Global Shrimp Market Outlook, 2029

The Global Shrimp market is expected to cross USD 70 Billion by 2029, driven by growing consumer demand for seafood.

The Shrimp Market encapsulates a rich tapestry of history, geography, and unique market dynamics. Historically, shrimp has been a prized seafood delicacy enjoyed worldwide for centuries, with coastal communities across Asia, the Americas, and Europe engaging in traditional shrimp fishing and aquaculture practices. Geographically, major shrimp-producing regions include Southeast Asia, particularly Thailand, Indonesia, and Vietnam, as well as Latin America, with Ecuador and Mexico leading production. The market's special aspects include its high nutritional value, versatility in culinary applications, and economic significance to coastal economies. Factors driving the shrimp market's growth include increasing global demand for seafood protein, technological advancements in aquaculture practices, and sustainable fishing initiatives aimed at preserving marine ecosystems while meeting growing consumer preferences for responsibly sourced seafood. As the market continues to evolve, shrimp remains a pivotal player in the global seafood industry, balancing tradition with innovation to meet diverse culinary and economic needs worldwide. According to the research report, “Global Shrimp Market Outlook, 2029” published by Bonafide Research, the market is anticipated to cross USD 70 Billion by 2029. Growing consumer demand for seafood, an increase in health-conscious eating habits, and the widespread use of shrimp in different cuisines around the world have all had an impact on the global shrimp market in recent years, resulting in shifting customer preferences and needs. Shrimp's adaptability makes it a staple in many different recipes, and its allure cuts over cultural boundaries, contributing to the rising demand for and consumption of seafood worldwide. Moreover, low-calorie, high-protein food sources like shrimp appeal to health-conscious consumers. Furthermore, certifications from the Aquaculture Stewardship Council (ASC) and Best Aquaculture Practices (BAP) are important factors in guaranteeing sustainable shrimp production. Disease outbreaks, however, can have an influence on output, thus it's becoming more and more important to use sustainable and ethical agricultural methods to solve these problems.

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Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally

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Market DriversMarket expansion is driven by more emphasis on adding high protein and sustainable seafood options: Preventing overfishing, reducing unintentional harm to marine life and habitats, identifying, and safeguarding vital fish habitats, and taking into account the social and economic effects on local populations and the richness of marine creatures are all components of sustainable seafood production. In recent years, there has also been a rise in the consumption of sustainable fish for meals. Celebrity support of campaigns promoting an eco-friendly and sustainable lifestyle, together with the efforts of numerous NGOs to raise awareness about sustainable seafood consumption, are contributing to the growing trend of this kind. The United States and many other developed nations promote sustainable fishing methods, which in turn raises consumer knowledge of the benefits of eating seafood sustainably. The National Oceanic and Atmospheric Administration, or NOAA Fisheries, is part of the Department of Commerce in the United States. It supports the country's participation in several international fisheries agreements, combats illegal, unreported, and unregulated (IUU) fishing, and offers technical assistance to other nations interested in the U.S. fisheries management system. •Globalization of Regional Products and the Rise of Online Sales: With a significant margin, Asia-Pacific is the region that produces the majority of the world's decapod crustaceans. Due to the growing global demand for seafood, a number of small and developing countries, like Vietnam, Indonesia, and Thailand, are becoming important exporters of shrimp to other countries. These countries are becoming more known internationally and exposed to new markets as a result of the ongoing increase in demand for traditional decapod crustaceans. Furthermore, customers may now purchase seafood from anywhere in the world because to the market's openness and the rapidly expanding internet sales channel. Throughout the projected period, these elements are anticipated to continue their beneficial contributions to the growth of the global market. Market Challenges

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Manmayi Raval

Manmayi Raval

Research Consultant

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. Market OpportunitiesAquaculture Practices That Are Sustainable: The implementation and growth of sustainable aquaculture practices present one of the shrimp industry's greatest potential. The conventional methods of shrimp farming, which have been linked to environmental problems like disease outbreaks, water pollution, and the destruction of mangroves, are under more and more strain as the world's demand for shrimp rises. The industry can meet market demand while reducing these environmental impacts by switching to more sustainable processes. Shrimp farming can be made more sustainable by implementing innovations like integrated multi-trophic aquaculture (IMTA), recirculating aquaculture systems (RAS), and the use of biofloc technology. •Growth in New Markets and Value-Added Items: There is a big chance for the shrimp business to diversify into new product categories and geographical areas, including value-added items. Growing affluence and shifting dietary habits are driving rising seafood consumption in emerging economies in Asia, Africa, and Latin America. Shrimp farmers can increase their revenue streams and lessen their reliance on more established markets like those in the US, Europe, and Japan by focusing on these markets. Moreover, creating value-added goods like prepared, ready-to-eat shrimp meals, snacks made of shrimp, and nutritionally improved shrimp might draw in health-conscious customers and time-pressed city people looking for wholesome, convenient solutions.

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Manmayi Raval

Based on the report, the Type segment segmented into Pink, white, brown & other. White segment is leading in the Shrimp Market due to its mild flavour, firm texture, and versatility in various culinary applications, appealing to both domestic and international consumers. Additionally, white shrimp are known for their ease of cultivation and higher yields, making them a preferred choice for shrimp farmers and processors aiming to meet increasing global demand sustainably. In the Shrimp Market, the white shrimp segment is experiencing notable growth for several compelling reasons. White shrimp, known for their mild flavour and versatile culinary appeal, have gained popularity among consumers and chefs worldwide. This variety of shrimp is prized for its firm texture, which makes it suitable for a wide range of cooking methods from grilling and sautéing to boiling and frying. Moreover, white shrimp are often favoured for their aesthetic appeal, as they typically exhibit a clean and bright appearance after cooking, making them visually appealing on dining plates. From a market perspective, the growth of the white shrimp segment is also supported by efficient farming practices and technological advancements in aquaculture. Farmers have increasingly focused on breeding and cultivation techniques that optimize growth rates and ensure consistent quality, meeting the stringent standards of global seafood markets. Additionally, white shrimp's ability to adapt to different farming conditions, coupled with their relatively fast growth compared to other shrimp varieties, enhances their attractiveness to both producers and consumers alike. Based on the report, the Form segment is segmented into Frozen & Canned. Frozen segment is growing in the Shrimp market due to its convenience, longer shelf life, and ability to maintain quality and freshness, appealing to consumers and facilitating wider distribution channels globally. Additionally, advancements in freezing technologies ensure that frozen shrimp retains its flavour, texture, and nutritional value, meeting increasing demand for convenient and high-quality seafood products in both retail and foodservice sectors. The, frozen sub-segment is experiencing significant growth due to several compelling factors. Frozen shrimp offers distinct advantages that cater to both consumer preferences and logistical efficiencies in the seafood industry. Firstly, freezing seafood at its peak freshness preserves its flavour, texture, and nutritional value, ensuring a high-quality product that can be stored for extended periods without compromising taste or appearance. This preservation method also enhances convenience, allowing consumers to enjoy shrimp year-round regardless of seasonal availability. Moreover, the frozen shrimp market benefits from advancements in freezing technologies and cold chain logistics, which maintain product integrity from harvest to consumer. This reliability in quality has bolstered consumer confidence, driving increased demand for frozen shrimp across retail, food service, and global export markets. Additionally, frozen shrimp's longer shelf life and reduced risk of spoilage make it a cost-effective choice for suppliers and distributors, supporting market growth amidst fluctuating market conditions and logistical challenges. Furthermore, the versatility of frozen shrimp in culinary applications—from quick and convenient meal solutions to gourmet dishes—has expanded its appeal among chefs, home cooks, and food manufacturers alike. As consumer lifestyles evolve towards convenience and sustainability, the frozen shrimp segment continues to innovate, offering new product formats and value-added options that meet diverse market demands. Overall, the growth of the frozen shrimp segment underscores its pivotal role in the shrimp market's expansion, driven by quality assurance, convenience, and adaptability to evolving consumer preferences and industry standards. The Asia-Pacific (APAC) region is leading in the Shrimp Market due to it’s dominant aquaculture industry, extensive coastline for shrimp farming, and strong export capabilities meeting global demand. In 2020, Asia Pacific gained a significant portion of the market share and revenue. Shrimp demand has increased over the past few years due to its growing use in traditional cuisines in China, India, Australia, Japan, and Vietnam. Furthermore, the region's APAC market is expanding because to the foodservice industry's rising demand for shrimp. It is anticipated that North America would expand steadily, mostly as a result of the region's growing demand for large decapod crustaceans and brown shrimp. The need to import different regional shrimps has increased due to the growing popularity of brown type and other new decapod crustaceans in the area. Decapod crustacean goods are in higher demand because to the growing trend of adopting a flexitarian lifestyle and the appeal of seafood as an additional source of protein. The cultivation and harvesting of decapod crustaceans is anticipated to witness continuous improvements and technical innovations, which would propel the market's expansion in the area. Compared to North America, Europe is predicted to grow more slowly. The market for shrimp is expected to develop steadily while being restricted by the presence of other sea species. In the European market, there has been a long-term increase in demand for other competing seafood such tuna, cod, salmon, and Alaska pollock. As a result, the amount of decapod crustaceans consumed is increasing gradually. The need for superior white decapod crustaceans in the area presents a chance for different APAC developing-nation providers of decapod crustaceans. The consumption of decapod crustaceans in these areas is aided by the growing consumer inclination toward brown varieties. • Natural Shrimp Consolidated made progress in global development on February 20, 2024, when it documented licenses for its electrocoagulation innovation in major aquaculture markets. This creative invention is prepared to address important industry issues and transform affordable shrimp farming. • The largest producer of fish feed in the world, Skretting, said in November 2023 that it was working in tandem with Zooca Calanus, a biotechnology organization, to support the redesign of copepod-based feed for the aquaculture industry. By utilizing Zooca Calanus's capacity to harvest and handle Calanus finmarchicus, a tiny marine copepod abundant in essential supplements, this organization hopes to provide ""innovative and sustainable nutritional solutions"". • A major deal to rebrand and improve the market position of Canadian seafood, particularly along the Eastern coast, was demonstrated in February 2024 by a Norwegian business. Propelled by The Atlantic Groundfish Gathering, the project involves a collaborative effort amongst experts from Norway, Iceland, and Copenhagen. The method anticipates improving the status of Canadian fish by employing a comprehensive marketing strategy that makes use of resources and expertise from throughout Europe. Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Shrimp Market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Type • Pink • White • Brown • Other By Form • Frozen • Canned By End User • Residential • Commercial By Distribution Channel • Hypermarket/ Supermarket • Convenience Stores • Specialty Stores • Online Sales Channels The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Shrimp industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.

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Global Shrimp Market Outlook, 2029

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