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Shrimp Market Size By - Type (Pink, Brown, White), By Form (Frozen, Canned, Peeled), By End-use (Residential, Commercial) By Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, Specialty Stores) & Forecast, 2023 – 2032

  • Report ID: GMI7166
  • Published Date: Oct 2023
  • Report Format: PDF

Shrimp Market Size

Shrimp Market was valued at USD 67.86 billion in 2022 and is estimated to record a CAGR of over 6.7% during 2023 to 2032. Shrimp's popularity as a versatile and cost-effective source of high protein is one of the main factors driving demand. Shrimp is widely used in many cuisines due to its mild flavor and adaptability, and it is also simple to prepare in a variety of dishes like shrimp scampi, shrimp cocktails, and sushi. Demand for this seafood item has also increased as a result of consumers' rising awareness of the health advantages of shrimp, particularly its high protein and low-calorie content.
 

Shrimp Market

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Seafood products, such as tuna, salmon, and cod, are popular among consumers and can be less expensive than shrimp. Furthermore, some consumers may prefer the flavor or texture of other seafood products to shrimp. Shrimp faces competition from plant-based seafood alternatives, in addition to other seafood products. These alternatives are gaining popularity, particularly among consumers seeking more sustainable or ethical food options.
 

COVID-19 Impact

The pandemic of COVID-19 has had a great impact on the shrimp industry. The supply chain was disrupted in the early stages of the pandemic, since many shrimp farms and processing companies were closed or working at reduced capacity. This resulted in a drop in shrimp supply and an increase in costs. Furthermore, the pandemic reduced demand for shrimp by closing numerous restaurants and other foodservice businesses. A variety of reasons contributed to this, including social distancing measures, lockdowns, and a drop in customer confidence.
 

Shrimp Market Trends

The growing emphasis on sustainability and responsible sourcing procedures in the shrimp business is being pushed by growing environmental and ethical concerns. Consumers are seeking ecologically friendly shrimp products, and industry players are implementing aquaculture innovations such as closed-loop systems and improved feed formulations to lower the ecological imprint of shrimp farming.
 

Shrimp Market Analysis:

 Global Shrimp Market Size, By Type, 2021 - 2032 (USD Billion)  

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Based on type, the white shrimp segment accounted for USD 43.67 Billion in 2022. White shrimp is becoming more popular, in part because there are more high-quality white shrimp items on the market. This is because aquaculture technology has advanced, and new white shrimp types have been created that are better suited for industrial production. The growing awareness of shrimp's health advantages is another element influencing demand for white shrimp. Omega-3 fatty acids, protein, and other necessary nutrients are all present in white shrimp in good amounts.
 

Global Shrimp Market Revenue Share (%), By Form, (2022)

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Based on form, the frozen segment held a dominant market share of around 56.5% in 2022. Frozen shrimp is a convenient and quick seafood choice. It can be swiftly thawed and prepared, making it a popular choice among busy consumers. Frozen shrimp is often less expensive than fresh shrimp. This makes it a more appealing option for people on a limited budget. Thus, the aforementioned factors are projected to expedite the Shrimp market growth.
 

Based on end-use, the residential sector surpassed USD 38.39 Billion in 2022. Residential consumer demand for shrimp has continuously increased due to its reputation as a versatile and quick-to-prepare protein source, making it a popular choice for home-cooked meals. Consumer interest in frozen and processed shrimp goods such as breaded shrimp, shrimp scampi, and shrimp cocktail has increased as more people cook at home, particularly in the aftermath of the COVID-19 pandemic. This demand driver has resulted in increased retail sales of shrimp, adding to overall revenue growth in the shrimp business.
 

Based on distribution channel, the supermarkets and hypermarkets segment exceeded USD 26.12 Billion in 2022. Supermarkets and hypermarkets have a large selection of shrimp products at one convenient location. This makes it simple for customers to identify the shrimp products they need, as well as compare pricing and select the best option.
 

APAC Shrimp Market Revenue, 2021 - 2032 (USD Billion)

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Asia Pacific shrimp market revenue to crossed USD 26.56 Billion in 2022. The Asia Pacific region's demand for shrimp is on the rise due to a variety of factors, including shifting dietary tastes, rising disposable incomes, and an expanding middle-class population have resulted in a greater appetite for seafood, with shrimp being a popular choice. Furthermore, as urbanization develops and more customers adopt Western eating habits, there is a greater need for convenience meals and restaurant dishes using shrimp, which contributes to the region's overall robust demand for this seafood commodity.
 

Shrimp Market Share

Major players operating in the shrimp industry include:

  • Pacific Seafood
  • Morubel nv
  • Maruha Nichiro Corporation
  • The Clover Leaf Seafoods Family
  • Royal Greenland A/S
  • Rich Products Corporation
  • Thai Union Group PCL
  • Marvesta Shrimp Farms
  • Cargill, Incorporated
  • Nippon Suisan Kaisha Ltd.
  • Trident Seafoods
  • Lerøy Seafood Group
  • Blue Star Foods
  • High Liner Foods
  • Clearwater Seafoods

 

Pacific Seafood is a seafood supplier based in the United States that provides a wide range of seafood products, including shrimp. Pacific Seafood shrimp is sourced from sustainable fisheries and is available in raw, cooked, and seasoned versions. Shrimp items from Pacific Seafood are available in a variety of sizes and forms, making them appropriate for a wide range of culinary applications.
 

Shrimp Industry News

  • In April 2020, Cargill introduced Harvestar, the inaugural shrimp feed from its Cargill Aqua Nutrition (CQN) division in Indonesia. Designed for vannamei shrimp, Harvestar shrimp feed incorporates top-tier raw ingredients and includes an immunostimulant to enhance shrimp survival rates.
     

This shrimp market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Billion & Kilo Tons from 2018 to 2032, for the following segments:

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By Type

  • Pink
  • Brown
  • White
  • Others

By Form

  • Frozen
  • Canned
  • Peeled
  • Others

By End-Use

  • Residential
  • Commercial

By Distribution Channel

  • Supermarkets and Hypermarkets
  • Convenience Stores
  • Online Retail
  • Specialty Stores

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • ANZ
    • Southeast Asia 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • UAE
    • South Africa
    • Saudi Arabia

 

Authors: Kiran Pulidindi, Manish Mohanan

Frequently Asked Questions (FAQ) :

The market size of shrimp was worth USD 67.86 billion in 2022 and is estimated to reach USD 130.05 billion by 2032, due to wide usage in multiple cuisines on account of its mild flavor and adaptability.

Demand for white shrimp is expected to reach USD 43.67 billion in 2022 owing to the rising advances in aquaculture technology.

The frozen form segment garnered 56.5% of the shrimp market share in 2022 and is expected to grow at lucrative pace by 2032, due to its rising popularity as convenient and quick seafood choice.

Asia Pacific shrimp market size exceeded USD 26.56 Billion in 2022 and is anticipated to expand at significant pace from 2023 to 2032, owing to shifting dietary tastes, rising disposable incomes, and the expanding middle-class population.

Shrimp Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 293
  • Countries covered: 21
  • Pages: 180
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