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Shrimp Market Size, Share & Industry Analysis, By Type (Pink, White, Brown, and Others), By Form (Frozen and Canned), End-user (Residential and Commercial), Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, and Online Sales Channels) and Regional Forecast, 2024-2032

Last Updated: July 08, 2024 | Format: PDF | Report ID: FBI106303



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The global shrimp market size was USD 40.35 billion in 2023 and is projected to grow from USD 42.90 billion in 2024 to USD 74.24 billion by 2032 at a CAGR of 7.09% during the 2024-2032 period. Asia Pacific dominated the shrimp market with a market share of 38.22% in 2023.

The global impact of COVID-19 has been unprecedented and staggering, with shrimp witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited decline in growth of 16.46% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.’

Innovations in the seafood sector have been continuously growing in the last few years. Advancements in newly invented technology and the entrance of market players in the commercial seafood farming sector would boost the growth of the industry. Moreover, sustainability and growth of the seafood supply are also being considered more than ever before. These trends are expected to create significant changes and offer lucrative opportunities in how seafood is harvested and marketed during the analysis period .

Asia-Pacific is the leading producer of shrimps in the world. However, decapod crustaceans production in the Asia-Pacific region in 2020 was delayed by almost 3 months because of the COVID-19 crisis. The decrease in demand from Asian countries such as China, Vietnam, India, and Thailand may negatively affect the shrimp market growth. One of the world’s largest decapod crustaceans producers, India faced challenges related to pond seeding. The pond seeding process, which usually occurs in March and April months, was delayed to May and June due to the lockdown imposed in the country, and as a result, the harvest was witnessed in August/September months.

Shrimp Market Trends

New Trend of Adapting to Flexitarians Lifestyle to Increase Demand for Shrimps

Since the last few years, there has been an increase in pescatarians and flexitarians. Adhering to this trend, since the beginning of the 2020s the flexitarian trend has been adopted from a wide range of consumers. In flexitarians, consumers adopt a vegan diet, but they include sustainably sourced seafood for extra protein. Seagans benefit from high-quality omega-3 fatty acids that are hard to source from the traditional vegan diet.

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Shrimp Market Growth Factors

Sustainable Seafood Choices and More Focus on Adding High Protein Drive Market Growth

Sustainable seafood is the prevention of overfishing, minimizing incidental impacts to ocean wildlife and habitats, identifying and protecting essential fish habitats, and considering the social and economic impacts on the communities and sea animals’ biodiversity. Also, there has been an increase in choosing sustainable seafood as meals in the last few years. This trend is increasing with many NGOs working on spreading awareness about sustainable seafood consumption and celebrity endorsement of environmentally friendly and sustainable lifestyle campaigns.

Many leading countries, including U.S. are also supporting sustainable fishing practices and hence it is helping spread awareness about sustainable seafood consumption among the consumers. NOAA Fisheries (National Oceanic and Atmospheric Administration within the Department of Commerce in the U.S.) supports the participation of the U.S. in a wide range of international fisheries agreements, takes steps to tackle illegal, unregulated (IUU), and unreported fishing, and also provides technical assistance to other countries that are interested in the U.S. fisheries management system.

Globalization of Regional Products and the Rise of Online Sales

The majority of production takes place in Asia-Pacific, and this region dominates the global decapod crustacean production with a large margin. With the increasing demand for seafood throughout the world, many small and developing nations, such as Thailand, Vietnam, and Indonesia, are emerging as major exporters of shrimps to the world. With the demand for traditional decapod crustaceans continuously increasing, these nations are also getting exposure to the new markets and are getting recognition in the global markets. Moreover, with a fast-growing online sales channel, the market is now wide open for consumers to buy seafood from any corner of the globe. These factors contribute positively to the global market growth and are expected to do so during the forecast period.


Trade War between Developed Economies Restraints the Growth of the Market

In the wake of becoming a financial superpower, major countries such as China, the U.S., and Russia are involved in a trade war for the last few years.

In the year 2019, the Chinese government imposed retaliatory tariffs on U.S. goods which affected USD 110 billion in estimated annual imports at different tariff rates from 10 to 25 percent. Although it affected a wide range of goods, U.S. seafood was directly affected. The U.S. government announced a phase one trade deal with China on October 11, 2019, which was implemented on February 15, but the seafood industry was left out of the settlement. Such trade wars limit the import and export of seafood and mainly shrimp, which is one of the most consumed seafood in the world. Therefore, trade wars between developed nations may act as a restraint to market growth.

Shrimp Market Segmentation Analysis

By Type Analysis

White Shrimp Segment Holds the Major Market Share Attributed to its Consumption in all Regions & Easy Availability

Based on type, the segment includes pink, white, brown, and others. The white segment dominates the market owing to its wide acceptance and favoritism in almost all regions. Also, it contains a high amount of proteins and vitamins that make it a great source of alternative proteins.

White shrimps are also known for their other nutritional benefits, such as calcium, magnesium, and phosphorous. In addition, they are also known to help in cancer prevention. They contain a high amount of omega-3 fatty acids, which provides DHA and EPA useful for a healthy brain, lower cardiovascular risks, and prevent heart disease and cancer. White shrimps also provide selenium which is useful in fighting against radical effects that cause cancer. The growing demand for white shrimps from developing nations is also expected to boost the market size of the global decapod crustaceans market during the forecast period.

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Brown decapod crustaceans are expected to showcase promising growth because of their growing consumption in Asian countries. APAC market includes China, Japan, and Vietnam, where the consumption of brown decapod crustaceans is increasing. Hence, this factor offers promising growth opportunities for the growth of the global market.

By Form Analysis

Frozen Shrimp to Hold Major Market Share owing to its Availability in Major Supermarkets/Hypermarkets and Online Platforms

The frozen decapod crustaceans sector dominates the global market in 2020 and is expected to retain its dominance during the forecast period. The freezing process is mainly done to prevent spoilage and extend the shelf-life of fish for a longer time. As trade is simpler in the last few decades and import-export processes are becoming more feasible; thus, the need for freezing seafood is continuously increasing. Exporters need to freeze their products to keep them fresh for a longer period till they reach the consumers based in other countries. With major countries such as the U.S., the U.K., Germany, Russia, and China importing shrimps from other countries, the freezing process has become an essential part. Hence, this segment is expected to retain its dominance. Moreover, as the fair trade policies have become more feasible, the import and export of fish are done from time to time with ease of transportation.  

Apart from frozen seafood, consumers are now shifting towards adapting to canned seafood.  Canned seafood is preserved using added preservatives, and they are kept fresh with added texture-enhancing ingredients that attract the consumers.

By End-user Analysis

Commercial Segment to Lead Owing to Growing Consumption of Seafood in Restaurants

There is a continuous increase in per capita income in the various countries. It is transforming into increased outings for lunch and dinner and increased spending on hoteling and eating outside. This factor is expected to positively influence the growth of the global industry worldwide. Moreover, with the availability of various regional decapod crustaceans in international markets, consumers are trying various dishes and types of decapod crustaceans that are available in a specialized seafood restaurant. Thus, the aforementioned trends may boost market growth. Hence, the dominance of the commercial segment in the end-user segment is expected to remain the same.

Apart from the increase in the commercial segment, there is a strong CAGR expected in the household segment in the global market. As more consumers are shifting their focus towards fish and seafood consumption and trying a new cuisine for trying seafood as added protein source, the demand for the product is continuously increasing from the household segment. In developing countries, the families which cannot afford to eat out all the time prefer taking the raw decapod crustaceans home and cooking them by themselves. This increase in consumption of seafood from developing nations is expected to positively impact the global market. Hence, the household segment is expected to exhibit the highest CAGR during in upcoming years.

By Distribution Channel Analysis

Change in Consumers Shopping Pattern from Traditional to Online Channels to add Stimulus to the Growth

The specialty store segment among the various distribution channels for shrimp products sales is dominating the market. Fish products are perishable and seasonal in nature and fish products including shrimps are majorly consumed in the areas of fresh harvest and abundant aquaculture farming areas. Consumers prefer fresh fish products from the specialty stores including the street stores which dominate the distribution channel for shrimps globally.

The rapid urbanization and changing consumer lifestyle and purchasing pattern of essential food products is driving the sale of shrimp products through online channels. Convenience and the adoption online purchase pattern is projected to keep the strong growth for fish and shrimp products sales through online channels during the forecast period.


Asia Pacific Shrimp Market Size, 2023 (USD Billion)

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The aquaculture industry has grown significantly over the past decade and continues to grow as wild fisheries become increasingly overexploited. While aquaculture is considered one of the solutions to a growing global population and dwindling protein supplies, the expansion and intensification of the industry have created serious social challenges. Shrimp farming is a high-value industry with an annual output of billions of dollars because shrimp is a popular seafood worldwide. As the world's population grows, there is an increasing demand for aquatic foods that marine fisheries can no longer supply. With shrimp now gaining popularity worldwide, the need for aquaculture to meet continued demand is rising.

In Asia Pacific, the aquaculture industry is booming and is expected to grow at a notable growth rate in the coming decade. Asia Pacific dominated the market by capturing a major market share with USD 10.74 billion in revenue in 2020. The rising adoption of shrimp in traditional cuisines in China, India, Australia, Japan, and Vietnam has boosted its demand over the past few years. In addition, the growing demand for shrimp from the foodservice sector propels the APAC market growth in the region.

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North America is expected to grow with steady growth rate majorly due to the rising demand for brown shrimps and big-sized decapod crustaceans in this region. The increasing popularity of brown type and other types of new decapod crustaceans in the region has increased the demand for importing various regional shrimps. The increasing popularity of seafood as the added protein source and the adoption of a flexitarian lifestyle have increased the demand for decapod crustaceans products. Ongoing developments and technological advancements in the cultivation and harvesting of decapod crustaceans are expected to drive the growth of the market in the region.

Europe is expected to grow with a slower growth compared to North America. Presence of other sea species restricts the growth of the market for shrimps, but still the demand is forecasted to grow steadily. There is increasing demand for other competitive seafood such as tuna, cod, salmon, and Alaska Pollock in European market for a long time. Hence, the consumption of decapod crustaceans is experiencing slow and steady growth. The demand for high-quality white decapod crustaceans in the regions creates an opportunity for various decapod crustaceans suppliers hailing from the developing countries of APAC. The increasing consumer shift towards brown decapod crustaceans aids in the consumption of decapod crustaceans in these regions

The South American decapod crustaceans market is projected to witness stable growth. The major production of decapod crustaceans in South America takes place in Ecuador. The decapod crustaceans market in this region offers lucrative opportunities to improve shrimp farming methodologies, develop new strains, and expand seafood farming activities in Brazil and Argentina. Ecuador shrimps market to offer promising opportunities for export in coming years with increasing production since last few years. The market for decapod crustaceans in the Middle East and Africa is still at the initial stage. White decapod crustaceans are popular aquaculture products in the Middle East & Africa regions. Attributed to the rising demand from middle-income groups, the market is expected to experience steady growth.

List of Key Companies in Shrimp Market

As the trend of consuming seafood is increasing in the last few years, decapod crustacean farmers and producers are making their decapod crustaceans available in local and international markets by entering into partnerships or by expanding their businesses in the international markets. Many market players are coming up with new ideas to attract more decapod crustaceans farmers to their organization and increase their decapod crustaceans production. India is one of the fastest developing economies, and the decapod crustaceans industry in India is climbing new heights over the past few years, and considering this growth, many key players are showing interest in the Indian market. In March 2021, aquaculture tech firm Aquaconnect partnered with Alliance Insurance Brokers for an insurance program for decapod crustaceans farmers. This partnership is expected to benefit 1.5 lakh decapod crustaceans farmers across India. Through this partnership, Aquaconnect will provide risk management services to the insurance partners, including farm data collection, ground validation by aquaculture officers, farm data collection, ground validation by aquaculture officers, and AquaCRED dashboard support. In another move in the Indian market, INR 5000 Million animal feeds company Anmol Feeds in 2019 announced that it would set up one shrimp feed unit at Kolkata and a floating fish feed facility in the Bihar-Uttar Pradesh border. Recently Aquaculture technology firm Blue Aqua partnered with VeChain to bring blockchain traceability to the decapod crustaceans farming industry. Such developments in the decapod crustaceans industry are expected to offer lucrative growth opportunities for the global industry to boost in the upcoming years.



  • March 2024: Laitram Machinery acquired Martak's shrimp peeling business line in 2024. This move promises to increase the shrimp processing business landscape, especially for the Cold-Water Shrimp category.

  • February 2024:  An Indian online seafood-selling company “Captain Fresh” acquired U.S.-based seafood importer “CenSea Inc.,” Through this acquisition, the company is aiming to bring more than 50% of its business from the U.S. after the acquisition, which was 25-30% earlier. 

  • June 2022: “Ocean 14 Capital Fund” entered into a definitive agreement with USD 12 million to purchase a majority stake in “SyAqua”. SyAqua is one of the largest providers of shrimp genetics and has a footprint in the U.S., Malaysia, Singapore, Thailand, and Indonesia.

  • March 2020: Sykes Seafood, a Liverpool-based seafood provider, acquired European shrimp processor Klaas Puul. It is expected that a combination of these two seafood businesses will offer customers access to a wide range of products in frozen format for retail and foodservice. Klaas Puul is one of the largest European processors operating in the Netherlands, Germany, Belgium, Denmark, and Morocco.

  • February 2019: Cooke aquaculture, a Scottish company, acquired “Seajoy” a decapod crustaceans producer based in Honduras. This Seajoy acquisition is expected to allow Cooke to establish its presence in one of the largest shrimp production zones, including Ecuador and Mexico.


An Infographic Representation of Shrimp Market

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The global shrimp market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading product application areas. Besides this, the report offers insights into the key market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the market's growth over recent years.

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Report Scope & Segmentation:



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 7.09% from 2024 to 2032


Value (USD Billion)


By Type

  • Pink

  • White

  • Brown

  • Other

By Form

  • Frozen

  • Canned

By End-User

  • Residential

  • Commercial

By Distribution Channel

  • Hypermarkets/Supermarkets

  • Convenience Stores

  • Specialty Stores

  • Online Sales Channels

By Geography

  • North America (By Type, Form, End-User, Distribution Channel, and Country)

    • U.S. (By End-User)

    • Canada (By End-User)

    • Mexico (By End-User)

  • Europe (By Type, End-User, Form, and Country)

    • France (By End-User)

    • Germany (By End-User)

    • U.K. (By End-User)

    • Italy (By End-User)

    • Russia (By End-User)

    • Rest of Europe (By End-User)

  • Asia Pacific (By Type, Form, End-User, Distribution Channel, and Country)

    • China (By End-User)

    • India (By End-User)

    • Japan (By End-User)

    • Australia (By End-User)

    • Rest of Asia Pacific (By End-User)

  • South America (By Type, Form, End-User, Distribution Channel, and Country)

    • Ecuador (By End-User)

    • Brazil (By End-User)

    • Rest of South America (By End-User)

  • Middle East & Africa (By Type, Form, End-User, Distribution Channel, and Country)

    • South Africa (By End-User)

    • Turkey (By End-User)

    • Rest of the Middle East & Africa (By End-User)

Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 40.35 billion in 2023 and is projected to reach USD 74.24 billion by 2032.

Growing at a CAGR of 7.09%, the market will exhibit steady growth over the forecast period (2024-2032).

By type, the white shrimp segment is expected to be the leading segment in this market during the forecast period.

Sustainable seafood choices and more focus on adding more protein to day to day diet are the driving factors.

Nippon Suisan Kaisha, Thai Union Group, and Avanti Feeds Ltd. are the major players in the market.

Asia Pacific dominated the market share in 2023.

Globalization of regional products and rise of online sales are expected to drive the market growth.

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