Press release
Global Shrimp Market Edition 2025: Industry Size to Reach USD 105.35 Billion by 2033, CAGR of 3.90%.
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 the forecast period of 2025-2033. China leads the market with a 32.7% share in 2024, driven by rising seafood consumption, health awareness, and expanding aquaculture. Innovations in farming and processing, sustainability efforts, and growing demand for convenient, protein-rich shrimp products are key growth drivers.
Study Assumption Years
• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033
Shrimp Market Key Takeaways
• The global shrimp market size was valued at USD 71.87 billion in 2024.
• The market is expected to grow at a CAGR of 3.90% during 2025-2033.
• The forecast period covers 2025 to 2033.
• China holds the largest market share at over 32.7% in 2024.
• Farmed shrimp accounts for 61.5% of the market share.
• Penaeus Vannamei is the dominant species with 72.1% market share.
• The 41-50 shrimp size category leads with 21.8% market share.
• Hotels and restaurants account for 32.3% of the distribution channel market share.
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Market Growth Factors
The rising demand for shrimp is propelled by its status as a convenient, protein-rich seafood favored by health-conscious consumers seeking nutrient-dense, low-fat options. Innovations in shrimp processing, such as packaging and freezing, have enhanced availability and convenience. Additionally, sustainable farming practices and certification programs have increased consumer confidence and supported market expansion.
Advancements in aquaculture technology have significantly improved farming practices by increasing shrimp yields, enhancing product quality, and promoting sustainability. Controlled environments, selective breeding, and eco-friendly farming contribute to consistent supply. For instance, innovations like recirculating aquaculture systems reuse over 99.5% of process water, reflecting progress in sustainable seafood production.
The growth is further supported by global demographic changes including rising disposable incomes and urbanization, encouraging greater seafood consumption. The proliferation of flexitarian diets and expansion of e-commerce has increased accessibility to sustainably sourced shrimp products, accounting for approximately 12.7% of seafood sales. These factors collectively boost market growth and diversification.
Market Segmentation
By Environment
• Farmed Shrimp: Holds 61.5% market share; preferred for consistent size, quality, and year-round availability. Includes products from controlled aquatic environments catering to diverse consumer needs and foodservice.
• Wild Shrimp
By Species
• Penaeus Vannamei: Dominates with 72.1%; known as whiteleg shrimp, it offers high yield, disease resistance, adaptability, and rapid growth. Widely farmed across Asia, Central America, and the Middle East. Preferred in retail and foodservice due to flavor, texture, and versatility.
• Penaeus Monodon
• Macrobrachium Rosenbergii
• Others
By Shrimp Size
• 41-50: Largest segment with 21.8% share. Valued for versatility and affordability, ideal for various culinary applications in retail and foodservice. Balances cost with portion size, ensuring steady demand.
By Distribution Channel
• Hotels and Restaurants: Account for 32.3% share, driven by high shrimp demand in diverse cuisines and premium foodservice settings. They rely on bulk procurement to meet quality standards and accommodate events and seasonal menus.
Regional Insights
China is the dominant shrimp market player, accounting for 32.7% of the market share in 2024, supported by its extensive coastline, developed aquaculture, and seafood processing industries. Key coastal regions such as Shandong, Guangdong, and Zhejiang serve as hubs for production and distribution. China also excels in exporting processed and value-added shrimp products globally.
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Recent Developments & News
• February 2025: India explores reduced import duties under a proposed Bilateral Trade Agreement focusing on protecting shrimp exports amid potential US reciprocal tariffs.
• March 2024: Laitram Machinery acquired Martak's shrimp peeling business, aiming to increase its shrimp processing share.
• February 2024: Indian e-commerce retailer Captain Fresh acquired US seafood importer CenSea Inc., anticipating to raise its US business share from 25-30% to over 50%.
• October 2024: JCCU in Japan launched the first Co-op Black Tiger Shrimp sourced from ASC-certified ponds, processed and packaged locally.
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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IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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Contact Us
IMARC Group,
134 N 4th St. Brooklyn, NY 11249, USA,
Email: sales@imarcgroup.com,
Tel No: (D) +91 120 433 0800,
United States: +1-201971-6302
About Us
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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