Global Shrimp Market Size And Forecast Report 2022-2028

Global Shrimp Market

The global shrimp market is poised to reach US$ 69.35 billion by 2028, reflecting a CAGR of 6.72% from 2022 to 2028. Shrimp, one of the world’s most traded seafood species, continues to experience robust demand, driven by its nutritional benefits, versatility in various sectors, and increasing consumption globally.

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Market Drivers:

1. Nutritional Value and Versatility: Shrimp is a rich source of protein, phosphorus, and selenium, with additional health benefits such as antioxidant and anti-aging properties. This makes it a preferred choice not only in the food industry but also in pharmaceuticals, healthcare, and cosmetics.
2. Rising Global Demand: Shrimp consumption has grown steadily, particularly in Asian cuisines, but also in international markets due to its taste, affordability, and easy availability.
3. Cluster Farming and Government Support: Governments in key shrimp-producing nations such as China, India, Vietnam, and Thailand are promoting cluster farming through fiscal incentives. This strategy improves production efficiency, sustainability, and disease control, supporting the industry’s long-term growth.

Leading Shrimp Producers and Exporters:

• India and Vietnam have emerged as the world’s leading shrimp producers, with India leveraging its low labor costs and large-scale production capacity, particularly in value-added shrimp. Vietnam has experienced significant growth, especially with vannamei shrimp, a high-yield species that is cultivated intensively for better productivity.
• Ecuador, which emphasizes sustainable farming practices, has become a significant exporter, particularly to the US, China, and Europe. Its high-quality shrimp is increasing in demand globally, putting it in competition with traditional producers like India.
• Other top shrimp-producing countries include China, Indonesia, Thailand, and Bangladesh, with China also being the leading importer of shrimp globally, due to a decline in domestic production and a surge in demand for imported shrimp.

Species Breakdown:

• Litopenaeus vannamei (L. vannamei), also known as Pacific white shrimp, dominates the market, accounting for over 50% of global production. It is preferred for its adaptability, high growth rates, and resistance to extreme environmental conditions.
• Other species, such as Penaeus monodon (black tiger shrimp) and Macrobrachium rosenbergii (giant river prawn), are also seeing growth, particularly due to heavy imports from major shrimp-consuming countries like the USA and China.

Shrimp Size and Product Forms:

• Medium-sized shrimp (21-25 count) are most commonly found in dishes globally, often marketed as “jumbo” or “extra-large.” This size category, along with large shrimp (26-30 count), is in high demand in both retail and restaurant sectors.
• The shrimp market is also divided by product forms such as breaded, cooked, peeled, green/head-off, and green/head-on, with green/head-on shrimp catering to high-end consumers and restaurants due to their rich flavor.

Competitive Landscape:

The global shrimp industry is characterized by several prominent players, including:

• Avanti Feeds Ltd.
• High Liner Foods Inc.
• Surapon Foods
• Thai Union Group
• The Waterbase Ltd.
• Royal Greenland
• Maruha Nichiro Corporation
• Mowi ASA
• Charoen Pokphand Foods PCL\

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