The global shrimp market was valued at USD 40.35 billion in 2023 and is projected to grow from USD 42.90 billion in 2024 to USD 74.24 billion by 2032, registering a CAGR of 7.09% during the forecast period (2024–2032). The Asia Pacific region dominated the global market in 2023, accounting for 38.22% of total revenue. In the United States, the shrimp market is expected to reach around USD 12.10 billion by 2032, supported by increasing consumer demand for protein-rich seafood and the growing popularity of flexitarian diets.
The COVID-19 pandemic had a substantial adverse impact on the global shrimp industry, leading to a notable drop in demand across key markets. The industry experienced a 16.46% decline in 2020 compared with the average annual growth rate recorded between 2017 and 2019. However, as economies reopened and supply chains stabilized, market performance began to recover, setting the stage for a return to pre-pandemic growth levels.
Despite temporary disruptions, the seafood industry demonstrated resilience through innovation and technological advancement. Emerging players in commercial aquaculture, coupled with increasing sustainability initiatives, have reshaped the competitive landscape—unlocking significant opportunities for shrimp farming and distribution in the coming decade.
Information Source: https://www.fortunebusinessinsights.com/shrimp-market-106303
Regional Production Insights
The Asia Pacific region remains the world’s largest shrimp producer. However, 2020 saw production delays, especially in decapod crustaceans, due to lockdown measures and supply chain disruptions. Key producing countries such as China, Vietnam, India, and Thailand faced temporary slowdowns in aquaculture activities. For instance, in India, the pond seeding season, usually conducted between March and April, was postponed until May–June, resulting in delayed harvests around August–September.
Although these factors impacted short-term production, regional output has since rebounded, driven by favorable climatic conditions, technological upgrades in aquaculture, and rising global export demand.
Market Dynamics
Growing Popularity of Flexitarian and Pescatarian Diets
The growing preference for flexitarian and pescatarian diets has emerged as a major driver for shrimp consumption. Consumers are increasingly choosing seafood as a sustainable and nutrient-dense protein source. Flexitarian eaters—who primarily consume plant-based meals but include seafood for dietary balance—are contributing significantly to shrimp demand.
For example, the Asia Pacific shrimp market rose from USD 14.46 billion in 2022 to USD 15.42 billion in 2023, reflecting a strong consumer shift toward health-conscious and protein-rich diets.
Market Restraints
Global Trade Tensions Affecting Export Dynamics
Ongoing trade disputes between major economies such as the United States, China, and Russia have generated uncertainty in the global seafood trade. In 2019, China imposed retaliatory tariffs—ranging from 10% to 25%—on approximately USD 110 billion worth of U.S. goods, which directly impacted shrimp exporters, reducing profit margins and export volumes.
Market Segmentation
The global shrimp market is categorized by type into white shrimp, pink shrimp, brown shrimp, and others, with white shrimp dominating the segment due to its abundant availability and widespread consumption. Based on form, it includes frozen shrimp and others, where frozen shrimp leads owing to rising sales through supermarkets, hypermarkets, and online platforms. In terms of end user, the market is divided into commercial and residential, with the commercial sector holding the largest share, driven by strong seafood demand from restaurants, hotels, and foodservice establishments. By distribution channel, it is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others, with a noticeable shift toward e-commerce, while specialty stores continue to maintain a significant presence in the market.
Regional Insights
The global aquaculture industry has grown rapidly in recent years, providing sustainable solutions to meet the increasing global demand for protein while reducing dependence on wild fish stocks. Within this context, shrimp aquaculture has become a major driver of global seafood revenue. The Asia Pacific region, valued at USD 10.74 billion in 2020, remains the market leader, supported by technological advancements, favorable environmental conditions, and rising seafood consumption. North America is projected to witness steady growth, fueled by strong demand for brown shrimp and large decapod species, as well as a growing preference for sustainably sourced seafood. Europe is expected to experience moderate expansion, maintaining consistent consumer demand despite heightened competition from other seafood products. Meanwhile, South America, particularly Ecuador, is emerging as a major shrimp production and export hub, benefiting from cost efficiencies and robust trade competitiveness.
Regional Impact of COVID-19