Market Overview

The global shrimp market was valued at USD 71.87 billion in 2024 and is projected to reach USD 105.35 billion by 2033, growing at a CAGR of 3.90% during 2025-2033. China leads the market with a 32.7% share, driven by rising seafood consumption, health awareness, and expanded aquaculture operations. Factors such as increasing demand for convenient protein-rich seafood and innovations in shrimp processing are fostering growth. Shrimp Market Size, Share, Trends and Forecast by Environment, Species, Shrimp Size, Distribution Channel, and Region, 2025-2033.

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Shrimp Market Key Takeaways

• Current Market Size: USD 71.87 Billion (2024)
• CAGR: 3.90% (2025-2033)
• Forecast Period: 2025-2033
• China holds a dominant position with over 32.7% market share in 2024.
• Farmed shrimp accounts for 61.5% of the market, favored for size consistency and availability.
• Penaeus Vannamei species leads with a 72.1% share due to high yield and disease resistance.
• The 41-50 shrimp size category dominates with 21.8% share, preferred for versatility and affordability.
• Hotels and restaurants command 32.3% market share showing premium shrimp demand.

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Market Growth Factors

The rising consumer demand for shrimp is driving the global shrimp market. Increasing dietary preferences toward convenient, protein-rich seafood supported by urbanization and rising incomes have escalated shrimp consumption, especially in developing regions. For instance, shrimp prices ranged from USD 33/kg to USD 67/kg in Europe during the first half of 2023. Launches of new differentiated shrimp products such as SeaPak’s Southern Style Jumbo Shrimp and Beaver Street Fisheries’ Steamer Pot reflect this diversification trend.

Thriving aquaculture practices are significant growth contributors. Advancements in farming and processing technologies have improved yields, sustainability, and product quality. Controlled environments, selective breeding, and eco-friendly methods enhance production efficiency. For example, innovations like recirculating aquaculture systems in Abu Dhabi and health supplements by Orffa highlight technology integration supporting global shrimp supply.

Increasing health awareness fuels market expansion as shrimp is recognized for its rich nutritional profile—low-calorie, high-protein, rich in omega-3 fatty acids, vitamins, and minerals. Consumers seek shrimp as a healthier alternative to red meat. Initiatives like Chicken of the Sea’s partnership to import fair trade-certified farmed shrimp demonstrate growing ethical sourcing trends contributing to steady market growth.

Market Segmentation

By Environment:

• Farmed Shrimp: Represents 61.5% market share; preferred for size, quality, and year-round availability. Includes bred and raised shrimp in controlled aquatic systems. Serves domestic and international markets providing various processed and sized shrimp products.
• Wild Shrimp: Not further detailed in the source.

By Species:

• Penaeus Vannamei: Leads with 72.1% share; whiteleg shrimp known for high yield, adaptability, rapid growth, disease resistance, and culinary versatility.
• Penaeus Monodon: Not detailed.
• Macrobrachium Rosenbergii: Not detailed.
• Others: Not detailed.

By Shrimp Size:

• <21: Not detailed.
• 21-25: Not detailed.
• 26-30: Not detailed.
• 31-40: Not detailed.
• 41-50: Dominates with 21.8% share; valued for versatility, affordability, and broad culinary use in food service and retail sectors.
• 51-60: Not detailed.
• 61-70: Not detailed.
• >70: Not detailed.

By Distribution Channel:

• Hypermarkets and Supermarkets: Not detailed.
• Convenience Stores: Not detailed.
• Hotels and Restaurants: Commands 32.3% market share; shrimp is preferred as a premium ingredient in diverse cuisines across fine dining to casual settings.
• Online Sales: Not detailed.
• Others: Not detailed.

Regional Insights

China dominates the shrimp market with 32.7% share, leveraging its extensive coastline and advanced aquaculture industry. Key coastal regions like Shandong, Guangdong, Fujian, Shanghai, and Zhejiang constitute 68.0% of shrimp imports in 2023, positioning China as the largest shrimp producer and exporter. This strong infrastructure and growing domestic demand propel China as the leading global market player.

Recent Developments & News

• February 2025: India is negotiating a Bilateral Trade Agreement (BTA) with the US to reduce import duties on select low-volume goods, aiming to protect Indian shrimp exports from potential US tariffs up to 38.2%, and considering a "zero-for-zero" tariff model.
• March 2024: Laitram Machinery acquired Martak's shrimp peeling line to enhance its shrimp processing footprint, focusing on Cold-Water Shrimp.
• February 2024: Indian e-commerce seafood retailer Captain Fresh acquired US-based seafood importer CenSea Inc., aiming to grow its US business share from 25-30% to over 50%.

Key Players

• Apex Frozen Foods Ltd.
• Aqua Star
• Avanti Feeds Limited
• Charoen Pokphand Foods PCL
• Clearwater Seafoods LP
• Iberconsa
• Mazzetta Company LLC
• Nordic Seafood A/S
• Seaprimexco
• Thai Union Group PCL

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