Shrimp Industry Expansion: Projected CAGR of 8.2% from 2024 to 2032

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Shrimps Market: Estimation & Definition

The Shrimps Industry was valued at approximately USD 48.16 billion in 2024 and is projected to reach USD 90.48 billion by 2032, registering a CAGR of 8.2% during the forecast period. Shrimps are small, decapod crustaceans widely consumed across global cuisines due to their distinct flavor, versatility, and high nutritional value. They are a rich source of protein, omega-3 fatty acids, and essential vitamins and minerals. Shrimps are harvested both from wild-capture fisheries and aquaculture farms, with aquaculture rapidly becoming the dominant source due to rising demand and advances in farming technology.

Market Overview

Rising disposable incomes, changing dietary preferences, and increasing awareness of the health benefits of seafood contribute to this demand. The majority of shrimp consumed globally is farmed rather than caught in the wild. Aquaculture techniques have advanced significantly, leading to increased production efficiency and the ability to meet growing demand. Key shrimp farming countries include China, India, Vietnam, Indonesia, Thailand, and Ecuador. Advances in aquaculture technology, genetics, feed formulation, and disease management contribute to improved shrimp farming practices and productivity, which significantly boosts the Shrimps Market growth.

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Market Growth Drivers & Opportunities

Several key factors are propelling the growth of the global shrimps market. One of the primary drivers is the increasing global consumption of seafood, with shrimp leading the category due to its affordability, culinary adaptability, and health benefits. Growing awareness of high-protein, low-fat dietary options has led consumers to favor shrimp as a preferred seafood choice.

The expansion of aquaculture farming has also played a pivotal role in market growth. Modern shrimp aquaculture employs advanced breeding techniques, disease control systems, and sustainable farming practices to increase yield, reduce costs, and meet global demand. Aquaculture now accounts for over 65% of global shrimp production.

The market is further benefiting from rising demand for convenient and value-added shrimp products such as frozen, breaded, and ready-to-cook variants. These products align with shifting consumer lifestyles that favor easy-to-prepare and packaged seafood products for home consumption and foodservice operations.

Opportunities lie in the growing demand for organic, sustainably farmed, and certified shrimp products as consumers become increasingly conscious of environmental sustainability and product traceability. Technological innovations, including disease surveillance systems, genetic improvements in farmed shrimp species, and enhanced feed efficiency, are opening new avenues for market players.

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Segmentation Analysis
The global shrimps market is segmented based on source, species, form, and distribution channel:

By Product Type

Fresh Shrimp
Frozen Shrimp
Canned Shrimp
Breaded or Value-Added Shrimp Products
Dried or Dehydrated Shrimp
Cooked or Precooked Shrimp

By Species

Whiteleg Shrimp
Black Tiger Shrimp
Pacific White Shrimp
Northern Pink Shrimp
Brown Shrimp Rock Shrimp

By Application

Food
Pharmaceutical
Cosmetics
Industrial
Biotechnology
Other

By Distribution Channel

Retail Stores
Online Retail Platforms
Direct Sales

Regional Insight

The Asia Pacific region is home to some of the world's largest consumers of shrimp, including China, Japan, Vietnam, Thailand, and Indonesia. Rising populations, increasing disposable incomes, and changing dietary preferences toward seafood contribute to the growing demand for shrimp in the region, which significantly boosts the Asia Pacific Shrimps Market growth. Trade agreements and liberalization efforts in the Asia Pacific region have facilitated the movement of shrimp products across borders. Bilateral and multilateral trade agreements, such as the Association of Southeast Asian Nations (ASEAN) Free Trade Area and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), have reduced tariffs and trade barriers, promoting regional integration and market access for shrimp exporters.

Commutator Analysis

A strategic market analysis identifies the following strengths, challenges, opportunities, and threats:

Asia-Pacific:

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)
North America:
8. Clearwater Seafoods (Canada)
9. High Liner Foods (Canada)
10. Red Chamber Group (Canada)
11. CenSea (United States)
12. American Seafoods (United States)
13. Pacific Seafood (United States)
14. SeaPak Shrimp & Seafood Co. (United States)

Conclusion
The global shrimps market is poised for robust growth over the next decade, projected to nearly double in size by 2032. Driven by health trends, aquaculture advancements, consumer preference for convenience, and sustainability initiatives, the market offers promising opportunities for producers, distributors, and retailers. Countries like the United States and Germany are leading regional markets with rising demand for premium, sustainable, and value-added shrimp products. However, addressing challenges like disease management, ecological impacts, and market volatility will be crucial for sustained growth. Stakeholders investing in innovation, certified supply chains, and digital retail platforms will be well-positioned to thrive in this dynamic global market.

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