1. Global Shrimp Market Summary
The market sales of the global shrimp market will be 5574.7 K Tons in 2024 with a CAGR of 5.66% from 2024 to 2029.
Fast food culture promotes the development of shrimp products.
In the global market, as the pace of life accelerates and the employment rate of women increases, more and more consumers spend less energy and time on cooking. Fast food culture is affecting consumers’ living habits. Since the finished shrimp products are pre-processed, consumers spend relatively less time in the cooking process. Plus, canned shrimp is a ready-to-eat food that requires no further cooking or preparation before consumption. Therefore, processed shrimp products satisfy consumers’ pursuit of convenience. In the global market, more and more consumers tend to buy packaged food or ready-to-eat food. Hence, increasing demand for products such as frozen shrimp and canned shrimp is driving the growth of the global shrimp market.
Global Shrimp Market Sales (K Tons) in 2024
2. Market Drivers
The downstream market seeks after the high nutritional value of shrimp.
In recent years, with the continuous improvement of the mass consumption level, people’s requirements for food nutrition are also increasing, and white meat (chicken, fish) is gradually replacing red meat (pig, beef, sheep), and prawns are replacing fish. Under this trend, various seafood supermarkets and restaurants continue to spread in various countries and regions around the world. Because shrimp meat is rich in nutrition, it is a high-protein, low-fat, and highly nutritious aquatic food, which is very popular among consumers. Therefore, shrimp has gradually begun to replace some bulk freshwater fish and become one of the mainstream aquatic protein channels. The global shrimp market gradually rises and develops.
In addition, as most people begin to pay attention to healthy eating and the rise of the “fitness craze” in recent years, shrimp meat, a high-quality, high-protein food, has gained popularity among the public.
3. Market Challenges
The shrimp industry can’t live without aquaculture. In recent years, due to climate change and industrial wastewater discharge, the shrimp aquaculture environment has also been seriously threatened. The following three problems will lead to the decline of shrimp quality. With the continuous development of industry and agriculture in recent years, the environmental pollution in some areas has been aggravated year by year, and the increase of shrimp culture density has also caused the rapid deterioration of water quality and the rapid aging of many aquaculture waters.
On the other hand, the deterioration of surface water year by year cannot be underestimated, and the ecosystem of groundwater and soil has also been seriously damaged, which will lead to the death of shrimp larvae due to hypoxia. The main diseases suffered by shrimp are white spot syndrome, etc. With the increase in culture density, new diseases have appeared in the process of shrimp culture, such as premature death caused by the EMS virus. Due to the low self-purification ability of water bodies, the eutrophication of water bodies has also become a hotbed of bacteria and viruses.
The quality of feed is directly related to the nutritional needs of shrimp fry. At present, some manufacturers purchase fish meals with poor quality or simply use plant protein instead of animal protein to save costs, which can’t meet the animal protein needs of shrimp. Therefore, shrimp often eat slowly and don’t grow flesh, which greatly reduces the breeding effect. Therefore, it is urgent to add high-quality feed to improve the feeding effect.
4. Market Segment
By type, the Frozen Shrimp segment accounts for the largest share in 2024.
Frozen shrimp is a shrimp product that is processed or packaged and then frozen. Frozen shrimp need to be cooked before eating. Canned shrimp is cleaned, shelled, and then cooked and canned. Canned shrimp can be eaten directly. Other types of shrimp include fresh and peeled shrimp, etc.
It is expected that the sales volume of frozen shrimp in 2024 will be K Tons, with a market share of 81.42%, and the growth reasons include the increase in consumer demand for convenience food and the promotion of e-commerce. It is expected that the sales volume of canned shrimp in 2024 will be K Tons, with a market share of 4.34%, and the growth reason may be related to the increased demand for ready-to-eat foods.
The largest segment by application is the Supermarkets and Hypermarket in 2024.
Downstream applications are segmented by sales channel. Consumers can purchase shrimp products through supermarkets and hypermarkets, wholesalers, and independent retailers. Independent stores are businesses that operate with a single retail outlet or are structured as a small chain with no more than three locations. Generally, stores of this type are individually owned, owned by a family, or owned by two partners. Stores of this type are found in just about every city and town around the world and are usually owned by people who live in the community.
It is expected that the consumption of supermarkets and supermarkets in 2024 will be 2015.0 K Tons, and the market share will be 36.15%, the growth reason may be related to the change in consumer shopping habits and the pursuit of convenience. Wholesalers are expected to consume 1913.4 K Tons in 2024, with a market share of 34.32%, and the growth may be related to the demand for catering and retail. Independent retailers are expected to consume 742.8 K Tons in 2024, with a market share of 13.32%, and the growth may be related to increased consumer demand for fresh and local products.
Market Sales and Share by Segment
| Sales Volume in 2024 | Market Share in 2024 | ||
| By Type | Frozen Shrimp | 4539.0 K Tons | 81.42 % |
| Canned Shrimp | 242.1 K Tons | 4.34 % | |
| Others | 793.6 K Tons | 14.24 % | |
| By Application | Supermarkets and Hypermarkets | 2015.0 K Tons | 36.15 % |
| Wholesaler | 1913.4 K Tons | 34.32 % | |
| Independent Retailers | 742.8 K Tons | 13.32 % | |
| Others | 903.5 K Tons | 16.21 % |
5. Regional Market
China Will Lead the Global Shrimp Market in 2024.
Europe: About 30% of the shrimp consumed in Europe comes from local production (mainly aquaculture), with the remaining 70% dependent on imports, of which 60% comes from farms. Although there is currently a high demand for prawns in the European market, the price of Argentine red prawns has dropped in the past few months due to the high volume of catches. Vietnam is the largest supplier of Asian shrimp to the European market, accounting for 60% of the European market, followed by India, Indonesia and Bangladesh. The market sales of Europe will be 1064.2 K Tons in 2024
China is the world’s largest importer and exporter of shrimp products. The market sales of China will be 1626.9 K Tons in 2024. With the continuous progress of aquaculture technology and the continuous growth of market demand, the output of freshwater aquaculture shrimp is expected to continue to increase. The future of the shrimp industry will focus on healthy farming, biotechnology and market segmentation. Guangdong Province has the highest production of shrimp mariculture in China, followed by Guangxi Province.
Global Shrimp Market Sales Volume (K Tons) by Region in 2024
6.Market Competition
Shrimp companies are mainly from Southeast Asia and the industry concentrate rate is low. The top three companies are Santa Priscila, Omarsa, Minh Phu Seafood Corporation with the revenue market share of 6.51% in 2021.
Santa Priscila: Santa Priscila is a fishing company. The Santa Priscila company that cold packs the day of fishing to ensure the quality and freshness of the food serves families in Ecuador and around the world. Santa Priscila is one of the major players operating in the Shrimp market, holding a share of 3.13% in 2024.
The Omarsa Group: The Omarsa Group started the shrimp business in February 1977 when Don Arturo Vanoni Fernandez acquired the first 250 hectares of land for shrimp farming on Chupadores Grande Island, Ecuador.
Omarsa’s processing plant was established in 1982 under the name “Cachugran” with the vision to combine the shrimp production phase with the commercial phase, thus enabling Omarsa-farmed shrimp to be sold to different international markets.
Minh Phu Seafood Corporation: Minh Phu Seafood Corporation is a Vietnamese seafood company. Minh Phu Seafood Corporation’s products are currently available in more than 50 countries and territories.
Songa: Songa is an Ecuadorian shrimp producer and exporter, as well as an exporter of Ecuadorian tuna and seafood. Songa established the first shrimp farm in Ecuador in 1967 and it is still in production.
CP Group: Charoen Pokphand Group is a well-known multinational company founded by Thai Chinese. It is also known as Charoen Pokphand Group in Thailand, and Charoen Pokphand Group in English, or CP Group for short. Chia Tai Group is a diversified multinational group company involved in more than 10 industries and fields such as finance, real estate, pharmaceuticals, and mechanical processing.
Major Players
| Company Name | Manufacturing Base | Sales Region |
| Santa Priscila | South America | Worldwide |
| Omarsa | Ecuador | Worldwide |
| Minh Phu Seafood Corporation | Mainly in Southeast Asia | Worldwide |
| Songa | Ecuador | Worldwide |
| CP Group | Asia | Worldwide |
| Expalsa | Ecuador | Worldwide |
| STAPIMEX | Southeast Asia | Worldwide |
| FIMEX VN | Vietnam | Mainly in North America, Europe, Japan, Korea, Australia |
| Bahari Makmur Sejati | Indonesia | Worldwide |
| Mazzetta Company, LLC | North America | Worldwide |
| AquaStar | United States | Mainly in North America |
| Bumi Menara Internusa | Indonesia | Worldwide |
| Apex Frozen Foods | India | Mainly in North America, Europe, Asia |
| Thuan Phuoc Corp | Vietnam | Worldwide |
| Thai Union Group | Mainly in Europe, Asia, Africa, and North America | Worldwide |
| Unima | Africa | Worldwide |
| Seaprimexco | Vietnam | Mainly in North America, Asia, Europe, Australia |
| Avanti Feeds | India | Mainly in North America, Europe, the Middle East, and Asia |
| Atlantic Shrimpers Limited | Africa | Worldwide |
| DanMarin A/S | Mainly in Europe, Africa, and North America | Worldwide |