Mitsui & Co., one of Japan’s largest trading houses, is positioning itself at the forefront of the global shrimp market as part of a broader strategy to secure a leading role in sustainable protein production. Under the leadership of President Kenichi Hori, the company has shifted its focus from traditional meat markets to shrimp and poultry, two sectors it believes offer both economic and environmental advantages.

Shrimp as a Key Pillar in Mitsui’s Protein Ambitions

Shrimp is a cornerstone of Mitsui’s ambition to build a global supply chain for sustainable proteins. As Hori explains, these investments align not just with profitability but also with environmental stewardship. “We will expand food choices that are in harmony with natural capital and contribute to wellness,” Hori said in an interview.

The market is vast and growing. The global shrimp market is expected to be worth USD 74.2 billion by 2032, an 80% increase from 2023, according to Fortune Business Insights. In this context, Mitsui’s decision to invest in shrimp appears well-timed. The company currently holds a 20% stake in Ecuador’s Industrial Pesquera Santa Priscila, the world’s largest shrimp breeder. This investment gives Mitsui access to over 230,000 tonnes of shrimp annually, amounting to 6% of global shrimp trade in 2022. Additionally, Mitsui holds a significant stake in Vietnam’s Minh Phu Seafood, further solidifying its dominance in the shrimp supply chain.

Why Shrimp? Efficiency and Environmental Benefits

Shrimp farming, like poultry production, offers a highly feed-efficient and environmentally friendly alternative to beef and pork. Both proteins generate significantly fewer greenhouse gases, with shrimp producing as little as one-fifth the emissions of beef. This makes them increasingly attractive as consumers and companies alike turn to more sustainable food sources.

The environmental benefits, combined with growing global demand, provide a compelling case for Mitsui’s focus on shrimp. While competitors such as Mitsubishi and Marubeni remain invested in beef and pork, Mitsui sees far more potential in these more efficient proteins. The company aims to generate over USD 206 million in net profit from its protein business by 2026—more than doubling its earnings from fiscal 2022.

Building a Global Supply Chain

Mitsui’s strategic approach is not limited to acquiring assets; it is building an integrated global supply chain. By aligning its investments with companies that share its vision of sustainability and efficiency, Mitsui seeks to control the entire value chain from production to distribution. This is particularly evident in the shrimp sector, where its stakes in both Ecuador and Vietnam allow it to connect shrimp production from breeding to global export markets.

The company’s long-term strategy involves further acquisitions and investments in regions such as Eastern Europe and Africa. This diversified approach ensures that Mitsui will not only meet growing global demand for shrimp but also remain resilient in an increasingly competitive marketplace.

Challenges and Competition

Despite Mitsui’s rapid progress, Hori acknowledges that the company’s protein operations are still “at the halfway point.” While the shrimp business is growing, it currently contributes only 3% to consolidated net profits, suggesting there is room for expansion but also for potential challenges.

Competition in the sector is intensifying. Mitsui’s acquisition of stakes in Ecuador and Vietnam followed protracted negotiations—six years in Ecuador and three in India. These extended discussions illustrate the difficulties in securing strategic partnerships, but also highlight Mitsui’s commitment to long-term, sustainable growth.

A Sustainable Future for Shrimp

Mitsui’s focus on shrimp is not merely a matter of business. Hori emphasizes that the company views proteins such as shrimp as part of a broader wellness strategy, where sustainable food choices align with the health of both consumers and the planet. This dual focus on economic opportunity and environmental responsibility may well prove decisive as the competition to dominate the global protein market intensifies.