The global shrimp market size reached USD 53.2 billion in 2021, worldwide demand for ABC recorded Y-o-Y growth of 6.8% in 2023, and thus, the market is expected to reach USD 64.9 billion in 2024. Over the projection period (2024 to 2034), global shrimp sales are predicted to rise at 8.0% CAGR and reach to a market size of USD 140.4 billion by 2034-end.
The sector is seeing an increase in sales and consumer attractiveness for some key reasons. One of the causes is the increasing concern of consumers towards the use of healthier and more environmentally sound sources of protein. As far as this trend is concerned, shrimps as a type of seafood are also low in fats but high in proteins.
Also, due to the use of new farming technologies harvest is high and its adverse effects on the environment are low. Besides, the use of dishes is also very significant. They are well integrated into most of the world’s cuisines from Asian stir-fried meals to Mediterranean styles and therefore, it is loved both by novice cooks and professional chefs.
This versatility guarantees healthy demand in every segment irrespective of the region or culture. Although the application of online shopping, as well as the other services in logistics, allows anybody from the region to use fresh and frozen forms anytime, these services surely have increased the volume of the industry and increased sales too.
| Attributes | Description |
|---|---|
| Estimated Global Shrimp Industry Size (2024E) | USD 64.9 billion |
| Projected Global Shrimp Industry Value (2034F) | USD 140.4 billion |
| Value-based CAGR (2024 to 2034) | 8.0% |
Apart from that, the use of promotional methods emphasizing the benefits, such as nutritional and easy cooking, has appealed to most health-conscious individuals. All these combined factors strengthen and enhance the created business space, leading to an impressive sales boost.
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The below table presents a comparative assessment of the variation in CAGR over six months for the base year (2023) and current year (2024) for the global shrimp market.
This analysis reveals crucial shifts in performance and indicates revenue realization patterns, thus providing stakeholders with a better vision of the growth trajectory over the year. The first half of the year, or H1, spans from January to June. The second half, H2, includes the months from July to December.
| Particular | Value CAGR |
|---|---|
| H1 | 6.7% (2023 to 2033) |
| H2 | 7.2% (2023 to 2033) |
| H1 | 7.5% (2024 to 2034) |
| H2 | 8.0% (2024 to 2034) |
In the first half (H1) of the decade from 2024 to 2034, the business is predicted to surge at a CAGR of 6.7%, followed by a higher growth rate of 7.2% in the second half (H2) of the same decade.
Moving into the subsequent period, from H1 2024 to H2 2034, the CAGR is projected to increase to 7.5% in the first half and remain considerably high at 8.0% in the second half. In the first half (H1) the sector witnessed an increase of 20 BPS while in the second half (H2), the business witnessed a decrease of 15 BPS.
Manufacturers are Readily Adopting Sustainable Farming Methods
Evolutions within the Shrimp & Prawns industries indicate a preference for eco-friendly farming approaches due to the pressure from consumers and corporate interests as well. This is because more consumers demand seafood that is sourced more responsibly forcing companies to take up such ideas.
The Thai Union, one of the leaders in the seafood business, has been spending on the development of sustainable farming technologies, such as recirculating aquaculture systems (RAS) and integrated multi-trophic aquaculture (IMTA). Also, these methods lessen the adverse impact of farming on the environment and improve the efficiency and quality of production. RAS uses less water and generates less waste and IMTA encourages a variety of species to minimize the use of chemical fertilizers requiring biodiversity and thus more planning.
Despite these companies having to comply with regulations this is also fundamentally because consumers now widely accept and prefer ecologically friendly products. As more and more players cologne, the industry is over-competitive for exposure and is more inclined towards sustainable developments.
Demand for Transparency and Traceability
To satisfy customers’ transparency and traceability needs, the industry has welcomed the adoption of blockchain technology. Consumers are interested in the food products available on the marketplace and how they come into being. Companies like IBM Food Trust are beginning to work with farms to implement blockchain applications.
Such traceability systems have the potential to document every process beginning with the farm to how the shrimps reach the consumer. For example, producers using IBM’s blockchain platform would be able to easily record such information as Agri-farming practices, processing, and distribution to readers through QR codes.
This not only creates confidence but also aids in the rapid response to consumers’ health concerns about foods. With the increasing installation of blockchains in the system, the status of the industry is anticipated to be more intensified in terms of transparency, answering the needs and wants of the consumers regarding the responsibility and ethical nature of the source of the shrimps.
Innovative Value-Added Products Revolutionizing the Industry
The industry is adapting to consumer needs for more convenience and diversity. Such busy-acting lives make ready-to-eat and untouched shrimp goods an attractive option. The likes of High Liner Foods have shown excellent performance by inventing several value-added products such as bread and seasoned varieties.
These are suitable for consumers who do not have time to sit down and eat but want tasty food and prefer highly convenient and quick preparation methods. Among those, High Liner Foods is also placed with shrimp that can be cooked in an air fryer or an oven within minutes. As several more companies introduce similar offerings, the sector is poised to be even more dynamic, aligning with the modern consumer’s preference for convenience and taste.
Appeal for Certifications on the Rise
In the business ecosystem, certifications like ASC (Aquaculture Stewardship Council) and BAP (Best Aquaculture Practices) are deemed important especially, when sustainability and ethics are determined by the sourcing of the highest degree. For instance, SeaPak Shrimp & Seafood Co displays its BAPcertified options which brand their customers that are assured of responsibly farmed sea foods.
This covers more than one, with environmental management, social responsibility, and food hygiene safety, all there with an aim of quality assurance. More consumers are using these labels as they are going to buy the products, and this is an indication that they want to use some seafood that is responsible but also tasty.
This trend sees more and more companies going for such certifications more and more companies making quality products that are easy to advertise, hence selling out the quality and sustainability of the products.
Principal Consultant
Global sales increased at a CAGR of 7.2% from 2019 to 2023. For the next ten years (2024 to 2034), projections are that expenditure on such products will rise at 8.0% CAGR.
The demand had undergone noticeable changes from the period of 2019 to the year 2023, and so also in the sales projections for 2024 to the year 2034. From the year 2019, up to the year 2023 for the sector, sales surged as there was increased consumers’ seafood demand, evolution of aquaculture, and improvement of supply chain management. This period represents the enhancement of then raised within the farming cost, thereby sliding the cost of production while improving the quality of the products.
As for 2024 to 2034 forecasts, we can expect further growth in the business. There are also expectations that biotechnology and genetics will improve the health and growth rates of shrimps and reduce their mortality while boosting output. Further, an increasing trend in consumer demand for responsibly sourced seafood will lead to more farms embracing sustainability.
Asian and African emerging economies are anticipated to become substantial eaters due to the growing middle-class population and their shifting eating habits. The current trends in consumption will include the introduction of ready-to-eat meals and other processed alternatives to suit the needs of the busy consumer.
Furthermore, the growing information on the health properties of a low-fat protein source will continue to pull people aiming at healthy lifestyles. There will also be marketing strategies, which will enhance the confidence of the consumers, which will include advertisements stressing such benefits and certification of sustainable and organic farming procedures.
The business ecosystem has a complex industry structure as it consists of multinationals and regional players as well. For instance, Thai Union Group or Charoen Pokphand Foods (CPF), are multinational corporations that hold a lot of power and control in the international territories thanks to their vast resources, new technologies, and well-designed distribution systems.
For instance, the company has been able to generate revenue across North America, Europe, and Asia. Such companies have wide marketing centers, from rich consumers to big bottles or retail stores, who rise in their revenue by utilizing their brand name and economies of scale. However, such companies must face heavy competition in product regard through research and development. Such competition is healthy for better placement of such companies in the sector.
However, companies such as Devi Seafoods and Apex Frozen Foods are regional companies that operate regions customized to local preferences. For example, Devi Seafoods does not export too far, concentrating these types of business in the Indian industry and other bordering countries.
Such companies usually also understand regional areas well, thus concentrating on goods that are easily bought by regional residents. Operating mainly on a regional scale, these players tend to have lower operating expenses than multicorporate companies and can thus offer better prices for their products.
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The following table shows the estimated growth rates of the top three territories. USA and China are set to exhibit high consumption, recording CAGRs of 4.5% and 6.7%, respectively, through 2034.
| Countries | CAGR 2024 to 2034 |
|---|---|
| The USA | 4.5% |
| Germany | 5.2% |
| China | 6.7% |
| Japan | 7.3% |
| India | 8.9% |
In the USA, the growth in sales is driven by the increasing popularity of seafood as a healthy protein alternative. The rise of diverse culinary trends, including the popularity of dishes like shrimp tacos and shrimp scampi, has expanded the appeal. The convenience factor also plays a significant role, with pre-cooked and frozen products becoming staples in American households. Examples of manufacturers contributing to this growth include companies like Pacific Seafood and SeaPak.
Pacific Seafood focuses on providing sustainably sourced products, appealing to environmentally conscious consumers. SeaPak, known for its wide range of frozen products, caters to the demand for quick and easy meal solutions. Additionally, the trend of dining out and the growth of seafood restaurants have bolstered sales, with chains like Red Lobster prominently featuring shrimps on their menus.
In China, the increasing demand of the customers regarding shrimp sales is due to the attainment of the different varieties of seafood products. The demand is maintained as it is mostly used in local dishes including dim sums, hot pot, etc. Also, the growing utilization of e-commerce includes selling different kinds of alternatives, which increases sales. Zhanjiang Guolian mainly manufactures high-quality, fresh, and processed on farms that appeal to the health perspective of the population.
Zhangzidao Group, one of the largest producers of sea aquaculture in China, provides it for both the domestic and international territories thus stabilizing the industry. The increased focus on food safety and quality management in China also contributed to the enhanced consumer confidence in domestic shrimps. All these factors work in cooperation to enhance the development of the dynamic industry in China.
The use of staple foods such as sushi, tempura, and ramen produces a constant level of demand. Moreover, the Japanese population is willing to pay more for such products because they prefer fresh high-quality seafood. Sales have also improved with the growing demand for convenience foods that are ready to cook or eat.
Environmental consideration has also found traction in the new-age food market. This has caused customers to lean towards shrimps that have been sustainably sourced. Importers are becoming more competitive by offering products with thorough details on how they have been raised and where they are from.
In addition to that, it is possible to ensure the supply of good-grade options that correspond to high Japanese consumers’ requirements using the improvement of various aquaculture technologies and this allows the development of the industry.
| Segment | Giant Tiger Shrimps (By Species) |
|---|---|
| Value Share (2024) | 28.5% |
The species’ adaptation of its farming to varying farming environments has been a leeway for producers like CP Foods to better their aquaculture practice with assurance of positive and consistent outcomes. The other reason that has multiplied the popularity of Giant Tiger variants among farmers is their disease resistance capabilities compared favorably with other species.
About this, Seajoy has affirmed that strict biosecurity measures have been put in place which has improved the health of the shrimp. Moreover, the distinct taste and larger size of Giant Tiger variants have made them a premium product in the seafood market, attracting gourmet restaurants and high-end consumers. Thai Union has benefited from these reasons and has advertised Giant Tiger Shrimps as premium which are usually high prices.
| Segment | Frozen (By Form) |
|---|---|
| Value Share (2024) | 43.3% |
Frozen form is preferred both by consumers and retailers due to its ease of use and long storage space. An example is Maruha Nichiro which sells flavored alternatives and a variety of frozen forms meant for different uses. Another thing that has also been a contribution by the companies has been the ability to freeze shrimp without the fatty unpleasant odor and with good quality.
To capture the natural flavors of the frozen form, Pacific Seafood has implemented modern freezing techniques. Furthermore, thanks to the industry for frozen products, there has emerged market penetration in such companies as High Liner Foods which sells seafood products in foreign territories.
The market is fierce, and manufacturers are employing different strategies to remain competitive. The Thai Union has adopted vertical integration that is, controlling all aspects of production from hatcheries through to processing to maintain quality and low cost.
To meet the demands of busy supermarket customers, Maruha Nichiro has extended its product range by developing ready-to-eat and ready-to-heat, seasoned products. Pacific Seafood is in favor of sustainable development and works with ecological organizations to certify its products which attracts customers who care about the environment.
Another key strategy is the fast-paced innovation of the product in a company. An example is High Liner Foods which has put efforts in research and development to come up with for instance shrimp burgers and shrimp snacks to further penetrate the industry. Other aspects are strategic acquisitions and alliances.
CP Foods has been acquiring small companies to capture market share and sell its distribution channels on a global scale. These strategies coupled with quality products, innovations, as well as eco-friendly policies assist the manufacturers in the competitive battle and help increase the volume of sales in the industry.
For instance
As per species, the industry has been categorized into Gulf Shrimps, Farmed Whiteleg Shrimps, Banded Coral Shrimps, Royal Red Shrimp, Giant Tiger Shrimps, Blue Shrimps, and Ocean Shrimps.
As per form, the industry has been categorized into Canned, Breaded, Peeled, Cooked & Peeled, Shell-On, and Frozen.
This segment is further categorized into Organic, and Conventional.
This segment is further categorized into Direct, and Indirect (Modern Trade, Convenience Stores, Specialty Food Stores, Wholesale Stores, Discount Stores, Online Retail, and Other Retail Formats).
As per application, the industry has been categorized into Food, Pharmaceutical, Cosmetics, Industrial, and Biotechnology.
Industry analysis has been carried out in key countries of North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa.
The global industry is estimated at a value of USD 64.9 billion in 2024.
Sales increased at 7.2% CAGR between 2019 and 2023.
Some of the leaders in this industry include Charoen Pokphand Food PCL, The Clover Leaf Seafoods Family, Nippon Suisan Kaisha, Ltd., Marine Harvest ASA, Gulf Shrimp Company, Thai Union Frozen Products PLC, Baton Rouge Shrimp Company, Inc., and Pescanova S.A.
The East Asian territory is projected to hold a revenue share of 25.5% over the forecast period.
The industry is projected to grow at a forecast CAGR of 8.0% from 2024 to 2034.
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