The global shrimp market is poised for significant growth from 2025 to 2032, driven by increasing consumer demand, advancements in aquaculture, and a rising preference for seafood as a healthy protein source. The market is projected to reach substantial valuations by 2032, with a Compound Annual Growth Rate (CAGR) of approximately 5.5% during the forecast period.
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In 2024, the global shrimp market was valued at USD 71.9 billion and is expected to reach USD 105.4 billion by 2033, exhibiting a CAGR of 3.9% from 2025 to 2033.
The market's expansion is attributed to factors such as the versatility and nutritional value of shrimp, increased disposable incomes, and the growth of the food service sector.
Key Market Drivers
Rising Seafood Consumption: Consumers are increasingly opting for seafood due to its health benefits, with shrimp being a favored choice for its low-fat, high-protein content.
Advancements in Aquaculture: Innovations in shrimp farming, including sustainable practices and technological improvements, have enhanced production efficiency and output.
Sustainability Initiatives: Growing environmental awareness has led to the adoption of sustainable shrimp farming practices, meeting consumer demand for responsibly sourced seafood.
Environmental Concerns: Overfishing and habitat destruction pose significant challenges, necessitating stricter regulations and sustainable practices.
Disease Management: Shrimp farming is susceptible to diseases, which can impact production and supply stability.
Trade Regulations: International trade policies and tariffs can affect shrimp exports and imports, influencing market dynamics.
Regional Insights
Asia-Pacific: Dominates the market with the largest share, driven by high production and consumption rates in countries like China, India, and Vietnam.
North America: Expected to see significant growth due to increasing seafood consumption and the adoption of flexitarian diets.
Europe: Steady growth anticipated, supported by rising health consciousness and demand for sustainable seafood options.
Competitive Landscape
Key players in the shrimp market include Thai Union Group PCL, Clearwater Seafoods, Avanti Feeds Limited, High Liner Foods, and Surapon Foods Public Company Limited. These companies are focusing on product innovation, sustainable practices, and strategic partnerships to strengthen their market position.
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The shrimp market is set to experience robust growth through 2032, driven by consumer preferences for healthy and sustainable seafood options. Continued advancements in aquaculture and a focus on environmental sustainability will be crucial in meeting the rising global demand.