Shrimp Market Report 2024

This Shrimp market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The shrimp market size has grown strongly in recent years. It will grow from $56.46 billion in 2023 to $60.29 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth during the historic period can be attributed to increasing global seafood consumption, rising demand for high-protein diets, improvements in cold chain logistics, a growing middle-class population, and higher disposable incomes.

The shrimp market size is expected to see strong growth in the next few years. It will grow to $78.67 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period is driven by the expansion of organic and antibiotic-free shrimp production, increasing health consciousness, the rising popularity of frozen and processed shrimp, a stronger focus on traceability and transparency, and the emergence of plant-based shrimp alternatives. Key trends in the forecast period include the adoption of recirculating aquaculture systems (RAS), the integration of artificial intelligence (AI) and automation in shrimp farming, advancements in fishing techniques, investment in shrimp research and development, and innovations in aquaculture technologies.

The growing focus on health consciousness is expected to drive the expansion of the shrimp market in the coming years. This increasing health awareness is fueled by the rising incidence of lifestyle-related conditions such as obesity, diabetes, and heart disease, which have heightened the importance of healthy living. Shrimp is an excellent option for health-conscious individuals, offering a low-calorie, high-protein choice rich in essential nutrients such as omega-3 fatty acids and antioxidants, which promote heart health and overall well-being. For example, in May 2022, a survey by the International Food Information Council among 1,005 American adults aged 18-80 and Gen Z adults aged 18-24 revealed that around 52% of participants adhered to a specific diet or eating pattern, up from 39% in 2021. The most popular choices were clean eating (16%), mindful eating (14%), and calorie counting (13%). This growing health awareness is a key factor driving the shrimp market.

Leading companies in the shrimp industry are focusing on the development of advanced technologies, such as real-time artificial intelligence (AI) analytics, to boost production efficiency and monitor shrimp health. Real-time AI analytics refers to technology that uses AI algorithms to process and analyze data instantly, providing real-time insights to enhance decision-making and operational performance. For instance, in March 2022, Umitron, a Singapore-based data company specializing in aquaculture, launched Umitron Eagle, the first real-time AI-based analytics solution specifically designed for shrimp farming. This system uses AI to monitor various biological and environmental conditions in intensive shrimp production, enabling producers to optimize feeding strategies automatically using real-time data.

In September 2022, Gold River Productions Inc., a US-based shrimp manufacturer and processor, acquired Trans American Aquaculture LLC for an undisclosed amount. This acquisition allows Gold River Productions to expand its shrimp production capabilities and genetics expertise, enhancing operational efficiency and genetic control to drive growth in both domestic and international markets. Trans American Aquaculture LLC is a US-based shrimp production company.

Major companies operating in the shrimp market are Charoen Pokphand Foods PCL (CP Foods), Maruha Nichiro Corporation, Clearwater Seafoods LP, Nippon Suisan Kaisha (Nissui), Thai Union Group PCL, Pacific Seafood, High Liner Foods Inc., Royal Greenland A/S, Minh Phu Seafood Corporation, Avanti Feeds Ltd., Nekkanti Sea Foods Limited, Beaver Street Fisheries Inc., Surapon Foods Public Company Limited, Apex Frozen Foods Ltd., Devi Fisheries Ltd., Mazzetta Company LLC, Cooke Aquaculture Inc., Aqua Star, The Waterbase Limited, Grand Ocean Seafoods Co. Ltd., Seattle Shrimp & Seafood, Nordic Seafood A/S, SSF Limited, BMR Groups, Falcon Marine Exports, Ocean More Foods Co. Ltd.

Asia-Pacific was the largest region in the shrimp market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the shrimp market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the shrimp market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Shrimp are small, aquatic crustaceans found in both saltwater and freshwater habitats. They have elongated bodies, long antennae, and a shell-like exoskeleton. Known for their sweet flavor and versatility in cooking, shrimp are popular in global cuisines. They play an important role in marine ecosystems and are also crucial to commercial fisheries and aquaculture.

The primary forms of shrimp include green or head-off, green or head-on, peeled, cooked, breaded, and more. Green or head-off shrimp are sold with their shells intact but without the heads, maintaining their raw, unprocessed state. These shrimp varieties come from several species, such as L. vannamei, Trachipenaeus curvirostris, Pleoticus muelleri, P. monodon, Acetes japonicus, Pandalus borealis, P. chinensis, among others. They are distributed through channels such as hypermarkets, supermarkets, convenience stores, specialty shops, and online platforms, serving applications in food, pharmaceuticals, cosmetics, industry, and biotechnology for both residential and commercial users.

The shrimp market research report is one of a series of new reports that provides shrimp market statistics, including shrimp industry global market size, regional shares, competitors with a shrimp market share, detailed shrimp market segments, market trends and opportunities, and any further data you may need to thrive in the shrimp industry. This shrimp market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The shrimp market consists of sales of frozen shrimp, raw shrimp, marinated shrimp, shrimp skewers, shrimp in sauces, and organic shrimp. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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