GVR Report cover Shrimp Market Size, Share & Trends Report

Shrimp Market Size, Share & Trends Analysis Report By Species (L. vannamei, P. monodon) By Source (Wild, Aquaculture), By Form, By Distribution Channel, By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-4-68039-936-2
  • Number of Pages: 100
  • Format: Electronic (PDF)

Report Overview

The global shrimp market size was valued at USD 53.91 billion in 2021. It is expected to expand at a compound annual growth rate (CAGR) of 5.3% from 2022 to 2030. Shrimps have high nutritional content and are high in phosphorous, selenium, and protein. Thus, shrimps are a rich source of nutrients and are easily available due to which they are highly consumed among consumers. This remains a key factor driving the global shrimp industry. Moreover, shrimps are widely used in the preparation of various cuisines such as Asian cuisines resulting in their high use and thus propelling the market growth. The outbreak of the COVID-19 pandemic had various impacts on numerous industries including the food and beverage industry.  Disruption in distribution channels and supply chains has been observed across various industries due to worldwide shutdown.  

 U.S. shrimp market size, by species, 2020 - 2030 (USD Million)

However, despite the challenges, the shrimp market registered notable growth. For instance, according to an article published by according to Food and Agriculture Organization (FAO), the production of farmed shrimps across the globe was over 7.7 million tons in 2020. Moreover, the shrimp industry is expected to grow with the growing aquaculture industry.

The demand for shrimps among consumers across the globe remains high. It has increased rapidly over the years resulting in high production of shrimps. For instance, according to the FAO, the production of farmed shrimp in 2021 increased by 12,5% than 2020. According to the same report, the production of farmed shrimps marked a milestone of more than 4.5 million tons. In addition, in 2021, the top producer of shrimp was Ecuador, marking a significant diversification in production. Furthermore, production has also increased in various countries including Indonesia, India, China, and Vietnam. Thus with the growing demand, the production of shrimp continues to keep up, thus setting the stage for market growth in the coming years.

Shrimp is one of the most traded species of seafood across the globe. Due to the high demand for shrimp and its improved supply, the shrimp industry growth remains a stable prospect for long-term growth. According to the FAO, in 2021 the international trade for shrimp was approximately 3.35 million tons. According to the same report, the top exporter of shrimp in 2021 was Ecuador, which exported approximately 25% of the total international trade. Whereas, the top importers of shrimp were the U.S. and European Union. Thus, the high trade of shrimps also ensures robust prospects, minimizing risk for investments due to regional uncertainties in the shrimp industry.

Along with the food industry shrimp is highly used in the pharmaceutical, healthcare, and cosmetic industry. Shrimp is highly used in aforementioned industries due to its various capabilities such as antioxidant and anti-aging properties. Thus, the use of shrimp in such industries continues to boost market growth. Furthermore, the rising use of eco-friendly techniques for the production of shrimp is further expected to contribute to market growth over the forecast period. In addition, the rising demand for ready-to-use seafood products is also estimated to fuel the market expansion in the coming years.

The rising initiatives by various organizations toward the adoption and consumption of sustainable seafood are another factor driving the market from 2022 to 2030. Moreover, various government authorities such as The National Oceanic and Atmospheric Administration undertake various initiatives against ills like illegal fishing, support fishery agreements along with providing technological assistance. These initiatives are anticipated to create lucrative opportunities for the market. Furthermore, the demand for various canned shrimp products is also expected to create key opportunities for market players. However, the process used for preservation in large-scale distribution chains dampens the taste and soils the texture of the fish. The limitation in distribution chains to preserve the natural flavor of the shrimp remains an obstacle to growth.

Species Insights

The L. vannamei segment dominated the market and held a share of over 40% in 2021. It is expected to remain dominant in the coming years. The larger share of the segment is attributed to its high demand and production as they have longer stocking periods. For instance, according to the FAO, 80% of the cultured shrimp produced are of L. vannamei species. Approximately 4.4 million tons of shrimp of L. vannamei were produced. This is attributed to the presence of numerous breeding programs.

The P. chinensis segment is expected to grow at the highest CAGR of 7.7% over the forecast period from 2022 to 2030. The increasing favorable view of P. chinensis and its growing demand among consumers across the globe contributes to the growth of the segment. Additionally, shrimps provide high fatty acids and high protein as nutrition to the human body. Moreover, they lower the risk of cardiovascular diseases, a chronic wave plaguing the global population. These factors are anticipated to contribute to its increased consumption thus propelling the segment growth in the coming years.

Source Insights

The aquaculture segment dominated the market in 2021. It held a share of over 55% in 2021 and is anticipated to expand at a higher CAGR of 5.9% over the forecast period from 2022 to 2030. The growth of the segment is attributed to the increasing adoption of aquaculture methods for fish production. The aquaculture method ensures the production of disease-free and high-quality fish along with meeting legal hygiene standards. Furthermore, aquaculture helps in bridging the demand and supply necessities, ensuring robust growth of the segment. According to the World Wildlife Fund shrimp is mostly farmed in countries including China, Ecuador, Thailand, India, Vietnam, Bangladesh, and Brazil.

The wild segment is held a significant share of the market. It is expected to grow with a considerable CAGR of 4.4% over the forecast period from 2022 to 2030. Shrimps captured in the wild offer a better flavor as they have different diets than the ones raised in farms. These also contain more vitamins, minerals, and other nutrients. Their significant benefits for human consumption offer opportunities for premium pricing globally, thus contributing to the segment growth.

Form Insights

The green/ head-on shrimp led the market and held a share of over 25% in 2021. It is expected to grow at a considerable CAGR of 4.9% over the forecast period from 2022 to 2030. The higher share of the segment is attributed to the high usage of head-on shrimp in cooking various dishes. Head-on shrimps retain moisture in a better manner and add more texture and flavor to any dish. Thus, such benefits of head-on shrimp result in their high usage contributing to the higher share of the segment.

The breaded segment is expected to grow with the fastest CAGR of 6.5% over the forecast period from 2022 to 2030. The breaded shrimp has become very appealing to consumers as they are perfect for snacking and convenient food. Moreover, they are highly consumed by consumers across the globe. These are also available in various seasonings making them popular across the globe. Thus, the high popularity of breaded shrimp is anticipated to contribute to the breaded segment growth over the forecast period.

Distribution Channel Insights

The B2B segment held a large share of over 55% in 2021. It is expected to grow at a CAGR of 5.0% over the forecast period from 2022 to 2022. The large share of the segment is attributed to the wide application of shrimp in various industries including food, pharmaceutical, healthcare, and cosmetics industry. Shrimps are highly used in various businesses in the hospitality industry including restaurants, hotels, and others, thus propelling the market growth over the forecast period.

 Global shrimp market share, by distribution channel, 2021, (%)

The B2C segment consists of hypermarkets & supermarkets, convenience stores, specialty stores, online, and others. The B2C segment is anticipated to grow at a faster CAGR of 5.7% over the forecast period from 2022 to 2030. Several business operations serving the B2C segment focus on direct wholesale purchases, to keep the costs of procurement of shrimps down to a minimum. These products are directly offered to consumers, thus increasing their adoption. Moreover, the increasing use of online channels due to its various advantages such as time-saving, discounts, and other offers in the V2C segment further fuels the segment growth.

Regional Insights

Asia Pacific dominated the shrimp industry in 2021 with a share of over 50%. It is expected to remain dominant and grow at a robust CAGR of 4.9% over the forecast period. Asia Pacific is a major region that leads in the production, import, and, export of shrimp across the globe. According to the FAO, in 2021 China and Japan were the top importers of shrimp in the Asia Pacific. According to the same report in 2021, the demand for seafood such as shrimp increased among consumers. The increased imports of shrimp in the region further contribute to the market growth. For instance, in 2021, Japan witnessed a 4.4% of increase in shrimp import accounting for approximately 219,334 tons.

Shrimp Market Trends by Region

Middle East & Africa is expected to grow at the fastest CAGR of 7.1% over the forecast period from 2022 to 2030. The growth of the region contributes to the increasing demand for seafood including shrimp in the region. In addition, the increased support initiatives by the regional governments for the production of various fisheries is another key factor driving the growth. For instance, in August 2022, National Fisheries Development Programme (NFDP) in Saudi Arabia invested approximately USD 4 billion in aquaculture and fisheries to reduce the imports of seafood and meet the increasing demand for seafood in the country. 

Key Companies & Market Share Insights

Key players operating in the market adopt various strategic initiatives to increase their presence in the market. Such initiatives include strategies such as partnerships, mergers & acquisitions, development & launch of new products, global expansion, and others. Some of the initiatives include:

  • In August 2022, Thai Union Group PCL along with its subsidiary Sea Frozen Foods announced its alliance with The ISH Food Company and launched its product Shrimpish, a plant-based shrimp.

  • In March 2020, Klaas Paul, a shrimp processor based in Europe was acquired by Sykes Seafood. This initiative was taken to offer a wide range of frozen products to consumers through foodservice and retail.

  • In February 2019, Cooke Aquaculture acquired Seajoy to expand the presence of the company in new countries including Mexico and Ecuador.

Some prominent players in the global shrimp market include:

  • 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

  • Wild Oceans

Shrimp Market Report Scope

Report Attribute


Market size value in 2022

USD 56.33 billion

Revenue forecast in 2030

USD 85.99 billion

Growth rate

CAGR of 5.3% from 2022 to 2030

Base year for estimation


Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Species, source, form, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; U.K.; France; Spain; China; Japan; India; South Korea; Brazil; South Africa

Key companies profiled

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; Wild Oceans

Customization scope

Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Global Shrimp Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segment from 2017 to 2030. For this study, Grand View Research has segmented the global shrimp market based on species, source, form, distribution channel, and region:

  • Species Outlook (Revenue, USD Million, 2017 - 2030)

    • L. vannamei

    • Trachipenaeus curvirostris

    • Pleoticus muelleri

    • P. monodon

    • Acetes japonicus

    • Pandalus borealis

    • P. chinensis

    • Others

  • Source Outlook (Revenue, USD Million, 2017 - 2030)

    • Wild

    • Aquaculture

  • Form Outlook (Revenue, USD Million, 2017 - 2030)

    • Green/ Head-off

    • Green/ Head-on

    • Peeled

    • Cooked

    • Breaded

    • Others

  • Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

    • B2B

    • B2C

      • Hypermarkets & Supermarkets

      • Convenience Stores

      • Specialty Stores

      • Online

      • Others

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

      • Spain

    • Asia Pacific

      • China

      • Japan

      • India

      • South Korea

    • Central & South America

      • Brazil

    • Middle East & Africa

      • South Africa

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