Global Shrimp Market Report 2025: Size Projected USD 105.35 Billion, CAGR of 3.90% by 2033.

Market Overview

The global shrimp market size was valued at USD 71.87 billion in 2024 and is projected to reach USD 105.35 billion by 2033, registering a CAGR of 3.90% during the forecast period of 2025-2033. China leads the market with a 32.7% share, driven by rising seafood consumption, health awareness, and expanding aquaculture. Innovations in farming and processing, alongside sustainability efforts, are further propelling market growth.

Study Assumption Years

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

Shrimp Market Key Takeaways

• The global shrimp market was valued at USD 71.87 billion in 2024 with a CAGR of 3.90% during 2025-2033.
• The market is forecasted to reach USD 105.35 billion by 2033.
• China dominates production with 32.7% market share driven by its extensive aquaculture.
• Farmed shrimp holds 61.5% market share, favored for consistency and year-round availability.
• Penaeus vannamei accounts for 72.1% of the market share, preferred for high yield and adaptability.
• The 41-50 shrimp size category holds the largest share at 21.8%, favored for versatility and affordability.
• Hotels and restaurants constitute 32.3% of the distribution channel share due to high demand.

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Market Growth Factors

The rising demand for shrimp is primarily driven by consumers seeking convenient, protein-rich seafood options. Health-conscious buyers favor shrimp due to its rich nutritional profile including omega-3 fatty acids, vitamins, and low-fat content. Increasing disposable incomes in developing regions fuel growth as shrimp consumption rises due to its mild flavor and culinary versatility. Initiatives such as Prime Shrimp's expansion in Whole Foods US stores underscore consumer demand for differentiated shrimp products.

Advancements and innovations in aquaculture technology are pivotal to market growth. Controlled environments, selective breeding, and eco-friendly farming practices have significantly enhanced yields and sustainability. Developments such as the recirculating aquaculture system in Abu Dhabi producing 2,000 tons of salmon demonstrate the application of high-tech farming benefiting the broader seafood supply chain. Moreover, product expansions like Orffa's new aquaculture lines support shrimp health and output, ensuring a stable global supply.

The expanding global population and shifting dietary preferences towards healthier, sustainable protein sources augment market growth. Shrimp serves as a lean alternative to red meat, supporting flexitarian diets. The rise in online seafood sales, accounting for approximately 12.7% of total seafood retail, facilitates shrimp accessibility. Furthermore, consumer focus on sustainable, ethical sourcing has led companies like Chicken of the Sea and Thai Union to promote fair trade-certified shrimp, reinforcing market confidence and steady price dynamics.

Market Segmentation

By Environment:

• Farmed Shrimp: Holds 61.5% market share; preferred for size consistency, quality, and year-round availability across domestic and export markets. Innovations like Kemin AquaScience's Pathorol enhance farmed shrimp health in Asia.
• Wild Shrimp

By Species:

• Penaeus Vannamei: Accounts for 72.1% market share; known as whiteleg shrimp, prized for high yield, disease resistance, and adaptability to diverse environments and farming systems, widely cultivated in Asia, Central America, and the Middle East.
• Penaeus Monodon
• Macrobrachium Rosenbergii
• Others

By Shrimp Size:

• 41-50: Dominates with 21.8% market share; versatile, affordable, and suitable for various culinary applications, favored by both retailers and foodservice providers.
By Distribution Channel:
• Hotels and Restaurants: Constitutes 32.3% of market share, driven by demand for shrimp as a premium ingredient across diverse cuisines and large-scale foodservice events.
Regional Insights
China is the dominant shrimp market player, holding 32.7% of global market share in 2024. Its extensive coastline and advanced aquaculture infrastructure position it as the largest shrimp producer globally. Strategic coastal regions such as Shandong and Guangdong underpin its production and import dominance. China's seafood processing and export capabilities further enhance its global presence and influence in shrimp trade.

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Recent Developments & News

• February 2025: India explores reduced import duties on select US goods under a Bilateral Trade Agreement, aiming to protect domestic shrimp exports facing possible US reciprocal tariffs up to 38.2%, considering a "zero-for-zero" tariff model.
• March 2024: Laitram Machinery acquired Martak's shrimp peeling business line to expand its shrimp processing, particularly cold-water shrimp.
• February 2024: Captain Fresh, an Indian e-commerce seafood retailer, acquired US seafood importer CenSea Inc., targeting over 50% share of US business up from 25-30%.
• October 2024: JCCU in Japan launched Co-op Black Tiger Shrimp from ASC-certified ponds, processed and frozen locally with chain of custody certifications.

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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