The shrimp industry is on the verge of a major expansion, with market projections indicating a substantial increase in value over the coming years. According to a recent report by DataM Intelligence, the global shrimp market is set to reach USD 85.319 billion by 2031.

Market Growth and Projections

The global shrimp market is anticipated to grow at a considerable rate during the forecast period, from 2024 to 2031. In 2023, the market showed steady growth, which is expected to accelerate as key industry players adopt new strategies to boost production and meet rising demand. The shrimp market, valued at USD 56.875 billion in 2023, is projected to exhibit a compound annual growth rate (CAGR) of 5.2% over the forecast period.

Several key players contributing to its growth include:

• Aqua Star
• Avanti Feeds Ltd.
• Clearwater Seafoods
• High Liner Foods Inc.
• Mazzetta Company, LLC
• Nordic Seafood A/S
• Maruha Nichiro Corporation
• Surapon Foods
• Thai Union Group
• Nippon Suisan Kaisha