The global shrimp market is expected to reach an astounding valuation of USD 149 billion by the year 2034, according to a recent report by Future Market Insights. This growth trajectory is underlined by a robust Compound Annual Growth Rate (CAGR) of 8.7% starting from the year 2024.

Driving Factors Behind the Surge

The surge in the shrimp market is primarily attributed to the escalating demand for shrimp-based products worldwide. Particularly, canned and frozen shrimp options are expected to witness a surge in demand over the next decade. The nutritional value and accessibility of seafood items are gaining traction in the global food sector, further propelling the demand for shrimp products.

North America emerges as a pivotal player in the global shrimp market dynamics. With a high demand for prawns, North America stands as one of the leading importers of shrimp globally. Additionally, the region is the second-largest producer of prawns worldwide, trailing behind the Asia Pacific region. The North America shrimp market is estimated to have reached a valuation of USD 13.0 billion in 2023, with the USA holding a dominant share of 81.4%.

Asia Pacific: A Region of Growth

In the Asia Pacific region, the demand for prawns is substantial, driven by their accessibility and affordability. As the region’s appetite for marine products continues to expand, a corresponding rise in demand for shrimp is anticipated. China, within the Asia Pacific, boasts a significant share of 52.1% in the shrimp market.

Consumer behavior plays a pivotal role in shaping the trajectory of the shrimp market. Consumers in Asia Pacific and Western Europe are increasingly prioritizing health-conscious choices amidst their fast-paced lifestyles. This trend is reflected in the rising footfall at traditional fish and chip shops, signaling a positive outlook for the shrimp market’s expansion.

Anticipated Growth Segments

Over the forecast period, the demand for seafood snacks is expected to witness a notable increase. Furthermore, the market for shrimp is poised for growth over the next decade, fueled by the escalating trend for both fresh and frozen seafood products.

The North America shrimp industry is expected to maintain its upward trajectory, with a projected CAGR of 9.6% between 2023 and 2033. With dynamic market trends and evolving consumer preferences, the global shrimp market is poised for substantial growth in the coming years. As stakeholders navigate these trends, opportunities abound for innovation and strategic expansion within the shrimp industry landscape.