Global Shrimp Market Size To Exceed USD 79.39 Billion By 2033 | CAGR of 7.06%
Category: Food & BeveragesGlobal Shrimp Market Size To Exceed USD 79.39 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Shrimp Market Size is Expected to Grow from USD 40.13 Billion in 2023 to USD 79.39 Billion by 2033, at a CAGR of 7.06% during the Forecast period 2023-2033.
Get more details on this report -
Browse key industry insights spread across 230 pages with 120 Market data tables and figures & charts from the report on the "Global Shrimp Market Size, Share, and COVID-19 Impact Analysis, By Species (L. Vannamei, Trachipenaeus Curvirostris, Pleoticus Muelleri, P. Monodon, Acetes Japonicus, Pandalus Borealis, P. Chinensis, Others), By Source (Wild and Aquaculture) By Form (Frozen and Canned), By Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, and Online Sales Channels), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/shrimp-market
The shrimp market is the worldwide business and commerce involved in the production, processing, distribution, and consumption of shrimp. Shrimp is a healthy protein source, high in omega-3 fatty acids, low in fat, and dense in nutrients. As the consumer tends towards a healthier diet, because of its health value and high nutritional quality, the demand for shrimp also increases because it is a tasty food and is versatile in cooking and well accepted in many cuisines. Moreover, shrimp is a part of many international foods, particularly in Asian, Latin American, and Mediterranean foods. Its wide-ranging application makes it a top ingredient of choice in home cooking as well as in food service operations, propelling global demand. Shrimp is becoming more prominent in frozen meals, snack foods, and ready-to-eat items, driving its demand through retail and food service channels. But shrimp needs good cold chain logistics to preserve its freshness while in transit. Interruptions in the cold chain distribution and storage systems can lead to spoilage, lowering the quality and quantity of products in international markets.
The L. vannamei segment dominated the market in 2023 and is projected to grow at a substantial CAGR during the forecast period.
Based on the species, the shrimp market is divided into l. vannamei, trachipenaeus curvirostris, pleoticus muelleri, p. monodon, acetes japonicus, pandalus borealis, p. chinensis, others. Among these, The L. vannamei segment dominated the market in 2023 and is projected to grow at a substantial CAGR during the forecast period. The growth is attributed to L. vannamei shrimp possessing a mild taste and firm texture, making it very versatile to cook, and favorable to consumers globally. It's utilized in many foods, ranging from cocktails and sushi to curry and grilling preparations, which accounts for its high rate of acceptance globally.
The aquaculture segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the source, the shrimp market is divided into wild and aquaculture. Among these, the aquaculture segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The segmental growth is due to farmed shrimp gives production more control than wild shrimp. Shrimp farming provides a controlled and predictable system that minimizes reliance on wild stocks, enabling farmers to cater to increasing worldwide demand without depleting resources through overfishing. Aquaculture also provides the scope to control disease outbreaks, feed, and water quality, hence a more dependable source of shrimp than wild harvest.
The frozen segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on the form, the shrimp market is divided into frozen and canned. Among these, the frozen segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The growth is driven due to frozen shrimp is very convenient and easily accessible for preparation in both home food preparation and foodservice. It is versatile and can be easily added to various recipes. Additionally, frozen shrimp has a much longer shelf life than canned shrimp.
The hypermarket/supermarkets segment accounted for the largest share in 2023 and is anticipated to grow at a substantial CAGR during the forecast period.
Based on the distribution channel, the shrimp market is divided into hypermarkets/supermarkets, convenience stores, specialty stores, and online sales channels. Among these, the hypermarket/supermarkets segment accounted for the largest share in 2023 and is anticipated to grow at a substantial CAGR during the forecast period. The growth is attributed to hypermarkets and supermarkets offering a one-stop shop experience, where customers can buy shrimp along with other foodstuffs such as vegetables, sauce, and spices. This is a convenience that facilitates customer purchasing all their ingredients in a single spot, hence boosting shrimp sales as part of the comprehensive grocery shopping exercise.
Asia Pacific is expected to hold the majority share of the global shrimp market during the forecast period.
Get more details on this report -
Asia Pacific is expected to hold the majority share of the global shrimp market during the forecast period. Seafood, such as shrimp, constitutes a basic component of the diet in most Asian nations. With an expansion in the middle-class population in nations such as China and India, demand for shrimp keeps escalating, hence making the region a leading consumer. Additionally, the aquaculture dominance within the Asia-Pacific region provides a constant availability of shrimp for both the domestic and export markets.
North America is anticipated to grow at the fastest pace in the global shrimp market during the forecast period. The expanding health-conscious diet awareness and seafood's growing popularity as a protein source also drive the consumption of shrimp in North America higher. Shrimp is also widely available in retail and food service markets, driving demand higher.
Major vendors in the global shrimp market are Thai Union Group PCL, Clearwater Seafoods, Avanti Feeds Limited, High Liner Foods, Surapon Foods Public Company Limited, Mazzetta Company, LLC, Aqua Star, Nordic Seafood A/S, The Waterbase Limited, Wild Ocean Direct, Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Market Development
- In February 2025, Long John Silver's introduced Coconut Butterly Shrimp to the menu, crispy coconut-coated shrimp. A $6 Shrimp Basket consisting of six pieces, a side, and two hush puppies is offered in this limited time for consumers following Lent.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the shrimp market based on the below-mentioned segments:
Global Shrimp Market, By Species
- L. Vannamei
- Trachipenaeus Curvirostris
- Pleoticus Muelleri
- P. Monodon
- Acetes Japonicus
- Pandalus Borealis
- P. Chinensis
- Others
Global Shrimp Market, By Source
- Wild
- Aquaculture
Global Shrimp Market, By Form
- Frozen
- Canned
Global Shrimp Market, By Distribution Channel
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Online Sales Channels
Global Shrimp Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
CONTACT US:
For More Information on Your Target Market, Please Contact Us Below:
Phone: +1 303 800 4326 (the U.S.)
Phone: +91 90289 24100 (APAC)
Email: inquiry@sphericalinsights.com, sales@sphericalinsights.com
Contact Us: https://www.sphericalinsights.com/contact-us
Need help to buy this report?