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

Global Shrimp Market Insights Forecasts to 2033

• The Global Shrimp Market Size Was Estimated at USD 40.13 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 7.06% from 2023 to 2033
• The Worldwide Shrimp Market Size is Expected to Reach USD 79.39 Billion By 2033
• North America is Expected to Grow the fastest during the Forecast period.

The Global Shrimp Market Size Was Worth around USD 40.13 Billion in 2023 and is predicted to Grow to around USD 79.39 Billion By 2033 with a Compound Annual Growth Rate (CAGR) of 7.06% between 2023 and 2033. The market for shrimp is influenced by expanding consumer demand for low-fat, protein-rich foods, the rising popularity of seafood diets, and greater awareness of the health benefits of shrimp. Further, improvements in aquaculture technology, sustainable aquaculture farming, and increased global distribution drive market expansion.  

Market Overview

The shrimp market is the international industry dealing with the production, processing, and distribution of shrimp for human consumption. Shrimp is one of the most widely consumed types of seafood globally because of its nutritional benefits, ease of preparation, and increasing demand in retail and food service markets. Shrimp is a healthy protein source, high in omega-3 fatty acids, low in fat, and nutrient-dense. With consumers shifting towards healthier foods, the market for shrimp is increasing as it has health benefits and high nutritional value. Convenient and ready-to-cook shrimp products, like pre-peeled and deveined shrimp, are making it simpler for consumers to include shrimp in their diets. Additionally, improvements in aquaculture and shrimp culture technologies, such as improved feeding, disease control, and farm productivity, have greatly amplified the production of shrimp. This has rendered the shrimp more accessible and affordable. Improvements in freezing technology have increased the availability and ease of storage of shrimp, thus elongating its shelf life and providing the opportunity for higher exports.

Report Coverage

This research report categorizes the shrimp market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the shrimp market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the shrimp market.  

Driving Factors

Shrimp is a nutritious protein source that is high in omega-3 fatty acids, low in fat, and full of nutrients. As people become healthier in their diets, shrimp demand keeps rising because of its health benefits and high nutritional content propelling its demand. With consumers choosing more seafood-based diets, shrimp happens to be in demand because it can be easily cooked and accepted by people across different cuisines. Additionally, shrimp is an integral component of many global dishes, particularly in Asian, Latin American, and Mediterranean cuisines. Due to its versatility, it is a popular ingredient for household consumption as well as for food service outlets, leading to worldwide demand.

Restraining Factors

Shrimp needs good cold-chain logistics to ensure freshness during shipment. Interruptions in cold storage and distribution systems can lead to spoilage, lowering the quality and supply of the product to world markets and hindering its demand. In addition, shrimp production necessitates fishmeal and fish oil as feeds for the shrimp. Price volatility in these raw materials can contribute a lot to the overall cost of shrimp farming and, hence affect market prices.

Market Segmentation

The shrimp market share is classified into species, source, form, and distribution channel.

• 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 has high growth rate and yield, rendering it an economically viable choice among shrimp farmers. It grows into marketable size quicker compared to most other shrimp species, thus resulting in shorter production periods and greater farm output. The feature assists in addressing the increase in global shrimp demand effectively.

• 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 shrimp farming makes it possible for higher production and more efficient manufacturing through intensive farm systems, as shrimp can be cultured in optimized environments. Shrimp from farms tend to be cultivated under high-density systems, which enable farmers to generate more shrimp from less area, yielding more volume and less per unit cost. This efficiency sustains the presence and affordability of shrimp globally, further establishing aquaculture as the leading factor in the market.

• 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 retains a much longer shelf life than canned shrimp. Freezing keeps the freshness, texture, and flavor of the shrimp intact, enabling it to be stored for months without any degradation in quality. This makes it a choice both for consumers and retailers.

• 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/supermarkets that usually stock a range of shrimp products, such as frozen, fresh, cooked, and processed shrimp. Consumers have a wide array of shrimp types to select from, meeting various tastes and preparation preferences. The extensive offer and variety available mean that shrimp is accessible to various consumer segments.

Regional Segment Analysis of the Shrimp Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the shrimp market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the shrimp market over the predicted timeframe. The Asia-Pacific region boasts large shrimp farming activities based on favorable climate, cheap labor, and abundant coastal areas to be used for shrimp aquaculture. Aquaculture domination in Asia-Pacific provides a continuous supply of shrimp to domestic as well as export markets. India and Thailand are two of the world's leading shrimp exporters, supplying mainly to North America, Europe, and Asia. Shrimp is the highest consumer in China, and as much as a huge amount of it is produced there, is also being imported to meet local demand.

North America is expected to grow at a rapid CAGR in the shrimp market during the forecast period. One of the world's biggest consumers of shrimp is the United States. Shrimp is a highly demanded product in both foodservice and retail markets, leading to growing demand. Greater awareness of healthy diets and increased popularity of seafood as a protein source also drive greater shrimp consumption in North America.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the shrimp market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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) 

Recent Development

• In February 2025, Long John Silver's introduced Coconut Butterly Shrimp to its menu, which includes crispy, coconut-tasting shrimp. The limited-time item features a $6 Shrimp Basket with six pieces, a side, and two hush puppies, catering to consumers observing 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