Shrimp Market to Grow with a CAGR of 4.77% Globally through 2029

The global shrimp market is growing rapidly, driven by growing popularity of seafood in general and growing demand for convenience foods are key market trends.

According to TechSci Research report, “Global Shrimp Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the global shrimp market stood at USD 69.22 billion in 2023 and is anticipated to grow with a CAGR 4.77% in the forecast period, 2025-2029. The global shrimp market is a dynamic and influential sector within the seafood industry. Driven by increasing consumer demand for seafood, particularly shrimp, major trends include a shift towards sustainable practices, technological innovations in aquaculture, and a growing preference for value-added products. Challenges encompass disease outbreaks, environmental sustainability concerns, fluctuating market prices, and regulatory complexities. Asia Pacific dominates as a key production and consumption region. The industry's resilience and adaptability are crucial, with stakeholders navigating complexities to meet evolving consumer expectations and ensure the long-term viability of the global shrimp market.

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However, the global shrimp market faces a myriad of challenges that impact its sustainability and overall health. Disease outbreaks, particularly those caused by viral pathogens, pose a persistent threat to shrimp farms, leading to economic losses and affecting the industry's stability. Environmental concerns, such as mangrove deforestation and water pollution associated with traditional shrimp farming practices, raise questions about the industry's ecological impact. Fluctuating market prices, influenced by supply and demand dynamics, currency fluctuations, and global economic conditions, present uncertainties for both producers and consumers.

On the positive side, several key trends are shaping the trajectory of the global shrimp market. Sustainability has emerged as a guiding principle, with an increasing emphasis on responsible aquaculture practices. Certification programs like those offered by the Aquaculture Stewardship Council (ASC) highlight a commitment to environmentally friendly and socially responsible shrimp production. Technological innovation is transforming shrimp farming, with advancements in selective breeding, disease-resistant varieties, and precision aquaculture technologies optimizing production efficiency and reducing environmental impact.

Moreover, there is a notable trend toward value-added and convenience products in the global shrimp market. Consumers, especially those in urban areas, seek quick and easy meal solutions, leading to a surge in demand for processed shrimp products such as pre-cooked, marinated, and ready-to-cook options. This trend aligns with the expansion of e-commerce platforms, where online sales have become a growing segment, providing consumers access to a diverse range of shrimp products and contributing to market integration.

The globalization of shrimp supply chains is another significant trend, facilitated by improved transportation, logistics, and communication technologies. This integration allows for the efficient movement of shrimp from producing countries to major consumer markets, reducing seasonal variations in production and meeting the year-round demand for shrimp. However, it also exposes the industry to global market dynamics, trade tensions, and regulatory complexities.

As the global shrimp market evolves, Asia Pacific remains a dominating force. The region is a powerhouse in shrimp production and consumption, with countries like China and India leading the way. Robust aquaculture practices, extensive coastal areas, and favorable climatic conditions position Asia Pacific as a primary hub for shrimp cultivation. Its influence extends beyond production, as Asia Pacific plays a crucial role in shaping global market trends and trade dynamics.

The global shrimp market is segmented into type, form, sales channel, regional distribution, and company.

Based on sales channel, the market is segmented into food specialty stores, online, hypermarkets/supermarkets, others.

Online sales are experiencing remarkable growth in the global shrimp market, transforming the way consumers access and purchase shrimp products. The convenience and accessibility offered by online platforms have propelled this trend, providing a diverse range of shrimp options to consumers worldwide. The rise of online grocery shopping, coupled with the increasing popularity of seafood marketplaces, has facilitated the expansion of the online sales segment. This shift reflects changing consumer behaviors, urbanization, and a desire for hassle-free shopping experiences, making online sales a significant and rapidly growing segment within the global shrimp market.

Major companies operating in global shrimp market are:

• 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 Ocean Direct

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“The global shrimp market is characterized by robust growth driven by increasing consumer demand, particularly in Asia Pacific. Major trends include a shift towards sustainability, technological innovation in shrimp farming, and a rising preference for value-added products. Challenges encompass disease outbreaks, environmental sustainability concerns, and market price fluctuations. Online sales are emerging as a dynamic and rapidly growing segment, transforming the accessibility of shrimp products. Asia Pacific dominates production and consumption, playing a pivotal role in shaping global market dynamics. Navigating these complexities requires a delicate balance between meeting growing demand, ensuring sustainability, and embracing technological advancements.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Shrimp Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Pink, White Brown, Others), By Form (Fresh / Chilled, Frozen / Canned, Processed), By Sales Channel (Food Specialty Stores, Online, Hypermarkets/Supermarkets, Others), By Region, By Competition, 2019-2029”, has evaluated the future growth potential of global shrimp market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global shrimp market.

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