Shrimp Market Analysis

Global Shrimp Market Overview

Shrimp Market Size was valued at USD 38.9 billion in 2023. The shrimp industry is projected to grow from USD 42.7 billion in 2024 to USD 90.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.80% during the forecast period (2024 - 2032). Over the past few years, innovations in the seafood industry have been steadily increasing. Technology advancements and the entry of new market participants in the commercial seafood farming sector will function as market drivers to accelerate the industry's growth.

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

Shrimp Market Trends

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  The introduction of sustainable fishing methods will accelerate market growth

  
  

A growing trend in market expansion is the use of sustainable fishing methods. As more people become aware of the health advantages of eating shrimp, the global demand for shrimp is rising. Shrimp farming has expanded due to the rising demand for shrimp among consumers. Retailers of seafood on the international market are searching for alternatives to aquaculture to increase the shrimp fishery's sustainability.  Among these initiatives are waste reduction and raising the catch for human consumption.  Leading merchants have launched privately branded fish bycatch lines as part of their commitment to sustainability in important nations like Norway and the UK. These initiatives are anticipated to boost interest in underutilized fish species and reduce pressure on fish with federal fishing quotas, like shrimps and mackerel. As part of their ongoing commitment to sustainable shrimp fisheries, organizations like the International Seafood Sustainability Foundation work to reduce bycatch, promote the health of tuna ecosystems, and advocate for the long-term preservation and sustainable use of shrimp stocks all over the world. These elements will stimulate market CAGR during the anticipated time frame.

The market is expanding significantly due to the increase in shrimp-based product launches. Because of the health advantages of shrimps, demand for items made from them is rising quickly. Vendors are launching new culinary products in response to the rising demand. Successful product launches will aid in boosting vendors' revenue flow and market share. For instance, NETUNO USA, a provider of high-quality seafood goods, introduced the saute-n-serve brand of gourmet shrimp meals for the retail market in June 2020. Similar to this, Bristol Fish's My Fish Dish brand debuted a new line of grab-and-go fish options in February 2020. One of the options was cold-water shrimps collected by wild fishermen. Therefore, during the projected period, such factors are anticipated to boost demand and fuel the global market's expansion. Thus, driving the shrimp market revenue.

Shrimp Market Segment Insights

Shrimp Type Insights

The Shrimp Market segmentation, based on type includes pink, white, brown and other. The white segment dominated the market due to its widespread favoritism and acceptability in every location. Additionally, it is a fantastic source of alternative proteins due to its high protein and vitamin content. Other nutritional advantages of white shrimp include calcium, magnesium, and phosphorus. They are also recognized for aiding in the prevention of cancer.

Shrimp Form Insights

The Shrimp Market segmentation, based on form, includes frozen and canned. The frozen category generated the most income. The main purpose of the freezing procedure is to keep fish from spoiling and increase their shelf life. Seafood must increasingly be frozen since trading has been simpler recently, and import-export procedures have become more practical.

Figure 1: Shrimp Market, by Form, 2022 & 2032 (USD billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Shrimp End-User Insights

The Shrimp Market segmentation, based on end-user, includes residential and commercial. The commercial category generated the most income. The various countries' per capita incomes are rising steadily. It is evolving into more frequent lunch and dinner trips, more expensive hotel stays, and a la carte meals. This element is anticipated to have a positive global impact on the sector's expansion.

Shrimp Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American shrimp market area will dominate this market because of the increased demand for large decapod crustaceans and brown shrimps in this area. There is a greater need for importing different regional shrimps due to the rising popularity of brown types and other sorts of new decapod crustaceans in the area. Demand for decapod crustacean products has increased due to the rising use of seafood as an additional source of protein and the adoption of a flexitarian lifestyle.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: SHRIMP MARKET SHARE BY REGION 2024 (%)

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

Europe Shrimp Market is expected to grow at the fastest CAGR from 2023 to 2032. People of all ages enjoy eating shrimp, a common seafood dish in Europe. The industry is expanding due to the health advantages of eating shrimp. Additionally, the taste for shrimps among European customers is fostering industry expansion. Further, the German shrimp market held the largest market share, and the UK market of shrimp was the fastest growing market in the European region.

Asia Pacific shrimp market accounts for the second-largest market share. Over the last few years, demand for shrimps has increased due to a growing use of shrimps in traditional dishes in China, India, Australia, Japan, and Vietnam. The region's APAC market is also expanding due to the rising demand for shrimp from the food service industry. Moreover, China’s shrimp market held the largest market share, and the Indian shrimp industry was the fastest growing market in the Asia-Pacific region.

Recent News

Research on shrimp bycatch has primarily focused on assessing quantities, species composition, and the effects on both the bycatch species and the ecosystem. Notably, Australia stands out for its advanced studies on shrimp bycatch.

Shrimp Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the shrimp market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The shrimp industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global shrimp industry to benefit clients and increase the market sector. In recent years, the shrimp industry has offered some of the most significant advantages to medicine. Major players in the shrimp market are attempting to increase market demand by investing in research and development operations are Aqua Star Corp. (Seattle, US), Avanti Feeds Ltd. (Hyderabad, India), Clearwater Seafoods Inc. (Bedford, Canada), High Liner Foods Inc. (Lunenburg, Canada), Marine Harvest (Bergen, Norway), Maruha Nichiro Corporation (Tokyo, Japan), Nippon Suisan Kaisha (Tokyo, Japan), Nordic Seafoods A/S (Hirtshals, Denmark), Surapon Foods (Muang, Thailand) and Thai Union Group (Bangkok, Thailand).

Thai Union Group PCL (TUG), formerly known as Thai Union Frozen Products Public Company Ltd, is a processor, manufacturer, distributor, and exporter of frozen and canned seafood and other related goods. It provides baked goods, ready-to-eat foods, shrimps, tuna, salmon, cephalopods, mackerel, sardines and pet food. TUG sells its goods under the brand names Chicken of the Sea, John West, Mareblu, Petit Navire, Hyacinthe Parmentier, Sealect, Fisho, and Bellotta. In August 2022, the ISH Food Company and Thai Union Group PCL and its subsidiary Sea Frozen Foods announced their cooperation and the launch of their plant-based shrimp product Shrimpish.

One of the biggest retail frozen seafood brands in North America, Aqua Star is a national leader in the production of frozen specialty seafood items. Aqua Star is a privately held seafood business with its headquarters in Seattle. We have been harvesting and sourcing exceptional seafood from fishermen and farms we know and trust since 1990. Its staff members are product development, marketing, sales, and sourcing experts. To find and process the best goods and guarantee the quality and transparency of all of its seafood, it operates in 17 different countries across the world. In June 2022, Grill Shrimp Seafood, a new seafood category from Aqua Star Corp., was introduced.

Key Companies in the shrimp market include

• Aqua Star Corp. (Seattle, US)


• Avanti Feeds Ltd. (Hyderabad, India)


• Clearwater Seafoods Inc. (Bedford, Canada)


• High Liner Foods Inc. (Lunenburg, Canada)


• Marine Harvest (Bergen, Norway)


• Maruha Nichiro Corporation (Tokyo, Japan)


• Nippon Suisan Kaisha (Tokyo, Japan)


• Nordic Seafoods A/S (Hirtshals, Denmark)


• Surapon Foods (Muang, Thailand)


• Thai Union Group (Bangkok, Thailand)

Shrimp Industry Developments

April 2020: Mi'kmaq and Clearwater Seafoods Inc. worked to bring regularity to the arctic surf clam fishery.

March 2020: Klaas Puul, a European shrimp processor, was purchased by Liverpool-based Sykes Seafood. These two seafood companies should work together to give customers access to a variety of frozen goods for both foodservice and retail. One of the biggest processors in Europe, Klaas Puul has operations in Morocco, the Netherlands, Germany, Belgium, and Denmark.

Shrimp Market Segmentation

Shrimp Type Outlook (USD Billion, 2018-2032)

• Pink


• White


• Brown


• Other

Shrimp Form Outlook (USD Billion, 2018-2032)

• Frozen


• Canned

Shrimp End-User Outlook (USD Billion, 2018-2032)

• Residential


• Commercial

Shrimp Regional Outlook (USD Billion, 2018-2032)

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  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America