Shrimp Market, By Source Type (Cold Water Shrimps, Hot Water Shrimps), By Species (Gulf Shrimps, Farmed Whiteleg Shrimps, Blue Shrimps, Ocean Shrimps, Royal Red Shrimps), By Form (Frozen, Canned, Peeled, Cooked, Shell-On, Others), By End use Industry (Food, Cosmetics, Pharmaceutical, Biotechnology and Life Sciences, Others), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Jun 2024

Code : CMI1232

Pages :188

Formats :

Excel and PDF

Industry : Food and Beverages

Regional Analysis

Shrimp Market Regional Insights

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North America has long been the dominant region in the global shrimp market. The region is expected to account for 33.5% of the market share in 2024, particularly led by the U.S. The large population and high seafood consumption have supported strong and steady demand in the region for decades. The frozen shrimp segment dominates sales, with various processing facilities distributing products nationwide to major grocery retailers and restaurants. A developed aquaculture industry has also supplemented robust wild catches to maintain supply. While much of the shrimp supply has traditionally been imported, strong domestic aquaculture production in countries like Mexico and Ecuador in recent years have increased their share exported to North America. Nevertheless, South Asian nations particularly India and Vietnam continue to dominate North American shrimp imports with their competitive costs and reliable quantities. Their shrimp prices have influenced pricing benchmarks across the entire North America market.

A fast-rising force has emerged in Asia Pacific has experienced exponential shrimp market growth over the past 10 years. Led by Thailand and Indonesia, several Southeast Asian countries have aggressively expanded shrimp farming. Their climatic conditions are extremely well-suited for producing large shrimp crops year-round. Asia Pacific has increasingly become a key shrimp supplier and processing hub not only for neighboring Asian markets but also exports further abroad. More multinationals in the seafood industry have also established shrimp processing facilities in ASEAN to leverage its lower production costs and tap growing intra-Asian trade flows. Large retailers and food service buyers have augmented their direct sourcing from the region to meet rising demand from populations in East and South Asia. Certain processed shrimp segments like breaded and prepared meals have seen their sales soar across Southeast Asian countries as busy lifestyles drive convenient frozen options.