Shrimp Market Outlook 2024-2032: Growth, Trends, and Key Insights

The global shrimp market share reached a volume of 7.60 million tons in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 6.30% from 2024 to 2032. By 2032, the market is projected to attain a volume of approximately 13.16 million tons. This significant growth is being driven by the rising global demand for shrimp, particularly as consumers become more health-conscious and seafood continues to be recognized for its nutritional benefits.

This comprehensive blog provides an in-depth analysis of the global shrimp market, discussing market outlook, size, dynamics, drivers, challenges, segmentation, key players, and regional insights. We will also answer frequently asked questions (FAQs) to offer a holistic understanding of the market during the forecast period.

Market Outlook: 2024-2032

The shrimp market is poised for substantial growth during the forecast period, driven by increasing consumer demand for seafood and expanding aquaculture practices. Shrimp is one of the most consumed seafood products worldwide due to its versatility, rich flavor, and high protein content. The shift toward healthier dietary choices, coupled with the growing trend of including seafood in daily diets, has contributed to the rising demand for shrimp.

Aquaculture plays a crucial role in meeting the global shrimp demand. Improvements in farming techniques, sustainable practices, and advancements in feed technology are further expected to support market growth.

Report Overview

This report provides a detailed analysis of the shrimp market, offering insights into its current state and future growth potential. The report covers market size, growth drivers, key challenges, segmentation, recent developments, and regional analysis. It also highlights the competitive landscape, providing an overview of the major players in the market.

Market Size and Dynamics

In 2023, the global shrimp market reached a volume of 7.60 million tons. By 2032, the market is expected to reach 13.16 million tons, growing at a CAGR of 6.30% during the forecast period. The market is primarily driven by the rising demand for shrimp in both domestic and international markets.

Market Dynamics:

• Rising Health Consciousness: Shrimp is a rich source of high-quality protein, omega-3 fatty acids, and other essential nutrients, making it a popular choice among health-conscious consumers.
• Increasing Aquaculture Production: Shrimp aquaculture is expanding rapidly, particularly in regions such as Asia-Pacific, due to favorable climatic conditions and government support.
• Growing Demand for Frozen Shrimp: With advancements in freezing technology and logistics, the demand for frozen shrimp is increasing in international markets, contributing to market growth.

Market Drivers

Several factors are driving the growth of the global shrimp market:

1. Rising Global Demand for Seafood: The global appetite for seafood continues to grow, with shrimp being one of the most popular choices due to its taste and versatility.
2. Health Benefits of Shrimp Consumption: Shrimp is a low-calorie, high-protein food, rich in omega-3 fatty acids, which are known to promote heart health. This has led to an increase in shrimp consumption worldwide, particularly among health-conscious consumers.
3. Growth in Aquaculture: The aquaculture sector is expanding rapidly, with improved shrimp farming practices helping to increase production volumes. Technological advancements in shrimp farming have also contributed to higher yields and better quality shrimp.
4. Increasing Exports: Shrimp exports are witnessing strong growth, particularly from major producing countries like India, Vietnam, and Thailand. These countries are benefiting from favorable trade policies and rising demand in international markets.

Key Market Challenges

While the shrimp market is growing, it faces several challenges:

1. Environmental Concerns: Shrimp farming has been associated with environmental issues such as water pollution, habitat destruction, and overfishing. Sustainable farming practices are being adopted to address these concerns, but they can increase production costs.
2. Price Fluctuations: The shrimp market is highly sensitive to price fluctuations, which can be driven by factors such as weather conditions, disease outbreaks, and changes in demand.
3. Stringent Regulations: The shrimp industry is subject to strict regulatory standards, particularly for exports to markets such as the United States and the European Union. Compliance with these regulations can be costly and time-consuming for producers.

Market Segmentation

The global shrimp market can be segmented into:

• By Product Type:
  • Frozen Shrimp
  • Fresh Shrimp
  • Canned Shrimp
• By Source:
  • Wild-Caught Shrimp
  • Farmed Shrimp (Aquaculture)
• By End-User:
  • Retail Sector
  • Foodservice Sector
  • Industrial Processing Sector

Component Insights

1. Frozen Shrimp: Frozen shrimp holds a significant share of the market due to its longer shelf life and convenience for international trade. Frozen shrimp is especially popular in North America and Europe.
2. Fresh Shrimp: Fresh shrimp is in high demand in regions close to shrimp-producing areas, as consumers prefer fresh, locally sourced seafood.
3. Canned Shrimp: While not as popular as fresh or frozen shrimp, canned shrimp is used in a variety of processed food products, contributing to steady demand.

End-User Insights

• Retail Sector: The retail sector accounts for a significant portion of the shrimp market, with consumers purchasing shrimp for home cooking.
• Foodservice Sector: Shrimp is a popular item in restaurants and other foodservice establishments, driving demand in this segment.
• Industrial Processing: Shrimp is also used in the production of processed foods, including ready-to-eat meals and snacks.

Regional Insights

• Asia-Pacific: Asia-Pacific is the largest producer and consumer of shrimp, with countries like India, Vietnam, China, and Thailand playing key roles in the market. The region is expected to continue dominating the global shrimp market due to its favorable farming conditions and export-oriented policies.
• North America: North America is a major importer of shrimp, particularly the United States, where shrimp is one of the most consumed seafood items.
• Europe: Europe is another key market for shrimp, with increasing demand for both frozen and fresh shrimp, driven by the region’s growing preference for healthy seafood options.

Key Players in the Shrimp Market

Several key players are shaping the global shrimp market:

1. Mazzetta Company, LLC
2. Apex Frozen Foods Ltd.
3. Seaprimexco Vietnam
4. Liveris Afentoulis & Co.
5. Grand Ocean Seafoods Co., Ltd
6. Charoen Pokphand Foods PCL

These companies are focusing on expanding their production capacity, adopting sustainable farming practices, and enhancing their global distribution networks to meet the growing demand for shrimp.

Market Trends

• Sustainable Aquaculture: The trend towards sustainable shrimp farming is gaining momentum as consumers and regulatory bodies push for more environmentally friendly practices.
• Growing Demand for Ready-to-Eat Shrimp Products: With the rise of convenience foods, there is an increasing demand for processed and ready-to-eat shrimp products.

Industry News

• Expansion of Shrimp Farming Operations: Several key players are expanding their shrimp farming operations to meet the growing demand. For instance, Apex Frozen Foods Ltd. recently announced plans to increase its production capacity to cater to both domestic and international markets.
• Adoption of Technology in Shrimp Farming: The use of technology, such as automated feeding systems and water quality monitoring tools, is helping shrimp farmers improve efficiency and reduce environmental impact.

6 FAQs About the Shrimp Market

1. What is the projected growth rate of the global shrimp market?
The global shrimp market is expected to grow at a CAGR of 6.30% between 2024 and 2032.

2. What are the key drivers of growth in the shrimp market?
Key drivers include rising global demand for seafood, increasing health consciousness, growth in aquaculture, and expanding export markets.

3. What challenges does the shrimp market face?
Challenges include environmental concerns related to shrimp farming, price fluctuations, and stringent regulatory requirements.

4. Which regions are expected to lead the shrimp market?
Asia-Pacific is expected to lead the market, followed by North America and Europe.

5. Who are the major players in the shrimp market?
Key players include Mazzetta Company, LLC, Apex Frozen Foods Ltd., Seaprimexco Vietnam, and Charoen Pokphand Foods PCL.

6. How is technology influencing shrimp farming?
Technology is being used to improve efficiency in shrimp farming, with innovations such as automated feeding systems and water quality monitoring helping to reduce environmental impact.