Shrimp Market By Species (L. vannamei, P. chinensis, Acetes japonicas, others), By Source (Wild, and Aquaculture), By Form (Green/Head-on, Green/Head-off, Breaded, and others), By Distribution Channel (Online, Specialty Stores, Convenience Stores, Hypermarkets & Supermarkets, and others), and By Region - Trends, Analysis and Forecast till 2034

Shrimp Market was valued at USD 63.6 Billion in 2024 and is projected to grow at a CAGR of 15.10% to reach USD 228.7 Billion by 2034.

Shrimp are small, marine crustaceans that belongs to the order Decapoda and the infraorder caridea. They are widely distributed around the world and can be found in both saltwater and freshwater environments. Shrimp are an important part of the food chain and play a significant role in marine ecosystems. These fascinating creatures have a distinctive appearance with a long, segmented body and multiple pairs of legs. They are typically transparent or light-colored, allowing them to blend in with their surroundings.  

The shrimp market has benefited significantly from shrimp aquaculture, or shrimp farming. Shrimp can be produced in a controlled and effective manner using aquaculture, ensuring a consistent supply. The prawn supply is anticipated to grow as aquaculture techniques continue to evolve, including the adoption of better technologies and sustainable farming practices, to satisfy the rising demand. Shrimp consumption has been steadily increasing worldwide due to factors such as population growth, rising disposable incomes, changing dietary preferences, and the growing popularity of seafood as a healthy protein source. As more people adopt shrimp as a part of their regular diet, the demand for Shrimp Market is expected to rise.

Increasing consumer demand

Improved transportation and logistics have made shrimp more accessible to consumers worldwide. As international trade expands, consumers in different regions gain access to a wider variety of seafood products, including shrimp. Increased exposure to different cuisines and dining experiences drives the demand for shrimp in new markets. The rising global population, changing dietary preferences, and growing awareness of the nutritional benefits of seafood have contributed to an increase in consumer demand for shrimp. Shrimp is known for its high protein content, low fat, and various health benefits, which have made it popular among health-conscious consumers.

• For instance, in March 2023, Quebec, Canada-based XpertSea launched a new data-driven solution intended to make sourcing sustainable shrimp easier for international buyers. The new software, according to XpertSea, will enable buyers to precisely verify product, adhere to changing regulatory and consumer demands, mitigate supply-chain risk, secure order fulfilment, better plan inventory, and "gain a trusted partner" as a result of the program's increased supply-chain transparency. 

Restrains:

Shrimp farming is vulnerable to various diseases, such as viral, bacterial, and parasitic infections. Disease outbreaks can lead to significant economic losses and disrupt the shrimp supply chain. Efforts to control and manage diseases through improved biosecurity measures and disease-resistant shrimp strains are ongoing, but outbreaks remain a challenge.

Shrimp farming, especially intensive or poorly managed operations, can have negative environmental impacts. Issues such as habitat destruction, pollution from effluents and chemicals, and the depletion of wild fish stocks for feed can damage ecosystems and lead to environmental concerns. Sustainable practices and improved farming techniques are necessary to minimize these impacts.

Shrimp Market is segmented based on Species, Source, Form, Distribution Channel and Region.

Species Insight

On the basis of Species, Shrimp Market is segmented into L. vannamei, P. chinensis, Acetes japonicas, and others. L. vannamei is expected to dominate the target market growth as shrimp farming, including L. vannamei production, is prominent in countries such as China, Thailand, Vietnam, Indonesia, Ecuador, and India. These countries are major exporters of shrimp and play a crucial role in the global shrimp market.

Source Insights

On the basis of Source, Shrimp Market is segmented into Wild, and Aquaculture.  Aquaculture are expected to dominate the target market growth Shrimp aquaculture involves the farming of shrimp in controlled environments such as ponds, tanks, or raceways, allowing for efficient production and consistent supply.

Form Insights

On the basis of Form, Shrimp Market is segmented into Green/Head-on, Green/Head-off, Breaded, and others. Green/ Head-on shrimp is expected to dominate target market growth as it is harvested and sold with the head still attached to the body. This is in contrast to peeled and deveined shrimp, where the head, shell, and vein are removed before sale.

Distribution Channel Insights

On the basis of Distribution Channel, Shrimp Market is segmented into Online, Specialty Stores, Convenience Stores, Hypermarkets & Supermarkets, and others. Hypermarkets & Supermarkets are expected to dominate target market growth as supermarkets typically offer a wide variety of products, including seafood, and have dedicated sections for fresh and frozen seafood, including shrimp. They cater to a broad customer base and are known for their convenience and extensive product range.

Regional Insights:

On the basis of region the Shrimp Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is estimated to witness a significantly high revenue share over the forecast period, Asia Pacific is a major region that leads in the production, import, and, export of shrimp across the globe.

According to the FAO, China and Japan were the top importers of shrimp in the Asia Pacific. According to the same report, the demand for seafood such as shrimp increased among consumers. The increased imports of shrimp in the region further contribute to the market growth.

• For instance, in 2021, Japan witnessed a 4.4% of increase in shrimp import accounting for approximately 219,334 tons.

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2022 to 2032. For the purpose of this study, has segmented the Shrimp Market report based on Species, Source, Form, Distribution Channel and Region:

Shrimp Market, By Species:

• L. vannamei
• P. chinensis
• Acetes japonicas
• Others

Shrimp Market, By Source:

• Green/Head-on
• Green/Head-off
• Breaded
• Others

Shrimp Market, By Form:

• Green/Head-on
• Green/Head-off
• Breaded
• Others

Shrimp Market, By Distribution Channel:

• Online
• Specialty Stores
• Convenience Stores
• Hypermarkets & Supermarkets
• Others

Shrimp Market, By Region:

• North America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • U.S.
  • Canada

The key players operating the Shrimp Market includes, Cooke Aquaculture Inc., Maruha Nichiro Corp., Mazzetta Co. LLC, Rich Products Corp., Thai Union Group PCL, Surapon Foods Public Company Limited, Nippon Suisan Kaisha, Ltd., Charoen Pokphand Food PCL,Trident Seafood’s Corporation and Clearwater Seafoods.

• In April 2022, India recently risen to prominence as the world's top producer of prawns. In India, 8,05,000 tons of prawns were produced. Because of its abundant water and land resources, Andhra Pradesh has acted as the focal point of freshwater prawn farming in India. To ensure that the shrimps are healthy, sterilization is important. Sterilization is essential before stocking starts. This includes the farm itself, equipment and cultural water. It will ensure there are no pathogens and minimize the chance of getting sick.
• In February 2022, D'ART launches 'Shrimp World' in Andhra Pradesh, India. Shrimp World created a comprehensive, experience image of India, the world's largest producer of shrimp, from the countryside to the horizons of the world. With the help of this research, retail possibilities are finally connected to the gaps and difficulties in prawn farming
• In August 2022, the forthcoming 30-tonne prawn processing facility under the Pradhan Mantri Matsya Sampada Yojana would allow Punjab fish farmers to process and store prawns, according to pisciculturist Palwinder Pal Singh Dhillon, who has been raising saltwater fish in Jandwala village. The first shrimp processing and storage facility in north India will be established by a pisciculturist in Muktsar, which will aid Punjab's aim to expand shrimp growing in low-income salty areas.

• Cooke Aquaculture Inc.
• Maruha Nichiro Corp.
• Mazzetta Co. LLC
• Rich Products Corp.
• Thai Union Group PCL
• Surapon Foods Public Company Limited
• Nippon Suisan Kaisha, Ltd.
• Charoen Pokphand Food PCL
• Trident Seafood’s Corporation
• Clearwater Seafoods.