The shrimp market is projected to reach USD 54.6 billion by 2027, according to a recent report by Allied Market Research, demonstrating a Compound Annual Growth Rate (CAGR) of 9.2% from 2021 to 2027.

The white shrimp segment emerged as the top revenue contributor in 2019. This can be attributed to the easy availability of white shrimps in the market. Cold water shrimps, based on their source, secured the highest market share, driven by their high nutritional profile.

The frozen shrimp segment is anticipated to dominate the market share in 2027, primarily due to the extended shelf life of frozen shrimps. The commercial sector holds the largest market share by end-use, a trend fueled by the growing number of hotels and restaurants. Specialty stores lead the distribution channel segment, thanks to the diverse range of shrimp varieties they offer.

One of the key drivers of global shrimp market growth is the increasing demand for seafood products. A shift in dietary habits towards healthier options, particularly seafood as a rich source of animal proteins, is expected to fuel market expansion in the coming years. Improved taste and heightened marketing efforts are also anticipated to present lucrative opportunities for industry players.

Despite these positive trends, challenges such as the high cost of processing and stringent government regulations governing shrimp farming, import, and export could hinder market growth. Nevertheless, amidst these challenges, the robust growth in the food processing and agriculture industries provides market players with ample opportunities for further expansion.