The shrimp market is a significant segment within the seafood industry, known for its growing demand across various regions due to the increasing health-consciousness of consumers and the rising popularity of flexitarian diets. Shrimp, being a lean source of protein, is increasingly recognized as a healthier alternative to conventional meats like beef and poultry. It is widely consumed in numerous culinary applications, from traditional seafood dishes to ready-to-cook meals.As consumers continue to shift towards more sustainable and health-conscious dietary preferences, shrimp has gained favor because of its high nutritional value, including its rich content of omega-3 fatty acids, vitamins, and minerals. The market is also benefiting from improvements in aquaculture practices, making shrimp farming more efficient and environmentally sustainable.
Shrimp Market Size
The global shrimp market attained a volume of approximately 8.08 million tons in 2024. As one of the most consumed types of seafood worldwide, shrimp's demand is expected to grow steadily. The market is anticipated to expand at a compound annual growth rate (CAGR) of 6.30% from 2025 to 2034, reaching a volume of 14.88 million tons by 2034. The market's growth is supported by increased consumption in both developed and emerging markets, innovations in shrimp farming, and the growing popularity of shrimp as a protein substitute for other meats.
Shrimp Market Trends
Several key trends are shaping the global shrimp market, contributing to its expansion and continued popularity:
Health-Conscious Eating Habits and Flexitarian Diets: One of the primary drivers of the shrimp market is the growing shift towards flexitarian diets — a diet that predominantly consists of plant-based foods with occasional consumption of meat or fish. As consumers seek to reduce their intake of red meat for health and sustainability reasons, shrimp has emerged as a popular alternative due to its lean protein content and nutritional benefits. This trend is particularly noticeable among younger consumers and in regions with higher awareness of healthy eating habits.
Sustainability and Responsible Sourcing: The demand for sustainably sourced shrimp has grown as consumers become more concerned about environmental impact and the practices of the seafood industry. The adoption of sustainable aquaculture practices, such as eco-friendly shrimp farming and better waste management, has made shrimp farming more environmentally friendly. Certifications such as the Aquaculture Stewardship Council (ASC) and Best Aquaculture Practices (BAP) are gaining importance in the market, influencing consumer choices and boosting market demand.
Technological Advancements in Shrimp Farming: Advances in aquaculture technology have improved shrimp farming practices by enhancing efficiency, reducing environmental impact, and ensuring better product quality. Technologies like recirculating aquaculture systems (RAS), which minimize water usage and ensure a more sustainable production process, are contributing to increased shrimp production while preserving the health of marine ecosystems.
Growing Demand in Emerging Markets: As incomes rise in emerging economies, particularly in Asia Pacific and Latin America, the demand for high-quality shrimp is increasing. Shrimp is a staple in many Asian diets, and its popularity is expanding in other regions as consumers adopt seafood as a preferred source of protein. Moreover, the growing middle class and improved access to shrimp-based products are helping drive demand.
Frozen Shrimp Demand: Frozen shrimp continues to dominate the market, driven by consumer preference for convenience. Frozen shrimp is easy to store, has a long shelf life, and is ideal for ready-to-cook meal solutions. The rise of online grocery shopping and e-commerce platforms is further fueling the demand for frozen shrimp, making it more accessible to a wider consumer base.
Shrimp Market Growth
The global shrimp market is experiencing robust growth, driven by several factors:
Rising Health Awareness: The increasing shift towards healthier eating habits, such as the adoption of flexitarian and plant-based diets, is significantly contributing to the rise in shrimp consumption. Shrimp is an excellent alternative to red meat, with lower fat content and higher protein content, making it a key component of many healthy eating plans.
Improved Aquaculture Practices: The expansion of sustainable shrimp farming practices is contributing to the growth of the market. With the adoption of advanced farming techniques that reduce environmental impact and improve shrimp yield, the supply of shrimp is becoming more reliable and cost-efficient. This, in turn, is supporting the continued growth of the market.
Rising Demand from Emerging Economies: Emerging markets, particularly in Asia Pacific, Latin America, and Africa, are seeing significant growth in shrimp consumption. As disposable incomes rise and access to diverse food options improves, the demand for shrimp is growing in these regions. Shrimp is increasingly becoming a protein staple in countries where seafood consumption is on the rise.
Convenience and Ready-to-Eat Meals: The growing demand for convenience foods, including ready-to-eat and easy-to-cook meals, is boosting shrimp consumption. Shrimp, being a versatile ingredient, is widely used in a variety of frozen, pre-cooked, and processed food products. This trend is expected to continue as more consumers prioritize convenience.
Shrimp Market Forecast
The global shrimp market is projected to grow at a CAGR of 6.30% from 2025 to 2034, reaching a volume of approximately 14.88 million tons by 2034. This growth is driven by factors such as the rising adoption of flexitarian diets, increased health awareness, improvements in sustainable shrimp farming, and the growing demand from emerging markets.
In the coming years, the demand for high-quality, responsibly sourced shrimp is expected to rise, particularly in developed regions with health-conscious consumers and in emerging markets with increasing middle-class populations. Additionally, innovations in aquaculture technology and increased availability of frozen shrimp products will continue to drive the market's expansion.
Competitive Landscape
The shrimp market is competitive, with several major players leading the industry through product innovation, sustainable practices, and strategic partnerships. Key players include:
Mazzetta Company, LLC: Mazzetta Company is a major player in the shrimp market, offering a wide range of frozen and processed shrimp products. The company is committed to sustainable sourcing practices and maintains strong relationships with global shrimp suppliers.
Apex Frozen Foods Ltd.: Apex Frozen Foods is one of the leading shrimp exporters in India, offering a variety of frozen shrimp products. The company focuses on sustainable farming practices and quality control, ensuring the delivery of premium shrimp to global markets.
Seaprimexco Vietnam: Seaprimexco is a key player in the Vietnamese shrimp market, which is one of the largest shrimp producers globally. The company provides high-quality frozen shrimp and is committed to sustainable aquaculture practices.
Liveris Afentoulis & Co.: Liveris Afentoulis is known for its shrimp production and processing capabilities, offering a range of products in the global market. The company is focused on ensuring sustainable shrimp farming and meeting the demand for high-quality shrimp.
Grand Ocean Seafoods Co., Ltd.: Grand Ocean Seafoods is one of the largest suppliers of frozen shrimp, serving markets across North America, Europe, and Asia. The company is committed to sustainability and quality, providing eco-friendly shrimp products.
Charoen Pokphand Foods PCL: Charoen Pokphand Foods is a major player in the global shrimp market, offering a variety of frozen shrimp and other seafood products. The company emphasizes sustainability and quality assurance in its shrimp production processes.
Others: Several regional and niche players are contributing to the competitive landscape, offering specialized shrimp products to meet specific market needs.
