Global Shrimp Market Size And Forecast Report 2024-2032

Global Shrimp Market Analysis: Growth, Trends, and Future Outlook

The Global Shrimp Market is expected to reach a value of USD 69.35 billion by 2028, driven by rising demand across various sectors, including food, pharmaceuticals, healthcare, and cosmetics. Known for its high protein, antioxidant, and anti-aging properties, shrimp has become a popular choice not only for its nutritional benefits but also for its versatility across culinary and non-culinary uses. This article explores the global shrimp market’s growth drivers, leading producers, importing countries, and notable trends.

Rising Global Demand and Market Growth Rate

The shrimp market is projected to grow at a compound annual growth rate (CAGR) of 6.72% from 2022 to 2028. The demand for shrimp has surged due to its extensive use in Asian cuisine and its popularity as a protein-rich food choice worldwide. Factors such as growing consumer interest in healthy eating, favorable government policies supporting shrimp farming, and increased investment in seafood industries are expected to drive market growth further.

Key Factors Fueling Shrimp Market Growth

1. Health Benefits and Nutritional Value: Shrimp is a protein-rich, low-calorie food that also provides essential nutrients like phosphorus and selenium, making it a popular dietary choice. Its antioxidant properties also contribute to its use in healthcare and cosmetic industries.
2. Expansion of the Food Industry: Increasing demand for ready-to-eat and convenience foods has expanded the shrimp market globally. Rising urbanization and changing dietary habits have led to a surge in demand for pre-packaged shrimp products, especially in North America and Europe.
3. Supportive Government Policies and Cluster Farming: Major shrimp-producing countries, including India, China, Vietnam, and Thailand, are witnessing government-backed initiatives supporting small-scale farmers. Cluster farming, which promotes sustainable and large-scale shrimp farming, has attracted investment and facilitated technological advancements in shrimp farming.

Leading Shrimp Producers: India and Vietnam

The shrimp market’s supply chain is primarily dominated by Asian countries. India and Vietnam are among the top shrimp producers, benefiting from their favorable climates, lower production costs, and high labor availability.

• India: Known for its large-scale production and export of farmed shrimp, India has established itself as a major supplier of high-quality, disease-free shrimp. The country’s shrimp sector has also benefitted from governmental incentives and advancements in aquaculture technology.
• Vietnam: Vietnam’s shrimp industry has shown impressive growth due to the cultivation of vannamei shrimp, a species suited for high-yield, intensive farming. Vietnam’s government has been encouraging shrimp farming expansion to meet increasing domestic and global demand, helping to strengthen its position as a leading exporter.

China’s Role as a Major Importer

China has become the world’s largest importer of shrimp, influenced by declining domestic seafood production and growing demand in its retail and catering sectors. China primarily imports shrimp from Ecuador, India, and Vietnam, with Ecuador being one of the top exporters due to its high-quality shrimp that meets China’s rising demand for frozen and fresh seafood products.

Ecuador’s Growing Presence as an Exporter

Ecuador is a key player in the global shrimp export market, competing with traditional exporters like India and Vietnam. Ecuador’s focus on sustainable production practices and technological investments has allowed it to enhance shrimp quality and efficiency, positioning it as a strong contender in global markets. This growth has been supported by the country’s commitment to environmental responsibility and technological innovation in shrimp farming.

Popular Shrimp Species: The Dominance of L. vannamei

The shrimp market is segmented by species, with Litopenaeus vannamei (L. vannamei), or Pacific white shrimp, holding the largest market share due to its adaptability to diverse environments, high growth rates, and resilience to adverse conditions. The species is predominantly farmed in Ecuador, China, India, and Vietnam, where it accounts for more than 50% of production.

Other species, such as Penaeus monodon (Black Tiger shrimp) and Macrobrachium rosenbergii (Giant River Prawn), also have a significant presence in the market. Black Tiger shrimp is highly valued in Asian markets for its flavor, while Macrobrachium species are preferred for their high-quality, freshwater characteristics.

Shrimp Size Categories and Consumer Preferences

The global shrimp market is also segmented by size, with medium-sized shrimp in the 21-25 count range being particularly popular. These shrimp sizes are commonly used in a variety of dishes and are preferred by consumers for their versatility.

Other popular sizes include the 26-30 count, which is often marketed as “large” or “extra-large,” meeting the demand for shrimp in both retail and foodservice sectors. Large-sized shrimp are predominantly produced in major shrimp-producing countries like China, Indonesia, India, and Thailand.

Product Forms: Catering to Diverse Consumer Needs

Shrimp is marketed in various forms to meet consumer preferences worldwide. These forms include:

• Green/Head-On: Shrimp in this form are sold without peeling or removing the head, preserving their rich flavor, making them popular in gourmet restaurants and with discerning seafood consumers.
• Peeled and Deveined: These shrimp products are ready-to-cook, catering to convenience-seeking consumers in Western markets where time-saving food preparation methods are popular.
• Cooked and Breaded: Prepared shrimp products, such as breaded and pre-cooked shrimp, are widely available in North America and Europe, where they cater to the growing demand for ready-to-eat seafood options.

Key Players in the Global Shrimp Market

The global shrimp industry is highly competitive, with several companies dominating the market. Prominent companies include:

1. Avanti Feeds Ltd.: An India-based company known for its high-quality shrimp production and commitment to sustainable aquaculture practices.
2. High Liner Foods Inc.: A Canada-based seafood company with a significant focus on value-added shrimp products.
3. Thai Union Group: This Thai company is a leading player in the seafood industry, known for its wide range of shrimp products catering to both domestic and international markets.
4. Maruha Nichiro Corporation: A Japanese company with a strong presence in the seafood sector, focusing on shrimp exports to meet global demand.

Industry Trends and Future Outlook

1. Sustainable Aquaculture Practices: Governments and private entities are increasingly promoting sustainable shrimp farming practices, such as cluster farming and responsible resource management. This shift towards sustainability aims to minimize the environmental impact of shrimp farming, a move that has gained traction in countries like Ecuador and Indonesia.
2. Climate-Resilient Shrimp Farming: Climate change poses risks to shrimp farming, with potential impacts on production levels and species health. In response, organizations like the Asian Development Bank (ADB) are financing projects to support climate-resilient practices among smallholder farmers, particularly in Asia. Such initiatives promote sustainable aquaculture that mitigates climate-related challenges.
3. Technological Advancements in Farming: Adoption of advanced farming methods and technology in shrimp production has resulted in higher yields, lower disease risks, and improved quality control. Automation in feeding, water quality monitoring, and disease detection is expected to continue transforming the shrimp industry.
4. Evolving Consumer Preferences: As consumers become more health-conscious and demand traceability in food products, there is a growing preference for sustainably farmed shrimp. The increased demand for transparent sourcing has encouraged shrimp producers to adopt eco-friendly practices and certifications, appealing to environmentally aware consumers in North America and Europe.

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Conclusion

The global shrimp market is projected to experience steady growth over the coming years, driven by demand across multiple sectors, evolving consumer preferences, and technological innovations. Leading shrimp producers like India, Vietnam, and Ecuador are well-positioned to meet this demand, supported by government initiatives and sustainable farming practices. The shrimp market is likely to see continued growth as it adapts to changing global food trends, sustainability goals, and technological advancements, reinforcing its significant role in the global seafood industry. 

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