Farmed Shrimp Analysis 2025 and Forecasts 2033: Unveiling Growth Opportunities

Farmed Shrimp Trends

The global farmed shrimp market exhibited robust growth throughout the historical period (2019-2024), exceeding 50 million metric tons in 2024. This expansion is projected to continue, with forecasts indicating a Compound Annual Growth Rate (CAGR) exceeding 5% from 2025 to 2033, pushing the market value well beyond 70 million metric tons by the end of the forecast period. Key market insights reveal a shifting consumer preference towards sustainably sourced and higher-value shrimp varieties. The growing demand from the restaurant and hotel sector, coupled with increasing household consumption in developing economies, are significant drivers. Competition is fierce, with major players like Minh Phu Seafood Corp and Thai Union vying for market share through vertical integration, technological advancements in farming techniques, and diversification of product offerings. The market is also seeing increased emphasis on traceability and transparency, addressing consumer concerns about sustainability and food safety. This has led to innovations in farming practices, including improved feed formulations, disease management, and environmentally friendly aquaculture techniques. The rising disposable incomes in emerging markets, particularly in Asia and Latin America, fuel the demand for protein-rich foods like shrimp, further boosting market growth. However, fluctuating shrimp prices, influenced by factors like disease outbreaks and environmental changes, continue to present challenges for market stability. The increased focus on sustainability and traceability will reshape the competitive landscape, favoring companies that can demonstrate responsible and ethical sourcing practices. Furthermore, the evolving regulatory landscape and growing concerns about antibiotic use in shrimp farming are shaping the long-term trajectory of the market.

Driving Forces: What's Propelling the Farmed Shrimp Market?

Several factors are propelling the growth of the farmed shrimp market. The rising global population necessitates increased protein sources, and shrimp, with its high nutritional value and versatility, is a favored choice. The increasing disposable incomes in developing countries, particularly in Asia and parts of Africa, are significantly expanding the consumer base for shrimp. Simultaneously, advancements in aquaculture technology have led to improved farming practices, resulting in increased yields and reduced production costs. This increased efficiency makes farmed shrimp a more cost-effective protein source compared to other options. Furthermore, the expanding restaurant and hotel sector globally fuels demand, especially for higher-value species like Giant Tiger Prawns. The diversification of shrimp products, including processed and value-added forms like Akiami Paste Shrimp, also caters to evolving consumer preferences and expands market opportunities. Finally, global trade liberalization and improved logistics have made it easier to transport and distribute farmed shrimp to diverse markets worldwide. The combined effect of these factors creates a highly favorable environment for sustained growth in the farmed shrimp market.

Challenges and Restraints in the Farmed Shrimp Market

Despite the strong growth prospects, several challenges and restraints hinder the expansion of the farmed shrimp market. Disease outbreaks, such as White Spot Syndrome Virus (WSSV), can decimate entire shrimp farms, leading to significant production losses and price volatility. Environmental concerns, including water pollution and habitat destruction from intensive shrimp farming, pose significant risks to the industry's sustainability. The increasing cost of feed, which represents a substantial portion of production costs, directly affects shrimp prices and profitability. Fluctuations in global fuel prices also impact transportation costs, further impacting the market. Stringent regulatory requirements concerning food safety and environmental protection can add to operational costs for producers. Moreover, competition from alternative protein sources and the rising popularity of plant-based alternatives present a threat to the long-term dominance of shrimp in the protein market. Finally, ethical and social concerns surrounding labor practices in some shrimp farming regions can affect consumer preferences and the market's reputation.

Key Region or Country & Segment to Dominate the Market

The Asia-Pacific region is poised to maintain its dominance in the farmed shrimp market throughout the forecast period. Specifically, countries like China, Vietnam, India, and Thailand are major producers and exporters of farmed shrimp. Within segments, Whiteleg Shrimp (Litopenaeus vannamei) holds the largest market share due to its rapid growth rate, high disease resistance, and adaptability to various farming environments. The restaurant and hotel sector represents a significant application segment, driving high-value product demand.

• Key Regions: Asia-Pacific (China, Vietnam, India, Thailand), Latin America (Ecuador, Brazil)
• Dominant Segment: Whiteleg Shrimp (due to high production volume, disease resistance, and adaptability).
• High-Growth Segment: Restaurant & Hotel sector (due to increasing demand for high quality shrimp).
• Market trends affecting dominance: Growing consumer awareness of sustainable sourcing is changing the industry dynamics. Companies with robust sustainability programs are better positioned for long term success.

The high demand from the restaurant and hotel segment is driven by the increasing popularity of shrimp in diverse cuisines. However, the household segment is also projected to grow steadily, especially in developing economies with increasing disposable incomes. The growth of the processed shrimp market, such as Akiami Paste Shrimp, also reflects changing consumer preferences and an inclination towards convenience. The market is experiencing a shift towards higher-value, sustainably sourced shrimp, making traceability and certifications increasingly important for companies competing in this space.

Growth Catalysts in the Farmed Shrimp Industry

The farmed shrimp industry's growth is fueled by several key factors: increasing global demand for protein-rich food, advancements in aquaculture technologies leading to increased yields and efficiency, the expansion of the restaurant and hotel sector's demand for shrimp, and the development of value-added products that cater to diverse consumer preferences. Technological advancements in disease control and feed formulation are also playing a crucial role in improving production efficiency and sustainability.

Leading Players in the Farmed Shrimp Market

• Minh Phu Seafood Corp
• Thai Union Thai Union
• Santa Priscila
• Expalsa
• Zhanjiang Guolian
• Pescanova Pescanova
• Omarsa
• Songa
• Iberconsa
• Conarpesa
• Royal Greenland A/S Royal Greenland A/S
• ProExpo
• Quoc Viet
• Devi Fisheries
• The Liberty Group
• Nekkanti Sea Foods

Significant Developments in the Farmed Shrimp Sector

• 2021: Increased focus on sustainable aquaculture practices by several major players.
• 2022: Introduction of new disease-resistant shrimp strains.
• 2023: Several major producers invest in improved traceability technologies.
• 2024: Growing adoption of recirculating aquaculture systems (RAS) to reduce environmental impact.

Comprehensive Coverage Farmed Shrimp Report

This report offers a comprehensive analysis of the farmed shrimp market, providing valuable insights into market trends, growth drivers, challenges, and key players. It includes detailed segmentation by type, application, and region, offering a granular understanding of the market dynamics. The report's forecasts provide a roadmap for stakeholders to make informed decisions and capitalize on emerging opportunities within this dynamic industry. It also examines the growing emphasis on sustainability and traceability, highlighting its impact on the competitive landscape and consumer preferences.

Farmed Shrimp Segmentation

• 1. Type
  • 1.1. Whiteleg Shrimp
  • 1.2. Giant Tiger Prawn
  • 1.3. Akiami Paste Shrimp
  • 1.4. Others
  • 1.5. World Farmed Shrimp Production
• 2. Application
  • 2.1. Household
  • 2.2. Restaurant & Hotel
  • 2.3. World Farmed Shrimp Production

Farmed Shrimp Segmentation By Geography

• 1. North America
  • 1.1. United States
  • 1.2. Canada
  • 1.3. Mexico
• 2. South America
  • 2.1. Brazil
  • 2.2. Argentina
  • 2.3. Rest of South America
• 3. Europe
  • 3.1. United Kingdom
  • 3.2. Germany
  • 3.3. France
  • 3.4. Italy
  • 3.5. Spain
  • 3.6. Russia
  • 3.7. Benelux
  • 3.8. Nordics
  • 3.9. Rest of Europe
• 4. Middle East & Africa
  • 4.1. Turkey
  • 4.2. Israel
  • 4.3. GCC
  • 4.4. North Africa
  • 4.5. South Africa
  • 4.6. Rest of Middle East & Africa
• 5. Asia Pacific
  • 5.1. China
  • 5.2. India
  • 5.3. Japan
  • 5.4. South Korea
  • 5.5. ASEAN
  • 5.6. Oceania
  • 5.7. Rest of Asia Pacific