Shrimp Market To Reach $104.59 Billion By 2030 | CAGR: 5.5%

Shrimp Market Growth & Trends

The global shrimp market size was estimated to reach USD 104.59 billion in 2030 and is anticipated to grow at a CAGR of 5.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market presents a range of compelling opportunities for businesses and investors, driven by various factors that align with evolving consumer trends and industry advancements. First, the continually rising global demand for seafood, including shrimp, offers a promising avenue for growth. This heightened demand stems from population growth, increased disposable incomes, and a growing awareness of the health benefits associated with seafood consumption. Shrimp producers can seize this opportunity by scaling up their production to meet the burgeoning market demand.

In addition, there is a notable shift in consumer preferences towards healthier and protein-rich food choices. Shrimp, as a low-calorie, high-protein seafood option, perfectly aligns with these health-conscious trends. To capitalize on this, businesses can invest in the development and marketing of value-added shrimp products that cater to health-conscious consumers, further enhancing their market share.

L. vannamei dominated the market in 2022 with the largest revenue share. The demand for 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.

Based on source, the aquaculture segment held the largest revenue share in 2022. Shrimp from aquaculture, often referred to as farmed shrimp or cultured shrimp, has become increasingly popular in recent years owing to several reasons. Shrimp farming allows for a more consistent and reliable supply of shrimp throughout the year. As the global demand for shrimp has grown, shrimp farming has helped alleviate some of the pressure on wild shrimp populations. Overfishing of wild shrimps can deplete natural stocks and harm marine ecosystems, therefore aquaculture can be a more sustainable alternative.

Based on form, the Green/ Head-on segment dominated the market in 2022 with the largest revenue share. 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 B2B distribution channel segment held the largest market share in 2022. B2B distribution channels allow shrimp producers to reach a broader market. Distributors often have established networks and relationships with various retailers, restaurants, and food service providers, thus making shrimp products available to a larger audience globally. Restaurants and seafood markets often offer seafood platters featuring a variety of seafood, including boiled or steamed shrimp, crab legs, clams, and mussels. This broadens the market reach of shrimp producers, leading to lucrative growth opportunities. The B2B segment also offers a wide variety of shrimp products, including different species, sizes, and value-added options like peeled, cooked, or breaded shrimp, thus catering to diverse consumer preferences and culinary trends during the forecast period.

Asia Pacific held the largest share of the market in 2022. The Asia Pacific region is home to a significant portion of the world's population, providing a substantial consumer base for shrimp products. Shrimp is an integral part of the culinary traditions in many Asian countries. It is featured in a wide range of traditional dishes and is often associated with festive and celebratory occasions. Several Asian countries, such as India, Thailand, Indonesia, and Vietnam, are major shrimp producers. They export shrimp products to international markets, contributing to economic growth and increasing the availability of shrimp domestically.

Various steps are adopted by the major companies in the market including new product launches, partnerships, mergers & acquisitions, global expansion, and others to gain more share of the market.

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Shrimp Market Report Highlights

• Based on region, the Middle East & Africa region is anticipated to grow at the fastest CAGR of 6.3% over the forecast period from 2023 to 2030. Consumers in the MEA region seek healthier protein sources, and shrimp is considered a nutritious and low-fat option. With increasing awareness of the health benefits of seafood, more people are incorporating shrimp into their diets, which is expected to boost the market in the MEA

• Based on species, the P. chinensis segment is estimated to grow at the fastest CAGR of 7.2% over the forecast period. The global demand for seafood, including shrimp, continues to rise, and Chinese White Shrimp or P. chinensis plays a crucial role in meeting this demand in international markets

• In terms of source, the aquaculture segment is estimated to exhibit the fastest CAGR of 6.2% over the forecast period. Shrimp from aquaculture, often referred to as farmed shrimp or cultured shrimp, has become increasingly popular in recent years owing to several reasons

• In terms of form, the breaded segment is estimated to register the fastest CAGR of 6.6% from 2023 to 2030. The food service industry, including restaurants, fast-food chains, and catering services, often incorporate breaded shrimp into their menus

• Based on distribution channel, the B2C distribution channel is anticipated to grow at the fastest CAGR of 5.9% over the forecast period. The increasing use of online channels due to their various advantages, such as time-saving nature and discounts offered, in the B2C segment further fuels the segment growth

Shrimp Market Segmentation

Grand View Research has segmented the global shrimp market based on species, source, form, distribution channel, and region:

Shrimp 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

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

• Wild

• Aquaculture

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

• Green/ Head-off

• Green/ Head-on

• Peeled

• Cooked

• Breaded

• Others

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

• B2B

• B2C

Shrimp 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

List of Key Players in the Shrimp Market

• 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