The global shrimp market size, with a volume of 8.08 million tons in 2024, is positioned for significant growth over the next decade. Shrimp, a high-protein, low-fat seafood rich in essential nutrients such as vitamins, minerals, and omega-3 fatty acids, has gained immense popularity for its health benefits. The market is expected to grow at a compound annual growth rate (CAGR) of 6.30% from 2025 to 2034, reaching an estimated 14.88 million tons by 2034. This growth is driven by the rising demand for seafood, increasing awareness of healthy eating habits, and the adoption of sustainable shrimp farming practices.

This blog delves into the market dynamics, highlighting key drivers, challenges, emerging trends, and segmentation insights, offering a comprehensive outlook on the global shrimp market.

Key Drivers of Market Growth

1. Rising Demand for High-Protein Diets

Consumers worldwide are increasingly adopting high-protein diets, with shrimp becoming a popular choice due to its nutritional value. Shrimp’s low-calorie content and abundance of omega-3 fatty acids make it a preferred protein source for health-conscious individuals.

2. Growth in Seafood Consumption

The global appetite for seafood continues to rise, driven by its perceived health benefits and versatility in culinary applications. Shrimp, being a versatile ingredient in various cuisines, has witnessed a surge in demand across restaurants, retail outlets, and home kitchens.

3. Expansion of Aquaculture Practices

Advancements in shrimp farming techniques, including the use of environmentally friendly and disease-resistant methods, have boosted production efficiency. The adoption of intensive and semi-intensive farming practices has significantly contributed to the market’s expansion.

4. Increasing Awareness of Sustainable Practices

Sustainability is a growing concern among consumers and producers. Environmentally friendly shrimp farming practices, such as integrated multi-trophic aquaculture (IMTA) and organic shrimp farming, are gaining traction, meeting both environmental and consumer demands.

5. Growing Demand in Emerging Markets

Emerging economies in Asia-Pacific and Latin America are experiencing rapid growth in shrimp consumption. Factors such as rising disposable incomes, urbanisation, and the growing popularity of Western cuisines have driven demand in these regions.

Challenges in the Shrimp Market

1. Environmental and Disease Issues

Shrimp farming faces challenges such as water pollution, habitat destruction, and disease outbreaks, which can significantly impact production. Managing these issues is crucial for sustainable market growth.

2. Stringent Regulatory Standards

The shrimp industry must comply with stringent food safety and quality regulations, particularly in export markets like the United States and Europe. These standards can pose challenges for small-scale farmers and exporters.

3. Competition from Alternative Proteins

The rising popularity of plant-based and lab-grown seafood alternatives poses a challenge to the shrimp market. These substitutes are gaining traction among environmentally conscious and vegan consumers.

4. Volatility in Raw Material Prices

Fluctuations in the prices of feed and other raw materials can affect production costs, impacting profitability for shrimp farmers and producers.

Emerging Trends in the Shrimp Market

1. Technological Advancements in Farming

Technological innovations, such as automated feeding systems, water quality monitoring, and genetic engineering, are revolutionising shrimp farming. These advancements improve productivity and reduce environmental impact.

2. Growth of Value-Added Shrimp Products

The demand for ready-to-eat and value-added shrimp products, such as breaded shrimp, shrimp burgers, and pre-marinated shrimp, is on the rise. These products cater to busy lifestyles and changing consumer preferences.

3. Expansion of Online Seafood Retail

The growth of e-commerce platforms has made shrimp more accessible to consumers worldwide. Online seafood retailers are capitalising on this trend, offering fresh and frozen shrimp directly to customers.

4. Focus on Organic and Certified Shrimp

Organic and certified shrimp products are gaining popularity among health-conscious and eco-aware consumers. Certifications like ASC (Aquaculture Stewardship Council) and MSC (Marine Stewardship Council) ensure product quality and sustainability.

5. Adoption of Blockchain for Traceability

Blockchain technology is being utilised to enhance traceability in the shrimp supply chain. This ensures transparency, boosts consumer confidence, and addresses concerns related to product authenticity.

Market Segmentation Insights

By Type

• Whiteleg Shrimp (Litopenaeus vannamei): Dominates the market due to its high yield and adaptability to various farming conditions.
• Tiger Shrimp (Penaeus monodon): Preferred for its large size and rich flavour.
• Others: Includes freshwater shrimp and wild-caught varieties.

By Form

• Frozen Shrimp: Widely consumed due to its extended shelf life and convenience.
• Fresh Shrimp: Preferred for its superior taste and quality, primarily in local markets.
• Canned Shrimp: Gaining popularity in regions with limited access to fresh or frozen products.

By Distribution Channel

• Retail Stores: Leading channel, driven by supermarket chains and specialty seafood retailers.
• Foodservice: Significant demand from restaurants, hotels, and catering services.
• Online Platforms: Fastest-growing segment due to the convenience of home delivery.

By Region

• Asia-Pacific: Largest producer and consumer, led by China, India, and Vietnam.
• North America: Strong demand for sustainable and value-added shrimp products.
• Europe: Increasing consumption of organic and certified shrimp.
• Rest of the World: Growth driven by emerging markets in Latin America and the Middle East.

Future Outlook

The global shrimp market is poised for substantial growth, supported by rising health consciousness, technological advancements, and expanding aquaculture practices. Key opportunities lie in sustainable farming, value-added products, and digitalisation of the supply chain.

While challenges such as environmental concerns and competition from alternative proteins persist, the adoption of innovative solutions and regulatory compliance can help address these issues. Collaboration among stakeholders, including farmers, exporters, and retailers, will be crucial for sustained market growth.