Shrimps Market Overview

The Shrimps Market was valued at USD 48.16 billion in 2024 and is projected to grow at a CAGR of 8.2% between 2025 and 2032, reaching nearly USD 90.48 billion. Shrimps, belonging to the infraorder Caridea, are widely consumed seafood prized for their delicate flavor, tender texture, and high nutritional value. They are integral to both human diets and the aquatic food chain.

Increasing disposable incomes, changing dietary preferences, and heightened awareness of the health benefits of seafood are major growth drivers. The majority of shrimp consumption is sourced from aquaculture, driven by technological advancements in breeding, disease management, and feed formulation. Leading producers include China, India, Vietnam, Indonesia, Thailand, and Ecuador.

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Market Dynamics

1. Drivers

• Shift toward Aquaculture: Wild shrimp stocks are under pressure due to overfishing and environmental concerns. Aquaculture provides a sustainable alternative to meet growing demand.

• Technological Advancements: Innovations in breeding, genetics, water treatment, and disease management have enhanced production efficiency.

• Global Trade Expansion: Trade liberalization and free trade agreements facilitate international market access.

• Health Trends: Shrimps are low-calorie, high-protein seafood rich in omega-3s and minerals, appealing to health-conscious consumers.

2. Opportunities

• Farmed Shrimp Preference: Over 50% of global shrimp supply comes from aquaculture, with Asia accounting for 80% of production. Latin America, particularly Ecuador and Brazil, is a significant supplier to global markets.

• Value-added Products: Breaded, cooked, and precooked shrimp products create additional market opportunities, catering to convenience-focused consumers.

3. Restraints

• Environmental Impact: Shrimp farming can cause habitat destruction, water pollution, and ecosystem disruption, increasing regulatory burdens.

• Disease Risk: Outbreaks like Early Mortality Syndrome (EMS) and White Spot Syndrome Virus (WSSV) can devastate production.

• Climate Change: Temperature fluctuations, extreme weather, and rising sea levels threaten shrimp farming operations.

• Social Issues: Labor concerns, including forced labor in some regions, challenge sustainability and ethical sourcing.

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Market Segmentation 

By Product Type

1. Fresh Shrimp: Dominates the market; preferred for its taste, texture, and versatility in cooking.

2. Frozen Shrimp

3. Canned Shrimp

4. Breaded/Value-added Shrimp

5. Dried/Dehydrated Shrimp

6. Cooked/Precooked Shrimp

By Species

1. Whiteleg Shrimp (Pacific White Shrimp): Market leader due to adaptability and high production efficiency.

2. Black Tiger Shrimp

3. Pacific White Shrimp

4. Northern Pink Shrimp

5. Brown Shrimp

6. Rock Shrimp

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Regional Insights

Asia Pacific

• Major consumers: China, Japan, Vietnam, Thailand, Indonesia

• Drivers: Population growth, rising disposable income, shifting dietary habits

• Trade agreements like ASEAN FTA and CPTPP enhance market access

• Consumer trends: Demand for sustainable and certified shrimp, increasing popularity of convenience foods

Ecuador and Latin America

• Ecuador shipped 295,518 tonnes of shrimp in a quarter, a 24% increase in volume

• China is the primary importer (64% of Ecuador’s exports)

China

• Emerged as the largest global importer with a 33.5% increase in imports in Q1

• Ecuador dominates supply (70% share), followed by India (10%), Canada, Argentina, and Thailand

Western Markets

• Shrimp demand declined in the U.S., EU, Japan, and South Korea by 21%, reflecting market volatility and price sensitivity

Key Market Players

1. Thai Union Group (Thailand)

2. Charoen Pokphand Foods (Thailand)

3. Minh Phu Seafood Corporation (Vietnam)

4. Nissui Group (Japan)

5. Zhanjiang Guolian Aquatic Products (China)

6. Godrej Agrovet Limited (India)

7. Devi Seafoods (India)

8. Clearwater Seafoods (Canada)

9. High Liner Foods (Canada)

10. Red Chamber Group (Canada)

11. CenSea (USA)

These companies dominate global shrimp production and trade, with a focus on sustainable practices, aquaculture technology adoption, and value-added products.

Market Outlook

The shrimp market is poised for strong growth due to increasing global consumption, technological advances in aquaculture, and rising health awareness. Fresh and farmed shrimp are expected to continue dominating the market. However, environmental sustainability, disease control, and ethical sourcing remain critical challenges.

Asia Pacific will likely remain the largest regional market, driven by rising consumer demand and strong aquaculture infrastructure. Latin America, led by Ecuador, continues to be a significant exporter, while China is emerging as the largest import market globally.

The global shrimp market’s trajectory will depend on balancing economic growth with environmental and social sustainability, ensuring that supply meets the growing demand without causing adverse impacts on ecosystems or communities.