Shrimp Market Size, Share, Growth Analysis, By Species(Whiteleg Shrimp, Black Tiger Shrimp), By Form(Fresh, Frozen), By Source(Wild-Caught, Aquaculture) - Industry Forecast 2024-2031

Shrimp Market size was valued at USD 68.40 billion in 2022 and is poised to grow from USD 72.16 billion in 2023 to USD 110.75 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031). 

The competitive environment of the shrimp market is dynamic and characterized by a dynamic interplay of various factors, reflecting a diverse and evolving industry. Numerous players, ranging from shrimp producers to processors and distributors, contribute to a competitive marketplace. Key companies in the sector focus on strategic initiatives such as product innovation, technological advancements in aquaculture practices, and diversification of shrimp products to gain a competitive edge. Sustainability and responsible sourcing have emerged as critical differentiators, with certifications like the Aquaculture Stewardship Council (ASC) and Best Aquaculture Practices (BAP) becoming benchmarks for industry standards. 'Charoen Pokphand Foods PCL (Thailand)', 'Thai Union Group PCL (Thailand)', 'CP Foods (Thailand)', 'Grupo Ibérica Congelados S.A. (Spain)', 'Mazzetta Company LLC (United States)', 'Seaprimexco Vietnam (Vietnam)', 'Pacific Seafood (United States)', 'Ocean More Foods Co. Ltd. (China)', 'Nippon Suisan Kaisha Ltd. (Japan)', 'Trident Seafoods Corp. (Canada)', 'High Liner Foods Inc. (Canada)', 'Clearwater Seafoods Inc. (Canada)', 'Minh Phu Seafood Corporation (Vietnam)', 'Avanti Feeds Ltd. (India)', 'The Seafood Group LLC (United States)', 'Royal Greenland A/S (Denmark)', 'Maruha Nichiro Corporation (Japan)', 'Nippon Suisan Kaisha Ltd. (Japan)', 'Marine Harvest ASA (Norway)', 'Mowi ASA (Norway)'

The shifting consumer preferences towards healthier dietary choices have elevated the demand for shrimp, recognized as a low-calorie, high-protein seafood option. Furthermore, the versatility of shrimp in various culinary traditions worldwide has fueled its popularity, making it a staple ingredient in a myriad of dishes. International trade plays a pivotal role, with major exporting countries like India, China, Vietnam, Indonesia, and Ecuador meeting the demands of key importing nations such as the United States, European Union, and Japan.

The increasing focus on sustainability throughout the shrimp supply chain. Consumers are becoming more environmentally conscious, driving demand for responsibly sourced and certified shrimp products. Certifications such as the Aquaculture Stewardship Council (ASC) and Best Aquaculture Practices (BAP) are gaining significance as indicators of ethical and sustainable production practices. Another significant trend is the rise of value-added shrimp products, responding to changing consumer lifestyles and preferences for convenient, ready-to-cook options.

Countries in the Asia-Pacific region, such as India, China, Vietnam, Indonesia, and Thailand, have historically been major contributors to shrimp production. Asia-Pacific has well-established shrimp aquaculture practices, contributing significantly to both domestic consumption and international exports. The large populations in countries like China and India create substantial domestic markets, and their robust export industries make the region a dominant force in the shrimp market.