Global Shrimp Market Trends Insights 2024-2028

Global Shrimp Market Analysis

The global shrimp market is expected to reach USD 69.35 billion by 2028, reflecting a robust growth trajectory. Shrimp is not only a highly traded seafood globally but is also gaining popularity in diverse sectors, such as pharmaceuticals, healthcare, and cosmetics. This growth is driven by shrimp’s rich nutritional profile, including high protein, phosphorus, and selenium content, and its increasing recognition for antioxidant and anti-aging properties. The global demand for shrimp is rising, and governments and organizations are actively supporting initiatives to boost production and sustainability.

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Market Growth and Forecasts

• Global Shrimp Market Size in 2022: USD 46.94 billion
• Projected CAGR (2022-2028): 6.72%

The market is poised to grow significantly over the coming years. This growth is fueled by the rising demand for shrimp, not only in the food industry but also in the healthcare and cosmetics sectors. Governments in shrimp-producing countries are focusing on cluster farming initiatives to increase production capacity and address rising demand, leading to improved industry sustainability.

Key Growth Drivers

1. Diversified Demand: Shrimp is now a staple ingredient in global cuisines, especially in Asian dishes, and is expanding into other industries such as pharmaceuticals and cosmetics.
2. Government Support: Countries like India, China, Vietnam, and Thailand are offering fiscal reliefs and incentives to encourage cluster farming, a model that enhances sustainability and shrimp production.
3. Sustainability Initiatives: Climate-resilient shrimp farming practices are being promoted through international collaborations and investments, ensuring the industry adapts to environmental challenges while increasing productivity.

Major Shrimp-Producing Countries

• India: Recognized as one of the largest suppliers of value-added shrimp. With its cost-effective labor force and large-scale production, India continues to be a dominant exporter, especially to the US and Europe.
• Vietnam: The shrimp industry in Vietnam is expanding rapidly, particularly in vannamei shrimp farming. However, challenges related to scaling up production persist.
• Other key producers: China, Indonesia, Thailand, and the Philippines continue to be major players in the global shrimp market.

Shrimp Imports and Exports

• Top Shrimp Importer: China has emerged as the leading importer of shrimp globally, largely due to its decline in domestic seafood production and increasing demand for imported shrimp.
• Top Shrimp Exporters: Ecuador has become a dominant force in the global shrimp export market, surpassing traditional producers like India and Vietnam in terms of export volumes. Ecuador’s commitment to sustainable production practices is contributing to its rapid market growth.

Shrimp Species and Market Demand

• Litopenaeus vannamei (L. vannamei), also known as Pacific white shrimp, accounts for over 50% of global shrimp production. Its high growth rates, resilience, and adaptability to various environments make it a favorite among shrimp producers.
• Other shrimp species like P. monodon (black tiger shrimp) and M. rosenbergii (giant river prawn) are also seeing growing demand, especially in premium markets.

Shrimp Size and Product Forms

• Medium-sized shrimp (21-25) are the most popular globally, often labeled as “jumbo” or “extra-large” shrimp in both fresh and frozen forms.
• Product Types: The shrimp market offers a variety of product forms, including breaded, cooked, peeled, green/head-on, and green/head-off. Green or head-on shrimp are particularly favored in high-end restaurants for their rich flavor and texture.

Key Industry Players

Prominent companies leading the global shrimp market include Avanti Feeds Ltd., Surapon Foods, Thai Union Group, Royal Greenland, Maruha Nichiro Corporation, and Charoen Pokphand Foods PCL. These companies are not only strengthening their market positions through technological advancements but are also increasing focus on sustainable shrimp farming practices.

The Asian Development Bank (ADB) loaned USD 93 million in December 2022 to support small-scale farmers in Indonesia, aiming to boost shrimp production and sustainability through climate-resilient practices.

Global Shrimp Market Breakdown

Production

• Top 5 Shrimp Producing Countries:
  1. China
  2. India
  3. Vietnam
  4. Indonesia
  5. Thailand

Import Volume

• Top 7 Shrimp Importing Countries:
  1. European Union (EU28)
  2. United States of America
  3. China
  4. Japan
  5. South Korea
  6. Canada
  7. Vietnam

Export Volume

• Top 7 Shrimp Exporting Countries:
  1. Ecuador
  2. India
  3. Vietnam
  4. Indonesia
  5. China
  6. Thailand
  7. Argentina

Species Breakdown

• L. vannamei: Dominates the market.
• P. monodon: Gaining traction.
• M. rosenbergii: Emerging in premium markets.

Product Form Breakdown

• Common Forms: Breaded, cooked, peeled, green/head-on, and green/head-off shrimp.

Conclusion

The global shrimp market is experiencing robust growth driven by increasing demand across multiple sectors, government support for sustainable farming practices, and innovations in shrimp production technology. As demand rises, especially in emerging markets, countries like Ecuador and India are set to play an even larger role in shaping the future of the shrimp industry. The growth of shrimp consumption across various forms—frozen, cooked, and peeled—combined with the rising popularity of medium-sized and green/head-on shrimp, indicates a thriving market.