Global Shrimp Market Size And Forecast Report 2024-2032

Global Shrimp Market Overview

The Global Shrimp Market is anticipated to grow significantly, reaching an estimated US$ 69.35 billion by 2028 with a CAGR of 6.72% from 2022 to 2028. The demand for shrimp has surged due to its versatility in the food industry and expanding applications in pharmaceuticals, healthcare, and cosmetics, thanks to its nutritional properties and health benefits, such as high protein, antioxidant, and anti-aging effects.

Market Drivers

1. Increasing Demand and Sustainable Farming Practices
   Small-scale shrimp farmers in Asian countries like China, India, Vietnam, and Thailand are encouraged to adopt cluster farming with government support and fiscal incentives, boosting sustainable practices and reducing disease risks. This participatory approach not only increases shrimp production but also attracts new investments.
2. Popularity in Asian Cuisine and Western Markets
   Shrimp’s role as a staple in Asian cuisine and the rising popularity of seafood in Western diets contribute to global demand. Countries like India and Vietnam have emerged as top producers, with large-scale, intensive shrimp farming operations. India has also strengthened its position as a global leader in value-added shrimp production due to its competitive labor costs and established processing facilities.
3. Technological and Sustainable Innovations in Ecuador
   Ecuador, a major shrimp exporter, has invested in sustainable practices and technology to boost efficiency, allowing it to compete with and potentially surpass other leading producers. Its shrimp exports, especially to the United States, China, and Europe, highlight its reputation for quality and environmental responsibility.

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Key Market Segments

1. Species:
   • L. vannamei (Pacific white shrimp) dominates the market due to its adaptability and high yield.
   • P. monodon (Black tiger shrimp) and M. rosenbergii are also popular, catering to niche markets with significant demand from China and the U.S.
2. Product Forms:
   • Green/Head-on Shrimp: Valued for its rich flavor, often used in high-end culinary dishes.
   • Breaded, Cooked, and Peeled Shrimp: Processed forms that meet demand in retail and catering, particularly in Western markets.
3. Size Categories:
   • The 21-25 size category is a preferred medium size often labeled as “jumbo,” ideal for various culinary uses.
   • 26-30 size is also popular, with high production volumes from major producers like China, India, Vietnam, and Thailand.

Key Import and Export Trends

1. Top Importers:
   • China leads imports due to decreased domestic production and high demand in retail and food service sectors.
   • The United States and the European Union (EU28) also serve as major importers, sourcing primarily from India, Vietnam, and Ecuador.
2. Top Exporters:
   • Ecuador and India lead shrimp exports globally, with Ecuador focusing on sustainable production and India benefiting from disease-free, high-quality shrimp.

Competitive Landscape

The shrimp industry features key players like Avanti Feeds Ltd, High Liner Foods, Thai Union Group, Royal Greenland, Maruha Nichiro Corporation, and Charoen Pokphand Foods PCL. Companies are increasingly focusing on sustainable aquaculture practices, with Asian Development Bank supporting smallholder shrimp farmers in Indonesia through a US$ 93 million loan to promote climate-resilient and sustainable farming methods.

Summary

The global shrimp market’s growth is supported by sustainability initiatives, increased consumption, and innovations in shrimp farming. Key players are strategically investing in technology and sustainable practices to meet growing consumer demand and address environmental concerns. This thriving market continues to expand due to rising disposable incomes, urbanization, and evolving consumer preferences for convenient, nutritious seafood options.