The global shrimp market is poised for substantial growth, according to a recent research report by Future Market Insights. The study reveals that the sales of shrimps are expected to reach an impressive valuation of USD 60.4 billion in 2023, with a projected increase at a Compound Annual Growth Rate (CAGR) of 7.4% between 2023 and 2033. By 2033, the market is forecasted to reach a staggering USD 123.8 billion.

The global shrimp market is witnessing steady expansion, driven by rising health consciousness, changing dietary habits, and a growing demand for seafood. Shrimp, being a protein- and calorie-rich food, attracts consumers who prioritize their health. The market is further fueled by the introduction of new products, such as value-added and ready-to-cook prawn options.

Over the next decade, there is an anticipated increase in the demand for shrimp-based products, especially in the canned and frozen categories. Seafood items are gaining popularity in the global food sector due to their nutritional value, leading North America to emerge as one of the major importers of prawns worldwide.

The Asia Pacific region also exhibits a substantial demand for prawns, driven by their accessibility and affordability. The expanding desire for marine products in the region is expected to further boost demand. North America, ranking as the second-largest producer of prawns globally after Asia Pacific, is actively contributing to the growth of the market.