The global shrimp market was valued at USD 40.35 billion in 2023 and is projected to expand from USD 42.90 billion in 2024 to USD 74.24 billion by 2032, reflecting a CAGR of 7.09% during the forecast period (2024–2032). The Asia Pacific region dominated the market with a 38.22% share in 2023. In the United States, the shrimp market is forecasted to reach approximately USD 12.10 billion by 2032, supported by the growing preference for seafood as a high-protein food source and the rising popularity of flexitarian diets.
Impact of COVID-19
The COVID-19 pandemic had a notable negative effect on the shrimp industry, with demand declining across global markets. The market witnessed a 16.46% contraction in 2020 compared to the average growth observed between 2017 and 2019. However, as economies recover and global supply chains stabilize, the market’s CAGR is expected to normalize, returning to pre-pandemic growth levels in the following years.
Despite short-term disruptions, the seafood sector has experienced steady innovation, with technological advancements, new entrants in commercial aquaculture, and sustainability initiatives reshaping industry dynamics. These developments are anticipated to open lucrative opportunities for both shrimp farming and distribution over the next decade.
Information Source: https://www.fortunebusinessinsights.com/shrimp-market-106303
Regional Production Insights
The Asia Pacific region remains the largest producer of shrimp globally. However, production delays in 2020—particularly in decapod crustaceans—were observed due to lockdowns and logistical challenges. Nations such as China, Vietnam, India, and Thailand faced a temporary slowdown in aquaculture activities. In India, for example, pond seeding—typically carried out in March–April—was postponed until May–June, pushing harvests to August–September.
While the pandemic affected short-term output, regional production has since rebounded, supported by favorable climatic conditions, advancements in aquaculture technology, and growing export demand.
Market Dynamics & Market Drivers
Growing Adoption of Flexitarian and Pescatarian Diets
An increasing number of consumers worldwide are shifting toward flexitarian and pescatarian eating habits, emphasizing sustainable protein sources such as seafood. Flexitarian consumers primarily follow plant-based diets but incorporate seafood like shrimp for its nutritional diversity and high protein content.
For instance, Asia Pacific’s shrimp market revenue increased from USD 14.46 billion in 2022 to USD 15.42 billion in 2023, reflecting the growing preference for health-oriented diets.
Market Restraints
Impact of Global Trade Tensions
International trade conflicts, particularly among major economies such as the U.S., China, and Russia, have created volatility in seafood exports. In 2019, China imposed retaliatory tariffs on approximately USD 110 billion worth of U.S. imports, with rates between 10% and 25%, which directly affected the profitability and export volume of shrimp producers.
Market Segmentation