Shrimp Market Global Market Size 2024-2035
Market Overview
The global Shrimp Market was valued at USD 80.7 Billion in 2024 and is expected to reach USD 163.85 Billion by 2035, growing at a CAGR of 6.65% from 2025 to 2035. The market comprises wild shrimp gatherers and farmed producers supplying shrimp products to various international markets. Supply-demand dynamics, government regulations, and sustainability practices influence this market. Shrimp is highly favored for its nutritional benefits and versatility in cooking, supporting its growing popularity.
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Key Market Drivers
• Rising Global Demand for Protein-Rich Seafood: Increasing consumer focus on health has driven the demand for protein-rich foods. Shrimp, with its low fat and high protein content, is seen as an excellent dietary option. Its popularity is further boosted by the growing trend of sustainability in aquaculture and responsible sourcing practices.
• Investments in Sustainable Shrimp Farming: The shrimp farming industry is experiencing significant investments in sustainable farming practices. Technological innovations in aquaculture systems, such as improved feed systems and disease management techniques, are increasing production capacities while minimizing environmental impacts. Governments and private entities are backing these initiatives to ensure long-term sustainability.
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Market Challenges
• High Production Costs: Shrimp farmers face challenges from rising feed, labor, and infrastructure costs, affecting profitability. Small and medium-sized farmers, in particular, struggle with higher operational expenses, making it difficult to remain competitive in the global market.
• Impact of Trade Policies: Trade policies, tariffs, and export restrictions significantly influence the shrimp trade. While trade agreements that reduce barriers foster growth, stricter regulations and tariffs in major markets like the U.S. and Europe create challenges for producers, especially in developing countries.
Segment Analysis
By Type
• Frozen Shrimp: Leading the market due to its long shelf life and high demand across various regions. Frozen shrimp is preferred for its ease of storage, transportation, and availability in global markets.
• Fresh Shrimp: Popular in select markets but faces logistical challenges related to storage and transportation.
• Canned Shrimp and Dried Shrimp: These segments cater to niche consumer preferences and have steady, though smaller, demand.
By Species
• Penaeus Vannamei: The dominant species in the shrimp market due to its rapid growth, high survival rate, and adaptability to different farming conditions. This species is extensively farmed in countries like India, Vietnam, and Thailand, contributing to its global market dominance.
Regional Insights
• Asia-Pacific: The Asia-Pacific region holds the largest market share, driven by aquaculture operations in countries like China, India, Vietnam, and Indonesia. The region benefits from favorable climates, government support, and technological advancements in farming.
• North America: The U.S. is a major consumer of shrimp, with rising demand from the food service and retail sectors. The market is also benefiting from innovations in sustainable shrimp farming, which align with consumer preferences for environmentally responsible products.
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Competitive Landscape
The Shrimp Market is highly competitive, with key players such as Thai Union Group, Charoen Pokphand Foods, Maruha Nichiro Corporation, and Nippon Suisan Kaisha (Nissui) leading the market. These companies have extensive aquaculture facilities and distribution networks, ensuring their dominance in global shrimp markets. In India, major players like Devi Seafoods, Nekkanti Sea Foods Limited, and Apex Frozen Foods Ltd. lead the production and export sector.
Recent Developments
In May 2023, Thai Union collaborated with Samut Sakhon City Development for a marine debris cleanup initiative, showcasing its commitment to environmental sustainability and responsible management of marine ecosystems.
