Global Shrimp Market Size & Outlook, 2022-2030
Global shrimp market, 2017-2030 (US$M)
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Global shrimp market highlights
- The global shrimp market generated a revenue of USD 68,397.7 million in 2022 and is expected to reach USD 104,587.7 million by 2030.
- The market is expected to grow at a CAGR (2023 - 2030) of 5.5% by 2030.
- In terms of segment, l. vannamei accounted for a revenue of USD 30,964.4 million in 2022.
- P. chinensis is the most lucrative species segment registering the fastest growth during the forecast period.
- In terms of region, Asia Pacific was the largest revenue generating market in 2022.
- Country-wise, Brazil is expected to register the highest CAGR from 2023 to 2030.
Global data book summary
| Market revenue in 2022 | USD 68,397.7 million |
| Market revenue in 2030 | USD 104,587.7 million |
| Growth rate | 5.5% (CAGR from 2022 to 2030) |
| Largest segment | L. vannamei |
| Fastest growing segment | P. chinensis |
| Historical data covered | 2017 - 2021 |
| Base year for estimation | 2022 |
| Forecast period covered | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | L. vannamei, Trachipenaeus curvirostris, Pleoticus muelleri, P. monodon, Acetes japonicus, Pandalus borealis, P. chinensis |
Other key industry trends
- In terms of revenue, the North America accounted for 23.5% of the global shrimp market in 2022.
- By country, the South Africa is projected to lead the global market in terms of revenue in 2030.
- By country, Brazil is the fastest growing regional market and is projected to reach USD 1,920.1 million by 2030.
L. vannamei was the largest segment with a revenue share of 45.27% in 2022. Horizon Databook has segmented the Global shrimp market based on l. vannamei, trachipenaeus curvirostris, pleoticus muelleri, p. monodon, acetes japonicus, pandalus borealis, p. chinensis covering the revenue growth of each sub-segment from 2017 to 2030.
Seafood has become popular over the years, and the recent surge of the coronavirus helped increase its demand. An article by the Global Sea Food Alliance suggests that the retail demand for shrimp will continue to rise. The most important factor that propelled the demand for shrimp was the boom in home cooking during the pandemic. Many seafood lovers attempted to recreate their favorite seafood restaurant dish at home.
Consumers are also eating more seafood due to its popularity in Asian cuisines of South Korea and India especially. The soft power of the Korean pop industry has been shaping the preferences of consumers globally into trying South Korean dishes, which extensively use shrimps. The globalization of Asia cuisine will further propel the demand for shrimp in the forecast period.
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Shrimp Market Scope
Shrimp Market Companies
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Global shrimp market size, by regions, 2017-2030 (US$M)
Top 10 countries: Shrimp market size, 2022 (US$M)
Global shrimp market share, by species, 2022 & 2030 (%, US$M)
Shrimp market: Opportunity assessment by country
Global shrimp market, by region, 2022 (US$M)
| Species | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 12,827.5 | 13,398.5 | 14,001.6 | 14,637.3 | 15,318.2 | 16,058.1 | 16,872.2 | 17,777.1 | 18,778.3 | 19,877.8 | 21,074.2 | 22,361.1 | 23,729.1 | 25,174.8 | 5.8% |
| Europe | 8,500.8 | 8,835.0 | 9,186.8 | 9,556.1 | 9,950.9 | 10,379.7 | 10,851.8 | 11,377.1 | 11,958.3 | 12,596.0 | 13,288.3 | 14,030.4 | 14,815.7 | 15,641.4 | 5.3% |
| Asia Pacific | 28,487.2 | 29,716.2 | 31,011.5 | 32,374.6 | 33,832.8 | 35,416.7 | 37,158.5 | 39,094.3 | 41,235.0 | 43,584.5 | 46,138.3 | 48,881.7 | 51,793.1 | 54,862.1 | 5.6% |
| Latin America | 4,636.8 | 4,737.9 | 4,842.5 | 4,950.1 | 5,064.3 | 5,188.8 | 5,327.1 | 5,482.9 | 5,656.1 | 5,845.5 | 6,048.8 | 6,262.5 | 6,482.3 | 6,706.0 | 3.3% |
| MEA | 1,058.2 | 1,110.2 | 1,165.2 | 1,223.5 | 1,286.2 | 1,354.4 | 1,429.5 | 1,513.1 | 1,605.7 | 1,707.6 | 1,818.8 | 1,938.9 | 2,067.2 | 2,203.6 | 6.3% |
| Overall | 55,510.4 | 57,797.7 | 60,207.6 | 62,741.7 | 65,452.3 | 68,397.7 | 71,639.1 | 75,244.5 | 79,233.4 | 83,611.4 | 88,368.4 | 93,474.6 | 98,887.4 | 104,587.7 | 5.5% |
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