Global Shrimp Market Size, Share, Growth Analysis, By Species(Whiteleg Shrimp, Black Tiger Shrimp), By Form(Fresh, Frozen), By Source(Wild-Caught, Aquaculture) - Industry Forecast 2024-2031

Global Shrimp Market size was valued at USD 68.40 billion in 2022 and is poised to grow from USD 72.16 billion in 2023 to USD 110.75 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).

In recent years, the global shrimp market has witnessed changes in consumer preferences and demands driven by the increasing demand for seafood, a rise in health-conscious eating habits, and the popularity of shrimp in various cuisines worldwide. The versatile nature of shrimp positions it as a key ingredient in various dishes, making it increasingly popular and consumed globally. Health-conscious consumers are particularly attracted to shrimp as a low-calorie, high-protein food source. Furthermore, certifications like the Aquaculture Stewardship Council (ASC) and Best Aquaculture Practices (BAP) play a significant role in ensuring sustainable shrimp production. However, disease outbreaks can impact production, highlighting the importance of sustainable and responsible farming practices to address these issues.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Shrimp Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Shrimp Market Segmental Analysis

The global shrimp market is segmented on the basis of species, by form, by source, and region. By species, the market is segmented into whiteleg shrimp, black tiger shrimp, brown shrimp, pink shrimp, and others. By form, the market is segmented into fresh, frozen, cooked, and breaded. By source, the market is segmented into wild-caught, aquaculture. By region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.

Drivers of the Global Shrimp Market

Consumer preferences for healthier dietary choices have led to increased demand for shrimp, which is known as a low-calorie, high-protein seafood option. Additionally, the versatility of shrimp in various culinary traditions worldwide has contributed to its popularity, making it a staple ingredient in numerous dishes. International trade is crucial in meeting this demand, with major exporting countries like India, China, Vietnam, Indonesia, and Ecuador supplying shrimp to key importing nations such as the United States, European Union, and Japan.

Restraints in the Global Shrimp Market

One of the primary restraint in the shrimp market is the susceptibility of shrimp farming to disease outbreaks, which can impact production levels and pose risks to the industry's sustainability. The intensification of aquaculture practices can increase the instances of diseases, leading to the need for strict biosecurity measures. Additionally, environmental concerns related to shrimp farming, including habitat degradation and water pollution, have prompted calls for more eco-friendly practices in the industry.

Market Trends of the Global Shrimp Market

There is a growing emphasis on sustainability across the shrimp supply chain as consumers become more environmentally conscious. This trend is driving demand for responsibly sourced and certified shrimp products. Certifications such as the Aquaculture Stewardship Council (ASC) and Best Aquaculture Practices (BAP) are becoming increasingly important as indicators of ethical and sustainable production practices. Additionally, there is a notable rise in value-added shrimp products, catering to changing consumer lifestyles and preferences for convenient, ready-to-cook options.