Shrimp Market Size, Share & Trends Analysis Report By Species (L. Vannamei, P. Chinensis), By Source (Wild, Aquaculture), By Form, By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Shrimp Market Size & Trends

The global shrimp market size was estimated at USD 68.40 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2030. Shrimp is considered a low-fat, high-protein alternative to other meats, which makes it a popular choice. The global demand for seafood, including shrimp, is rising due to changing dietary preferences and increasing health consciousness among consumers. In addition, consumer awareness about the health benefits of consuming seafood, particularly shrimp, has increased. Shrimp is a source of essential nutrients like omega-3 fatty acids and is perceived as a healthier protein option, thus contributing to the market growth.

The global seafood market is a dynamic and diverse sector encompassing a wide variety of aquatic products from both wild capture fisheries and aquaculture. The seafood market offers a vast array of products, including fish, shrimp, prawns, crabs, lobster, mollusks (such as clams, mussels, and oysters), and other aquatic species. These products can be consumed fresh, frozen, canned, or processed into various value-added forms. Seafood consumption varies widely across regions, with countries bordering oceans generally consuming more seafood than landlocked nations. Asia is the largest consumer of seafood globally, driven by its large population and cultural preferences for seafood. According to the study “The State of World Fisheries and Aquaculture 2022”, published by the Food and Agriculture Organization (FAO), there has been a consistent annual growth rate of 3% in global consumption of aquatic foods (excluding algae) since 1961.

Manufacturers seek and obtain certifications such as Fair Trade to demonstrate their commitment to sustainability. For instance, in December 2022, Chicken of the Sea, in partnership with Thai Union Frozen and Avanti Frozen Foods, became the largest importer of fair trade-certified farmed shrimp in the U.S. This initiative includes shrimp production in India and Thailand, marking the first Fair Trade seafood certification in India and the simultaneous certification of two suppliers from different regions. The collaboration aligns with Thai Union's sustainability platform, SeaChange, and addresses the growing demand for sustainable seafood among consumers and food industry professionals. It promotes transparency, fair practices, and environmental protection in the seafood supply chain, setting an example for the industry.

The demand for Litopenaeus vannamei (L. vannamei) in the market is being driven by its rapid growth and its rising usage in the global shrimp trade. The species is recognized for its significant growth rate and productivity. Compared to many other shrimp species, it exhibits rapid growth, reaching marketable size in a relatively short period. This characteristic is of high importance in the shrimp industry as it allows farmers to produce more shrimp in a shorter timeframe. This increased production capacity directly addresses the rising global demand for shrimp.

Consumer demand for seafood, including shrimp, is rising due to its versatility, taste, and health benefits. The availability of convenient and ready-to-cook shrimp products, such as pre-peeled and deveined shrimp, has made it easier for consumers to incorporate shrimp into their meals. Shrimp manufacturers are continually launching products with several innovations, thus boosting shrimp sales in the country. For instance, SeaPak launched its new frozen shrimp offering, Southern Style Jumbo Shrimp, across the entire U.S. in February 2022. The addition of new and distinct shrimp products diversifies the shrimp offerings available to consumers, attracting those looking for unique and flavorful options.

Manufacturers are expanding their online presence, offering e-commerce options for consumers to purchase shrimp conveniently. Atarraya, a startup, introduced an online retail platform to market its shrimp, locally sourced from Shrimpboxes in Indianapolis, in June 2023.

Species Insights

Based on species, the L. vannamei speciessegment held the largest market share of 45.3% in 2022 and the segment was estimated at USD 30.9 billion. The abundance of L. vannamei in the market is leading to a diverse range of shrimp products, including various cuts, preparations, and value-added options. This diversification caters to a broad spectrum of consumer preferences and culinary traditions, further boosting demand. For instance, according to the FAO, 80% of the cultured shrimp produced are of L. vannamei species. Approximately 4.4 million tons of shrimp of L. vannamei were produced.

P. chinensis species segment is anticipated to grow at the fastest CAGR of 7.9% over the forecast period due to its increasing preference for its taste and texture.China is a major exporter of seafood products, and Chinese White Shrimp or P. Chinensis is a significant contributor to the country's seafood exports. The global demand for seafood, including shrimp, continues to rise, and Chinese White Shrimp plays a crucial role in meeting this demand in international markets.

For instance, in June 2023, China-based Guolian Aquatic Products received USD 560 Million as financial support from Saudi Arabia’s Public Investment Fund (PIF) to promote seafood trade. The partnership will help Guolian Aquatic Products to expand its presence in the seafood industry and benefit the Chinese White Shrimp industry, as it enhances the reputation of Chinese shrimp products globally.

Source Insights

In terms of source, the sales of shrimp through aquaculture production were estimated at USD 40.12 billion in 2022 and are anticipated to reach USD 65.04 billion by 2030, growing at the fastest CAGR of 6.2% over the forecast period. Aquaculture has enabled a substantial increase in shrimp production over the years. Farmers can control factors such as water quality, temperature, and feed, resulting in higher yields than traditional fishing methods.Shrimp farming provides a controlled environment where factors like water quality, temperature, and feed can be optimized to promote faster growth and reduce disease outbreaks. This control can lead to more efficient and predictable production. Farmers can closely monitor the health and conditions of farmed shrimp, resulting in a product that is often considered to be of consistent quality. This quality control extends to factors like size, taste, and texture.

As per the Food and Agriculture Organization (FAO) of the United Nations article published in May 2022, approximately half of the seafood consumed globally is sourced from aquaculture. Aquaculture accounts for 55% of the world's shrimp production, with a significant portion originating from Asian nations such as China, India, Thailand, Vietnam, and Indonesia.

The wild shrimp segment is projected to grow at a CAGR of 4.3% over the forecast period, driven by consumers who prefer wild-caught seafood due to its perceived superior taste and natural habitat.Consumer preferences for wild-caught or sustainably sourced shrimps can also influence production trends. Many consumers are now looking for eco-certifications like MSC (Marine Stewardship Council) or ASC (Aquaculture Stewardship Council) labels, which promote sustainable fishing and farming practices.

Form Insights

Based on form, the green/head-on shrimp segment was estimated at USD 17.19 billion in 2022 and is anticipated to reach USD 25.57 billion by 2030, growing at a CAGR of 5.1% over the forecast period. Green/head-on shrimp are often perceived as fresher because they are sold with the heads and shells intact. This can enhance the shrimp's flavor and maintain its natural juices, making them a popular choice for consumers who prioritize taste.Head-on shrimps are commonly used in various culinary dishes, especially in Asian and Mediterranean cuisines. They are often prepared by grilling, sautéing, frying, or boiling and can be used in a wide range of recipes, including stir-fries, shrimp scampi, paella, and shrimp cocktails.

The breaded shrimp segment is projected to grow at the fastest CAGR of 6.6% over the forecast period, driven by factors such as versatility and convenience. Breaded shrimp involves coating shrimp in breadcrumbs or batter before cooking and is expected to witness significant growth over the forecast period as it offers consumers a convenient and ready-to-cook option. Breaded shrimp provides a different texture and flavor compared to plain, cooked shrimp. The crispy and flavorful coating can be appealing to consumers seeking variety in their seafood dishes, thus driving the market growth.

Breaded shrimp is commonly found in the frozen food section of grocery stores and supermarkets, making it easily accessible to consumers, therefore propelling product demand over the forecast period.

Distribution Channel Insights

In terms of distribution channel, the sales through the B2B distribution channel segment was estimated at USD 38.58 billion in 2022 and is anticipated to reach USD 57.78 billion by 2030, growing at a CAGR of 5.1% over the forecast period. B2B channels often cater to commercial buyers, such as restaurants, hotels, catering services, and institutional food providers. These businesses require a consistent supply of shrimp to meet the increased consumer demand.

Sales through the B2C channel is projected to grow at a CAGR of 5.9% over the forecast period owing to growing e-commerce channels and direct-to-consumer models.Several business operations serving the B2C segment focus on direct wholesale purchases, to keep the procurement cost of shrimps down to a minimum. These products are directly offered to consumers, thus increasing their adoption. Moreover, the increasing use of online channels due to their various advantages, such as the discounts offered and time-saving nature, in the B2C segment further fuels the segment growth.

Regional Insights

Based on region, the Asia Pacific market dominated the industry with a share of 51.8% in 2022 and is anticipated to reach USD 54.86 billion by 2030, growing at a CAGR of 5.6% over the forecast period. Shrimp is a culturally significant seafood in many countries across Asia Pacific. It is often a staple in traditional cuisines and is commonly consumed in various forms. Moreover, many Asian cultures prefer fresh and live seafood, and consumers often prefer buying shrimp from local markets and seafood vendors.Asia Pacific countries have made significant advancements in shrimp aquaculture technology and practices. This has led to increased production, improved quality, and cost-effective shrimp farming. In April 2023, Kemin AquaScience, headquartered in the U.S. introduced Pathorol to enhance farmed shrimp health across multiple Asian nations. Pathorol, a shrimp dietary supplement is designed to enhance the health of the hepatopancreas, a vital organ in the digestive tract of crustaceans. The product is now available in India, Thailand, Vietnam, Indonesia, and Singapore. Healthier shrimp are likely to result in higher-quality shrimp products, which can command better prices in the market, boosting sales. Consumers often prefer healthy shrimp with better texture and taste.

The Middle East & Africa market is estimated to grow at the fastest CAGR of 6.3% during the forecast period due to the increasing popularity of seafood, including shrimp.Some of the major key players in the MEA shrimp industry are Charoen Pokphand Foods PCL, Prime Aquaculture PTE LTD, Thai Union Group PCL, and Atlantis Foods. These companies are expanding their production capacities and investing in research and development to meet the growing demand for shrimps in the region. For instance, in February 2022, Prime Aquaculture partnered with Jebel Ali Free Zone (Jafza) to build the region's first marine shrimp RAS farm. The farm is expected to be completed by 2023 with a yearly production capacity of 1,000 metric tons of shrimp.

Key Companies & Market Share Insights

Key players operating in the market are adopting various steps to increase their presence in the market. These steps include strategies such as new product launches partnerships, mergers & acquisitions, global expansion, and others. Some of the initiatives include:

• In January 2022, Thai Union Group PCL announced a joint venture with R&B Food Supply and Srinivasa Cystine Private Limited to launch a new company focused on providing high-quality food ingredients to the Indian market. This partnership is aimed at harnessing the respective strengths of R&B Food Supply, Thailand's food ingredients company, and Srinivasa Cystine, an affiliated entity of Avanti Group, a player in the field of aquaculture and marine food processing in India.

• In December 2022, Avanti Feeds commenced commercial production at its new manufacturing facility in Andhra Pradesh, India. The company invested USD 0.015 billion (INR 125 crore) to expand its production capacity. The new facility has a capacity of 1.75 lakh MT. With this expansion, the company's total shrimp feed production capacity increased to 7.75 lakh MT.

Some prominent players in the global shrimp market include:

• Thai Union Group PCL

• Clearwater Seafoods

• Avanti Feeds Limited

• High Liner Foods

• Surapon Foods Public Company Limited

• Mazzetta Company, LLC

• Aqua Star

• Nordic Seafood A/S

• The Waterbase Limited

• Wild Ocean Direct

Shrimp Market Report Scope

Global Shrimp Market Report Segmentation

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segment from 2017 to 2030. For this study, Grand View Research has segmented the global shrimp market report based on species, source, form, distribution channel, and region:

• Species Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2030)

  • L. Vannamei

  • Trachipenaeus Curvirostris

  • Pleoticus Muelleri

  • P. Monodon

  • Acetes Japonicus

  • Pandalus Borealis

  • P. Chinensis

  • Others

• Source Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2030)

  • Wild

  • Aquaculture

• Form Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2030)

  • Green/ Head-off

  • Green/ Head-on

  • Peeled

  • Cooked

  • Breaded

  • Others

• Distribution Channel Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2030)

  • B2B

  • B2C

• Regional Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Lithuania

  • Asia Pacific

    • China

    • Japan

    • India

    • Thailand

    • Vietnam

    • South Korea

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa