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Report Overview
The global shrimp market, volume at 7.60 Million Tons in 2023, has seen considerable growth, because shrimp is a high-protein, low-fat food rich in essential nutrients such as vitamins, minerals, and omega-3 fatty acids, promoting healthy diets. The market is projected to grow at a CAGR of 6.30% from 2024 to 2032, potentially reaching 13.17 Million Tons by 2032, owing to the increased demand for seafood items and the growing adoption of environmentally friendly methods for shrimp farming.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- In 2023, China’s shrimp production reached 1 million metric tons, driven by innovations in recirculating aquaculture systems (RAS) that boost efficiency and allow for year-round production. These advancements cater to increasing domestic demand and strengthen China’s position as a key global supplier of both fresh and processed shrimp, according to FAO Globefish, January 2024.
- Mexico produced around 200,000 metric tons of shrimp in 2023, with a focus on sustainable farming practices to improve quality and yield. This commitment to sustainability and high-quality production has boosted Mexico's exports, supported economic growth, and met the growing global demand for responsibly sourced seafood, according to industry reports.
- Thailand’s shrimp production reached 400,000 metric tons in 2023, with a focus on black tiger and Pacific white shrimp. Its strong aquaculture sector generates significant export revenue, while its emphasis on sustainability enhances the country’s reputation with international buyers, according to the Thai Department of Fisheries Report, December 2023.
Global Shrimp Market Growth
The shrimp market offers numerous benefits, including economic growth through job creation and export revenue, particularly in producing countries. It provides millions of employment opportunities and supports international trade. Shrimp's nutritional value, versatility in cooking, and health benefits contribute to its widespread popularity. The market encourages sustainability by enhancing farming practices, which help reduce overfishing. Aquaculture has alleviated the pressure on wild shrimp populations, while technological advancements have improved farming efficiency. As per the Department of Fisheries, USD 62.67 million has been allocated under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) to expand shrimp aquaculture by 4,000 hectares in saline areas across Haryana, Punjab, Rajasthan, and Uttar Pradesh in India.
Shrimp farming contributes to economic diversification, strengthens local economies, and enhances food security by offering a dependable and nutritious protein source, thereby influencing the shrimp market dynamics and trends. Additionally, small-scale shrimp farms empower developing communities, contributing to poverty reduction and cultural practices. The global market ensures wider consumer access, making shrimp increasingly available across various sectors.
Shrimp Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the shrimp market reached an approximate volume of 7.60 Million Tons.
The market is assessed to grow at a CAGR of 6.30% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a volume of around 13.17 Million Tons by 2032.
The key drivers for the market include rising population, increasing demand from the food industry, growing disposable incomes, and the escalating demand for frozen shrimp products.
The rising health consciousness among the consumers and the growing awareness about the nutritious content of shrimp are the key trends in the market.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The major species in the market are Penaeus Vannamei, Penaeus Monodon, and Macrobrachium Rosenbergii, among others.
The animal's shell is made of chitin, a thin yet stiff exoskeleton material. They do not belong to the family of fish because they lack an inner skeleton. They belong to the same family as crabs and lobsters and have ten legs.
Prawns and shrimp are very different animals. While both shrimp and prawns are decapods, or animals with 10 legs and an external skeleton, shrimp belong to the Pleocyemata suborder and prawns to the Dendrobranchiata suborder.
The major players in the market are Mazzetta Company, LLC, Apex Frozen Foods Ltd., Seaprimexco Vietnam, Liveris Afentoulis & Co., Grand Ocean Seafoods Co., Ltd, Charoen Pokphand Foods PCL, Grupo Iberica Congelados, S.A, Ocean More Foods Co., Limited, Aqua Star, Pacific Seafood, Santa Priscila, and Thai Union Group PCL, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124