In a recent report released by Allied Market Research, the future of the shrimp market appears promising, with projections indicating substantial growth in the coming years. The report suggests that the shrimp market size is anticipated to soar to USD 54.6 billion by 2027, marking a Compound Annual Growth Rate (CAGR) of 9.2% from 2021 to 2027.

Asia-Pacific Dominates Revenue Share

The study reveals that Asia-Pacific stands as the frontrunner in revenue contribution to the global shrimp market. In 2019 alone, the region accounted for a significant USD 11.0 billion. Projections indicate a further surge, with Asia-Pacific expected to reach USD 20.5 billion by 2027, boasting a CAGR of 10.3%.

Within the shrimp market, the white shrimp segment emerges as the dominant force. In 2019, this segment captured a substantial market share, valued at USD 10.8 billion. Looking ahead, the white shrimp segment is poised for continued growth, with expectations to reach USD 20.3 billion by 2027, reflecting a notable CAGR of 10.4%.

Cold Water Shrimp Source Takes Center Stage

Among the various sources of shrimp, the cold water segment emerges as the leader in market share. With a staggering USD 17.3 billion in revenue in 2019, this segment is expected to maintain its prominence, projected to reach USD 31.2 billion by 2027. This growth trajectory represents a robust CAGR of 9.8% during the forecast period.

In the Asia-Pacific region, China stands out as the primary revenue contributor in the shrimp market. The country boasted USD 2.8 billion in revenue in 2019, with projections indicating a climb to USD 5.1 billion by 2027. This growth, at a CAGR of 10.0%, underscores China’s pivotal role in driving the expansion of the shrimp market within the region.