Shrimp - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2025 - 2030)

The Shrimp Market size is estimated at 127.3 billion USD in 2025, and is expected to reach 136.3 billion USD by 2030, growing at a CAGR of 1.38% during the forecast period (2025-2030).

The foodservice industry is expected to drive the market

• The on-trade channel accounted for a significant share in 2022. Shrimp sales witnessed a Y-o-Y growth of 2.07% by value from 2021 to 2022. The increase in the frequency of dining out boosted the market's growth globally. For instance, around 70% of the population in countries like the United States, China, Malaysia, and India dined out to consume seafood in 2022. Another major factor that drove the sales of shrimp globally was the increase in disposable incomes. The rise in the number of foodservice establishments, such as food trucks, quick-service restaurants, and full-service restaurants, and the emerging trend of cloud kitchens also boosted the sales of shrimp through the on-trade channel.
• The off-trade channel is anticipated to register the fastest growth during the forecast period, with a CAGR of 2.76% by value. Among all off-trade channels, supermarkets and hypermarkets accounted for a share of more than 61.02% in 2022. Consumers switched to private-label brands instead of national brands, which offer more varieties of shrimp products, such as South American white shrimp, Asian white shrimp, and breaded shrimp products. Private-label brands are able to attract consumers with a wide range of shrimp products, such as peeled shrimp, processed shrimp, and shell-on shrimp.
• The online channel is projected to be the fastest-growing channel, registering a CAGR of 5.10% during the forecast period. Major online stores like Amazon, Walmart, The Kroger Co., and others have launched more products with ASC certification. Around 46% of consumers made online purchases for groceries in 2021. The increase in the adoption of e-commerce is expected to favor the growth of the market.

Shrimp imports are increasing in the Western markets and Japan

• The cost of aquaculture inputs (feed, fuel, and transportation) increased significantly in 2022, causing difficulties for shrimp farmers worldwide. Nevertheless, production and export of farmed shrimp in Asia were moderate in 2022. In terms of species, vannamei shrimp dominated the supply. From January to June 2022, the cumulative shrimp imports to the top five markets were 1.36 million tons, up by 13% from the same period last year. Imports of semi-processed (peeled shrimp) and processed shrimp (breaded and others) increased in Western markets and Japan during this period, mainly from Vietnam, Thailand, Indonesia, and China.
• Asia-Pacific dominates the shrimp market, with a 41% higher market share than North America and a 41.5% higher market share than Europe. This is mainly due to its population, as around 59% of the global population lives in Asia. More countries are producing shrimp, such as India, Thailand, China, and others, which account for around 58% of global production, and 49% of the shrimp produced is consumed locally. The rest is exported to other countries like the United States for premium prices.
• South America is likely to be the fastest-growing shrimp market. It is expected to record a CAGR of 3.77% by value during the forecast period. The country is known for the premium quality and prices of its shrimp. The increase in investments and demand for premium shrimp is expected to drive the market. Brazilian shrimp producers were targeting 20% growth through 2023, helped by an explosion of small-scale producers in the northeast of the country. Achieving this target would boost production to 180,000 tons and allow new and existing producers to capitalize on domestic demand as consumers sought variety in their diets.

Global Shrimp Market Trends

Occurrence of outbreaks and low-quality production facilities are impacting Asia's production

• Global shrimp production grew by 5.29% from 2017 to 2022. As per the Global Seafood Alliance's (GSA's) annual production survey, global shrimp production is forecast to jump to the highest production ever, driven by a sharp expansion of Ecuador's shrimp farming industry. Ecuador's shrimp production saw 41% growth in 2021, the single largest nominal growth of any aquaculture industry.
• Globally, Asian countries produce the most shrimp. About 45% of the world's shrimp come from Asia. Shrimp production in Asia was expected to see minimal growth in 2023, as many individual farmers either abandoned or reduced their sowing. In 2022, weather issues, disease, and rising feed costs in China and India resulted in negative overall growth. A combination of constantly occurring problems such as Enterocytozoon hepatopenaei (EHP) and early mortality syndrome (EMS) lead to an increase in production costs. Production in Vietnam remained almost flat in 2022. The small-scale and low-tech nature of the farms, pollution, poor water quality, impacts of climate change such as saltwater intrusion, and the lack of quality infrastructure are a few factors restraining the country's shrimp production.
• Production in Indonesia grew slightly as the country is mostly dependent on the strong US market. However, the market is expecting a downturn due to higher production costs. In Indonesia, the government has set targets to increase its shrimp production to 578,000 MT in 2024. Shrimp farming has expanded significantly beyond the traditional hubs of Lampung and East Java in recent years, with new farming clusters emerging in Sulawesi and the eastern areas of Indonesia, particularly East Nusa Tenggara. These new regions are projected to play huge roles in Indonesia's shrimp production in the future.

Rising supply chain costs are leading to growth in prices

• Between 2017 and 2022, the price of shrimp at a global level increased by 8.47%. High freight rates, the rising cost of marine fuels, and logistical disruptions, including bottlenecks at seaports across regions, propelled wholesale prices. Demand for shrimp is expected to grow at the fastest rates in East and Western Europe and the US. High freight costs have caused import prices to rise by USD 0.70 to USD 0.80 per kg for products going from Asia to North America and Europe. Shipping prices remained high until the summer of 2022.
• In the United States, the price of shrimp increased by 0.96% in 2022 compared to the previous year. Higher shrimp prices are leading to lower demand in the United States, but even so, prices are expected to remain elevated as fishing companies work to reduce inventories. Even as farmers are paid less to grow shrimp, resulting in lower inventories worldwide, the prices US retailers offer consumers are based on what they paid for the product months ago, in addition to cold storage costs, which have grown with energy prices due to the war in Ukraine.
• In Europe during the first half of 2023, the prices of shrimp varied from USD 33/kg to USD 67/kg. In 2021, the ex-farm prices of shrimp in producing countries remained stable until July but started to increase from August onward due to the lower supply in Asia. In Ecuador, average export prices rose to around USD 6.00/kg, the highest level since December 2018. In India, the prices fluctuated because supply was volatile, but the prices were not as low as in Ecuador. The price increase hit all parties involved in the shrimp supply chain, and the high-priced stocks accumulated by the COVID-19 pandemic induced a surge in demand in 2021.

Shrimp Industry Overview

The Shrimp Market is fragmented, with the top five companies occupying 1.68%. The major players in this market are Beaver Street Fisheries, Dulcich Inc., Maruha Nichiro Corporation, Nippon Suisan Kaisha Ltd and Thai Union Group PCL (sorted alphabetically).

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