The global shrimp market has experienced significant growthin recent years, driven by increasing consumer demand for healthy and
protein-rich seafood options. Shrimp, known for its versatility and nutritional
benefits, has become a popular choice in various cuisines worldwide. The market
encompasses different species of shrimp, including white leg shrimp, giant
tiger prawn, and pink shrimp, among others. These crustaceans are valued for
their low-fat content, high protein, and essential nutrients such as omega-3
fatty acids, vitamins, and minerals.
The shrimp industry has witnessed advancements in aquaculture techniques,
leading to improved production efficiency and quality. This has resulted in a
steady supply of shrimp to meet the growing global demand. Additionally, the
rise of value-added shrimp products, such as ready-to-cook and frozen options,
has expanded the market's reach to a broader consumer base. The increasing
awareness of the health benefits associated with shrimp consumption, coupled
with the growing popularity of seafood in general, has further fueled market
growth.
The shrimpmarket is estimated to be valued at USD 80.25 Bn in 2025 and is expected to
reach USD 117.60 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of
5.6% from 2025 to 2032.
Key Takeaways:
Key players operating in the Shrimp Market Morubel N.V., Maruha Nichiro
Corporation, Pacific Seafood, Thai Union Group PCL, Clearwater Seafoods, Avanti
Feeds Limited, High Liner Foods, Surapon Foods Public Company Limited, Mazzetta
Company, LLC, Aqua Star, Nordic Seafood A/S, The Waterbase Limited, and Wild
Ocean Direct.
These industry leaders have established strong positions inthe market through their extensive product portfolios, advanced production
techniques, and global distribution networks. They continue to invest in
research and development to improve product quality, sustainability practices,
and processing technologies, maintaining their competitive edge in the market.
The ShrimpMarket Demand is primarily driven by changing consumer preferencestowards healthier protein sources and the increasing popularity of seafood in
various culinary traditions. As consumers become more health-conscious, shrimp
has gained favor due to its low-fat content and high nutritional value. Moreover,
the versatility of shrimp in different cuisines has contributed to its
widespread adoption across various food service sectors, including restaurants,
hotels, and catering services. The convenience factor of ready-to-cook and
frozen shrimp products has also played a significant role in boosting demand,
particularly among urban consumers with busy lifestyles.
The global expansion of the shrimp market is evident in the increasing trade
volumes and the emergence of new production hubs. While traditional
shrimp-producing countries like India, Vietnam, and Thailand continue to
dominate the market, newer entrants such as Ecuador and Indonesia are gaining
prominence. This expansion has been facilitated by improvements in cold chain
logistics, which have enabled the transportation of fresh and frozen shrimp
products over long distances while maintaining quality. Furthermore, the
growing middle-class population in developing countries has led to increased
shrimp consumption in these regions, contributing to the market's global
growth.
Market Key Trends:
One of the key trends shaping the shrimp market is the increasing focus on
sustainable and responsible aquaculture practices. As consumers become more
environmentally conscious, there is a growing demand for sustainably sourced
seafood products. This trend has prompted shrimp producers to adopt
eco-friendly farming methods, such as recirculating aquaculture systems (RAS)
and extensive pond culture, which minimize environmental impact and ensure the
long-term viability of shrimp production.
In response to this trend, many companies are implementing traceability systems
and obtaining certifications from recognized sustainability organizations.
These efforts not only address consumer concerns but also help in maintaining
the ecological balance of aquatic ecosystems. Additionally, sustainable
practices often lead to improved product quality and consistency, further
driving consumer preference for responsibly sourced shrimp. This shift towards
sustainability is expected to continue shaping the shrimp market, influencing
production methods, supply chain management, and marketing strategies in the
coming years.
Porter'sAnalysis
Threat of new entrants: The shrimp market has moderate barriers to entry due to
the capital-intensive nature of aquaculture operations and the need for
specialized knowledge in shrimp farming. However, technological advancements
and government support in some regions have made it easier for new players to
enter the market.
Bargaining power of buyers: Buyers in the shrimp market have considerable
bargaining power due to the availability of multiple suppliers and the
perishable nature of the product. Large retailers and foodservice companies can
often negotiate favorable terms with suppliers.
Bargaining power of suppliers: Suppliers in the shrimp market have moderate
bargaining power. While there are numerous small-scale farmers, larger
aquaculture companies and vertically integrated producers have more influence
over pricing and distribution channels.
Threat of substitutes: The threat of substitutes in the shrimp market is
moderate. Other seafood products, such as fish and other crustaceans, can serve
as alternatives. However, shrimp's unique taste and versatility in culinary
applications make it challenging to replace entirely.
Competitive rivalry: The shrimp market is highly competitive, with numerous
players vying for market share.
The shrimp market is characterized by intense competition among established
players and the constant threat of new entrants. The industry's fragmented
nature, with many small-scale farmers and larger aquaculture companies,
contributes to this competitive landscape. Firms often compete on factors such
as price, quality, and sustainability practices to gain a competitive edge.
In recent years, there has been a growing emphasis on sustainable aquaculture
practices and certifications, which has become a key differentiator for
companies in the market. This trend has led to increased investment in
environmentally friendly farming methods and traceability systems.
The market is also influenced by global trade dynamics, with major importing
countries implementing stricter regulations on food safety and quality. This
has prompted shrimp producers to adapt their operations to meet these
standards, further intensifying competition.
Innovation in processing technologies and product development plays a crucial
role in the competitive landscape. Companies are investing in value-added
products, such as ready-to-cook and flavored shrimp options, to cater to
changing consumer preferences and capture higher profit margins.
Geographical Regions
The shrimp market is concentrated in several key regions around the world.
Asia-Pacific dominates the market in terms of production and consumption, with
countries like China, Vietnam, and India being major producers. These countries
benefit from favorable climatic conditions, extensive coastlines, and
well-established aquaculture infrastructure.
North America and Europe are significant importers of shrimp, with the United
States being the largest single market. These regions have high consumer demand
for shrimp products, driven by factors such as increasing health consciousness
and the popularity of seafood in various cuisines.
Latin America, particularly countries like Ecuador and Mexico, is another
important region for shrimp production and export. These countries have made
significant investments in aquaculture technology and have gained recognition
for their high-quality shrimp products.
The fastest-growing region for the shrimp market is Southeast Asia,
particularly countries like Indonesia, Thailand, and Malaysia. These nations
are experiencing rapid growth in shrimp production due to increasing
investments in aquaculture infrastructure, favorable government policies, and
growing export opportunities.
The region benefits from ideal climatic conditions for shrimp farming and
relatively lower production costs compared to some other major producing
countries. Additionally, there is a growing focus on sustainable aquaculture
practices in Southeast Asia, which is attracting environmentally conscious
consumers and buyers from international markets.
The expanding middle-class population in Southeast Asian countries is also
driving domestic consumption of shrimp, further fueling market growth in the
region. As these countries continue to improve their production techniques and
quality standards, they are expected to play an increasingly important role in
the global shrimp market.
Get This Reportin Korean Language - 새우 시장
Priya Pandey is a dynamic and passionate editor with overthree years of expertise in content editing and proofreading. Holding a
bachelor's degree in biotechnology, Priya has a knack for making the content
engaging. Her diverse portfolio includes editing documents across different
industries, including food and beverages, information and technology,
healthcare, chemical and materials, etc. Priya's meticulous attention to detail
and commitment to excellence make her an invaluable asset in the world of
content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
