The global shrimp market was valued at USD 45.32 billion in 2023 and is expected to grow significantly, reaching USD 102.56 billion by 2032, at a compound annual growth rate (CAGR) of 9.5% during the forecast period from 2024 to 2032. This growth can be attributed to the increasing demand for shrimp due to rising consumption and growing awareness regarding its nutritional benefits. The expansion of aquaculture and improvements in production processes are also contributing to the surge in the global shrimp market.
Market Definition
Shrimp is a popular seafood product that has a rich nutritional profile and is consumed worldwide. It is rich in protein, low in fat, and contains essential vitamins and minerals. Shrimp is widely cultivated through aquaculture and wild fishing, and it is used in various cuisines globally, especially in Asia, Europe, and North America. The shrimp market includes both farmed and wild-caught shrimp, with farmed shrimp dominating the market share due to the scalability and control over production. The demand for shrimp is expected to increase due to its increasing popularity as a healthy protein source and its versatile usage in both consumer and restaurant settings.
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Market Segmentation
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Type
- Farmed Shrimp
- Wild-Caught Shrimp
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Size
- Small Shrimp
- Medium Shrimp
- Large Shrimp
- Extra-Large Shrimp
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Form
- Fresh
- Frozen
- Processed
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End-Use
- Retail
- Food Service
- Industrial Use
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Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Scope of the Shrimp Market
- Market Growth: The shrimp market is projected to experience significant growth during the forecast period, driven by increasing global demand for shrimp across various regions, including both developed and emerging markets.
- Aquaculture Growth: The rise of shrimp farming, particularly in Asia-Pacific countries, is expected to further fuel the market, as farmed shrimp production offers consistency in supply and quality.
- Nutritional Demand: The increasing awareness of the nutritional benefits of shrimp, including its high protein and low-fat content, is likely to drive demand, particularly among health-conscious consumers.
- Global Export and Trade: Shrimp is one of the most traded seafood products globally, and this trade is anticipated to grow as demand increases, especially in North America and Europe.
- Sustainability: With growing environmental concerns, the shrimp industry is focusing on sustainable farming practices, leading to innovation in aquaculture and the development of eco-friendly practices in shrimp production.
Key Players in the Shrimp Market
- Thai Union Group PCL
- Charoen Pokphand Foods PCL
- Mazzetta Company, LLC
- Maruha Nichiro Corporation
- Apex Frozen Foods Ltd.
- Pacific Seafood Group
- The Shrimp Company
- Seajoy Seafood
- Phatthana Seafood Co., Ltd.
- Nekkanti Sea Foods Ltd.
Dominated Region: Asia-Pacific
The Asia-Pacific region holds the largest share of the global shrimp market. Countries like India, China, and Vietnam are major producers and exporters of shrimp, largely due to their well-established aquaculture practices and vast coastlines for wild shrimp fishing. The region's shrimp production is highly advanced, and Asia-Pacific remains the dominant player in both production and consumption of shrimp.
Fastest Growing Region: Europe
Europe is expected to witness the fastest growth in the shrimp market over the forecast period. The increasing demand for healthy seafood and the rising popularity of shrimp as a versatile protein source in European cuisine are key factors driving this growth. Additionally, the expanding market for frozen and processed shrimp products is contributing to the region’s rapid growth.
Table of Contents (TOC)
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Executive Summary
- Market Overview
- Key Insights
- Market Dynamics
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Market Definition and Scope
- Market Definition
- Scope of the Report
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Global Shrimp Market Analysis
- Market Size and Forecast (2024–2032)
- Growth Drivers
- Restraints
- Opportunities
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Market Segmentation
- Type
- Size
- Form
- End-Use
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Regional Analysis
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape
- Market Share Analysis
- Key Players and Their Strategies
- Mergers & Acquisitions
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Company Profiles
- Thai Union Group PCL
- Charoen Pokphand Foods PCL
- Mazzetta Company, LLC
- Maruha Nichiro Corporation
- Apex Frozen Foods Ltd.
- and more
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Conclusions and Future Outlook
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The global shrimp market is witnessing robust growth, and it is expected to continue its upward trajectory in the coming years. Driven by increasing demand for shrimp as a healthy food option, advances in aquaculture, and growing international trade, the market presents numerous opportunities for businesses and stakeholders involved in the shrimp industry. With Asia-Pacific maintaining dominance and Europe showing the fastest growth, the market’s dynamics indicate a positive outlook for the future.