The shrimp market is poised for significant expansion, with forecasts indicating a valuation exceeding USD 130 billion by 2032. According to a research study by Global Market Insights Inc., the market was valued at USD 72.6 billion in 2023 and is expected to maintain a Compound Annual Growth Rate (CAGR) of over 6.6% during the period from 2024 to 2032.

The Rise of White Shrimp

The white shrimp segment, valued at USD 43.67 billion in 2022, continues to gain traction within the market. Advancements in aquaculture technology have facilitated the production of high-quality white shrimp, contributing to its popularity. Additionally, growing awareness of the health benefits associated with white shrimp, including its abundance of Omega-3 fatty acids, protein, and essential nutrients, has fueled demand.

The frozen shrimp segment held a dominant market share of approximately 56.5% in 2022. Frozen shrimp offers consumers convenience and versatility, allowing for quick preparation and thawing. Its affordability compared to fresh shrimp makes it an attractive option, particularly for budget-conscious consumers, thus propelling market growth.

Residential Sector Driving Demand

With a valuation exceeding USD 38.39 billion in 2022, the residential sector has emerged as a significant driver of shrimp demand. The versatility and quick preparation of shrimp have made it a favored protein source for home-cooked meals. Increased consumer interest in frozen and processed shrimp products, such as breaded shrimp and shrimp scampi, has further bolstered demand, particularly in the wake of the COVID-19 pandemic.

The supermarkets and hypermarkets segment surpassed USD 26.12 billion in 2022, offering consumers a wide selection of shrimp products in one convenient location. This accessibility simplifies the purchasing process for customers, allowing them to compare options and make informed decisions.

Asia Pacific Market Expansion

The Asia Pacific shrimp market has experienced significant growth, with revenue crossing USD 26.56 billion in 2022. Factors driving this expansion include shifting dietary preferences, rising disposable incomes, and an expanding middle-class population. As urbanization progresses and Western eating habits become more prevalent, the demand for convenient shrimp-based meals and restaurant dishes continues to rise, further fueling market growth in the region.