the industry, featuring insights into the global shrimp market. It encompasses competitor and regional analyses, as well as recent advancements in the market.
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Shrimp Industry Trends and Drivers:
- Rising Global Demand for Protein-Rich Food:
One of the major drivers of the shrimp market is the increasing global demand for protein-rich food. As consumers become more health-conscious and seek healthier sources of protein, shrimp has emerged as a popular choice due to its high protein content, low fat, and rich nutritional profile, including essential vitamins and minerals. Shrimp is widely consumed in various cuisines across the world, and its versatility in cooking makes it an appealing option for many households and restaurants. As awareness of the health benefits of shrimp continues to grow, the shrimp market share is expanding, with greater consumption observed in both developed and emerging economies.
- Expanding Aquaculture Industry:
The rapid expansion of the aquaculture industry is significantly propelling the shrimp market trends. Shrimp farming has become a critical source of shrimp supply globally, helping meet the increasing demand from domestic and international markets. Countries such as China, India, Vietnam, and Thailand are major players in shrimp farming, leveraging advanced aquaculture technologies and sustainable practices to increase production. The growing aquaculture industry also reduces the pressure on wild shrimp stocks, making farm-raised shrimp a more sustainable alternative. This shift toward aquaculture is driving shrimp availability and enhancing shrimp market size, with a strong supply chain supporting the needs of global consumers and food industries.
- Rising Popularity of Processed and Ready-to-Eat Shrimp Products:
The growing consumer preference for convenience and ready-to-eat food products is another significant factor driving the shrimp market. Processed shrimp products, including frozen shrimp, shrimp-based snacks, and pre-cooked shrimp meals, are becoming increasingly popular, especially among busy urban consumers. The rise of e-commerce platforms and retail chains offering a variety of shrimp products has made it easier for consumers to access high-quality shrimp in ready-to-cook and ready-to-eat formats. This trend toward convenience is expected to continue driving the shrimp market size, as manufacturers introduce innovative and value-added shrimp products to meet changing consumer preferences.
By the IMARC Group, Some of the Top Shrimp Companies Operating in the Global Industry are Given Below:
- Aqua Star Corp.
- Avanti Feeds Ltd.
- Clearwater Seafoods Inc.
- High Liner Foods Inc.
- Mazzetta Company LLC
- Nordic Seafoods A/S
- Surapon Foods
- Thai Union Group
- The Waterbase Ltd.
- Wild Oceans Pvt. Ltd.
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Shrimp Market Report Segmentation:
Breakup by Species:
- Penaeus vannamei
- Penaeus monodon
- Macrobrachium rosenbergii
- Others
Penaeus Vannamei accounts for the majority of shares due to its faster growth rate, disease resistance, and higher yield in aquaculture production.
Breakup by Shrimp Size:
- 21-25
- 26-30
- 31-40
- 41-50
- 51-60
- 61-70
- >70
Based on the shrimp size, the market has been divided into <21, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70, and >70.
Breakup by Distribution Channel:
- Hypermarkets and Supermarkets
- Convenience Stores
- Hotels and Restaurants
- Online Sales
- Others
Based on the distribution channel, the market has been divided into hypermarkets and supermarkets, convenience stores, hotels and restaurants, online sales, and others.
Breakup by Region:
Major Producing Regions:
- China
- India
- Indonesia
- Vietnam
- Thailand
- Ecuador
- Others
Major Consuming Regions:
- United States
- China
- Europe
- Japan
- Indonesia
- Others
China holds the leading position owing to the extensive coastline and well-developed aquaculture industry of the country.
Key highlights of the Report:
- Historical Market Performance
- Future Market Projections
- Impact of COVID-19 on Market Dynamics
- Industry Competitive Analysis (Porter’s Five Forces)
- Market Dynamics and Growth Drivers
- SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)
- Market Ecosystem and Value Creation Framework
- Competitive Positioning and Benchmarking Strategies
Major Advantages of the Report:
This report provides market leaders and new entrants with accurate revenue estimates for the overall global market and its key subsegments.
Stakeholders can leverage this report to gain a deeper understanding of the competitive landscape, enabling them to strategically position their businesses and develop effective go-to-market strategies.
The report provides stakeholders with valuable insights into the market dynamics, offering a comprehensive analysis of key drivers, restraints, challenges, and opportunities.
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