| REPORT ATTRIBUTE |
DETAILS |
| Historical Period |
2019-2022 |
| Base Year |
2023 |
| Forecast Period |
2024-2032 |
| Asia Pacific Shrimp Market Size 2023 |
USD 30,847.77 Million |
| Asia Pacific Shrimp Market, CAGR |
6.17% |
| Asia Pacific Shrimp Market Size 2032 |
USD 53,049.49 Million |
Market Overview
The Asia Pacific Shrimp Market is projected to grow from USD 30,847.77 million in 2023 to an estimated USD 53,049.49 million by 2032, reflecting a compound annual growth rate (CAGR) of 6.17% from 2024 to 2032. This growth is driven by increasing consumer demand for high-protein seafood, rising awareness of the health benefits associated with shrimp consumption, and the expansion of aquaculture practices across the region.
Key market drivers include the growing demand for ready-to-eat seafood products, a shift in consumer preferences towards healthier food options, and increasing investments in sustainable aquaculture practices. The trend of shrimp as a premium product in both domestic and international markets is expected to continue, further propelling market growth. Additionally, government initiatives to support the seafood industry and technological innovations in shrimp farming are key factors contributing to the market’s expansion.
Geographically, China dominates the Asia Pacific Shrimp Market, followed by India, Vietnam, and Thailand, which are significant contributors to the market’s growth due to their large-scale shrimp production and export capabilities. Key players in the market include companies such as Charoen Pokphand Foods PCL, Maruha Nichiro Corporation, Thai Union Group, and Mazzetta Company, LLC, which are actively engaged in expanding their market presence through strategic partnerships, product innovation, and sustainable farming practices.
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Market Drivers
Rising Consumer Demand for High-Protein Seafood:
The Asia Pacific shrimp market is experiencing significant growth driven by increasing consumer demand for high-protein seafood, particularly shrimp. Consumers across the region are becoming more health-conscious, leading to a growing preference for seafood over red meat due to its lower fat content and abundance of essential nutrients like omega-3 fatty acids. Shrimp is especially popular due to its versatility, ease of preparation, and availability in various forms. For instance, a steady increase in shrimp consumption across major Asian markets, with urban areas showing the highest growth rates. Government surveys indicate that younger consumers are more likely to choose shrimp as a protein source compared to older generations. Additionally, rising disposable incomes in emerging economies have amplified this demand, with consumers willing to spend more on premium seafood products. Industry reports highlight the growing popularity of shrimp in diverse culinary applications, from traditional dishes to fusion cuisine, further driving market expansion.
Expansion of Aquaculture Practices and Technological Advancements:
The expansion of aquaculture practices across the Asia Pacific region is a crucial driver of the shrimp market. As wild shrimp stocks face challenges, aquaculture has emerged as a sustainable solution to meet growing demand. For instance, major shrimp-producing countries shows significant increases in aquaculture production over the past decade. Industry surveys reveal widespread adoption of advanced aquaculture techniques, including recirculating aquaculture systems (RAS), biofloc technology, and integrated multi-trophic aquaculture (IMTA). These innovations have improved productivity by enhancing water quality, reducing disease outbreaks, and optimizing feed efficiency. Company reports indicate substantial investments in research and development, focusing on selective breeding programs and genetic improvements in shrimp species. This has led to higher yields and better disease resistance, as evidenced by productivity data from leading aquaculture firms. Government statistics also show an increasing number of sustainable aquaculture certifications being issued, reflecting the industry’s focus on responsible practices.
Growing Export Opportunities and Trade Agreements:
The Asia Pacific region plays a major role in the global shrimp trade, with several countries leading in shrimp exports. For instance, consistent growth in shrimp export volumes from countries like India, Vietnam, Thailand, and Indonesia. Government reports highlight the positive impact of trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on shrimp exports. Industry surveys indicate that shrimp producers are increasingly focusing on meeting international quality standards and obtaining certifications like the Aquaculture Stewardship Council (ASC) and GlobalGAP to enhance their competitiveness in global markets. Export data from major shrimp-producing countries reveals a diversification of export destinations, with growing demand from emerging markets complementing traditional markets in North America and Europe. Company financial reports from leading shrimp exporters show increased revenues attributed to expanding export opportunities, driving further investment in production capacity and quality improvements.
Government Support and Industry Initiatives for Sustainable Growth:
Government support and industry initiatives aimed at promoting sustainable growth in the shrimp sector are vital drivers of the Asia Pacific shrimp market. Recognizing the economic importance of shrimp aquaculture, governments across the region have implemented various policies and programs to support the industry’s development. These include financial incentives, subsidies for aquaculture infrastructure, and investments in research and development to improve farming practices and shrimp health management. For instance, the Indian government has launched initiatives like the Pradhan Mantri Matsya Sampada Yojana (PMMSY) to boost fish and shrimp production through sustainable aquaculture practices. Similarly, Vietnam’s Ministry of Agriculture and Rural Development (MARD) has been actively promoting sustainable shrimp farming through the adoption of eco-friendly technologies and the expansion of organic shrimp production. In addition to government efforts, industry stakeholders, including major shrimp producers and exporters, are increasingly focusing on sustainability initiatives to address environmental concerns and ensure long-term growth. These initiatives include the implementation of best aquaculture practices (BAP), certification schemes, and the development of traceability systems to meet the rising demand for sustainable and responsibly sourced shrimp. The combined efforts of governments and industry players to promote sustainable growth are expected to drive the expansion of the Asia Pacific shrimp market in the years ahead.
Market Trends
Shift Towards Sustainable and Eco-Friendly Practices:
A prominent trend in the Asia Pacific shrimp market is the growing emphasis on sustainable and eco-friendly shrimp farming practices. As environmental concerns related to aquaculture continue to rise, both consumers and regulatory bodies are increasingly prioritizing sustainability. This shift is driving shrimp producers across the region to adopt more responsible farming methods, such as recirculating aquaculture systems (RAS), biofloc technology, and integrated multi-trophic aquaculture (IMTA). These practices not only reduce the environmental impact of shrimp farming but also enhance production efficiency and shrimp health. For instance, in areas where diseases occur mainly in the rainy season, some farmers are adopting polyculture systems with tilapia, crabs, and sea bass to improve resilience. Additionally, there is a notable increase in the demand for organically farmed shrimp, which is perceived as a healthier and more environmentally responsible option. Certifications such as the Aquaculture Stewardship Council (ASC) and GlobalGAP are gaining traction, as they assure consumers of the sustainability and quality of the shrimp they purchase. This trend towards sustainability is expected to continue shaping the market.
Technological Innovations in Shrimp Farming:
Technological advancements are playing a crucial role in transforming the Asia Pacific shrimp market. The adoption of innovative technologies in shrimp farming is helping to overcome traditional challenges such as disease management, water quality control, and feed efficiency. For instance, the use of Internet of Things (IoT) devices and sensors in aquaculture systems allows for real-time monitoring of water conditions, which is critical for maintaining optimal shrimp health. Advanced breeding techniques, including selective breeding and genetic modification, are being employed to develop shrimp strains that are more resilient to diseases and have higher growth rates. Furthermore, the integration of artificial intelligence (AI) and machine learning in aquaculture is enabling predictive analytics for better decision-making in farm management. For instance, in China, some farms are using AI-powered systems to automatically adjust feeding rates based on shrimp behavior and environmental conditions. These technologies not only enhance productivity but also reduce operational costs, making shrimp farming more efficient and profitable. As the market continues to evolve, the adoption of these technological innovations is expected to accelerate.
Market Restraints and Challenges
Disease Outbreaks and Biosecurity Issues
The Asia Pacific shrimp market faces significant challenges due to recurring disease outbreaks, which have devastating effects on production. Early Mortality Syndrome (EMS) and White Spot Syndrome Virus (WSSV) have caused substantial losses across the region’s shrimp farms. These diseases not only reduce yields but also increase production costs through necessary treatments and enhanced biosecurity measures. Many farms, especially smaller operations, struggle to implement effective biosecurity protocols. The challenge is compounded in densely populated farming areas of Vietnam, Thailand, and India, where farm proximity increases disease transmission risks. For instance, in areas where diseases occur mainly in the rainy season, some farms have attempted polyculture with tilapia, crabs, and sea bass as a mitigation strategy. Despite such efforts, the ongoing threat of disease outbreaks remains a major restraint on market growth, creating uncertainty and financial risk for producers across the region.
Environmental and Regulatory Challenges
Environmental concerns and stringent regulatory frameworks pose another significant restraint on the Asia Pacific shrimp market. Intensive shrimp farming can lead to water pollution, habitat destruction, and natural resource depletion. These issues have prompted stricter regulations and increased scrutiny from local governments and international bodies. Compliance often requires significant investments in sustainable farming practices, which can be financially burdensome, especially for smaller producers. For instance, some countries have implemented regulations on stocking density, water exchange rates, and the use of exotic species to mitigate environmental impacts. The complexity and variability of regulations across different countries in the region add to the challenges, particularly for those involved in cross-border trad. Adhering to these stringent environmental and regulatory standards can limit the expansion of shrimp farming operations and increase production costs, thereby restraining the market’s growth potential.
Market Segmentation Analysis
By Species
vannamei, commonly known as Whiteleg Shrimp, dominates the Asia Pacific shrimp market. Its popularity stems from its rapid growth rate, disease resistance, and adaptability to various farming conditions. Farmers across the region prefer L. vannamei due to its efficiency and strong demand in both domestic and international markets. For instance, L. vannamei accounts for the majority of shrimp production in Thailand and Vietnam. Trachipenaeus curvirostris, while less prevalent, maintains a niche market presence. It is cultivated in specific regions for its unique taste and texture, appealing to certain consumer segments. For instance, T. curvirostris is particularly valued in some coastal areas for its distinct flavor profile. Pleoticus muelleri, or Argentine Red Shrimp, is primarily wild-caught and considered a premium product. Government fisheries reports from countries like Australia have noted an increase in the export of this species to high-end markets in recent years. Acetes japonicus, though harvested in smaller quantities, plays a significant role in traditional Asian cuisines. Local market surveys in countries like Malaysia and Indonesia highlight its importance in regional dishes and small-scale fisheries.
By Source
The Asia Pacific shrimp market is characterized by a dual sourcing approach: wild-caught and aquaculture. Wild-caught shrimp continues to hold a significant market share, particularly in countries with extensive coastlines and rich marine resources. For instance, fisheries data from Indonesia and the Philippines show that wild-caught shrimp remains an important component of their seafood industries. However, concerns over environmental sustainability and overfishing have led to increased regulation and a gradual shift towards more sustainable practices. Aquaculture has emerged as the dominant source of shrimp in the region, driven by technological advancements and increasing demand for sustainable seafood. Government reports from countries like China, Vietnam, and India highlight the rapid expansion of shrimp farming operations. For instance, aquaculture census data from these countries reveal significant increases in the number of shrimp farms and overall production capacity over the past decade. This growth in aquaculture has been crucial in meeting the rising global demand for shrimp while addressing concerns about the sustainability of wild fisheries.
Segments
Based on Species
- vannamei (Whiteleg Shrimp)
- Trachipenaeus curvirostris
- Pleoticus muelleri (Argentine Red Shrimp)
- Acetes japonicus
- Others
Based on Source
Based on Form
- Green/Head-off
- Green/Head-on
- Peeled
- Breaded
- Others
Based on Distribution Channel
- Convenience Stores
- Specialty Stores
- Online
- Others
Based on Region
- China
- India
- Vietnam
- Thailand
- Rest of Asia Pacific
Regional Analysis
China (35%):
China holds the largest market share in the Asia Pacific shrimp market, accounting for approximately 35% of the regional market. For instance, government surveys indicate substantial growth in shrimp farming areas and production volumes across coastal provinces. Data from industry associations shows increased adoption of advanced farming technologies, such as recirculating aquaculture systems and automated feeding mechanisms. Government authority statistics highlight rising domestic shrimp consumption, particularly in urban areas. For instance, seafood companies report growing demand for value-added shrimp products in supermarkets and restaurants. Export data from customs authorities demonstrates China’s strong position in international shrimp trade, with significant shipments to key markets.
India (25%):
India is the second-largest market in the region, with a market share of about 25%. For instance, government fisheries department data shows steady expansion of shrimp farming areas, particularly for vannamei species. Industry surveys indicate widespread adoption of improved farming practices, such as better feed management and disease control measures. Export promotion agencies report growing demand for Indian shrimp in international markets, with data showing increased shipments to the United States and European Union. For instance, seafood exporters association statistics highlight rising volumes of value-added shrimp products being exported. Government authority surveys also note emerging domestic consumption trends, with growing retail sales of shrimp in urban centers.
Key players
- Apex Frozen Foods Ltd
- Blue Snow Food Co. Ltd
- De Oro Resources Inc.
- Dongwon Industries Ltd
- Maruha Nichiro Corporation
- Millennium Ocean Star Corporation
- Roda Internacional Canarias SL
- Thai Union Group PCL
- Wynntech Star Sdn Bhd
Competitive Analysis
The Asia Pacific shrimp market is highly competitive, with several key players driving the market’s growth through strategic initiatives, including Apex Frozen Foods Ltd, Thai Union Group PCL, and Maruha Nichiro Corporation. These companies are leading the market by leveraging their extensive supply chains, advanced aquaculture practices, and strong international presence. Thai Union Group PCL, for instance, is renowned for its sustainability initiatives and significant market share in both domestic and export markets. Meanwhile, companies like Blue Snow Food Co. Ltd and Dongwon Industries Ltd are focusing on expanding their product portfolios and strengthening their distribution networks. The competition is further intensified by the efforts of players such as De Oro Resources Inc. and Millennium Ocean Star Corporation, which are investing in technology and innovation to improve shrimp farming efficiency and product quality. Overall, the market is characterized by a blend of established industry leaders and emerging players, all vying for a larger market share.
Recent Developments
- In March 2024, Thai Union launched a new initiative called the Shrimp Decarbonization program to reduce greenhouse gas emissions in the Thai shrimp supply chain. The pilot program aims to produce 1,000 metric tons of lower-impact processed shrimp that meets high quality standards.
- In August 2024, Maruha Nichiro reported higher sales and EBITDA for Q1 2024, despite challenges in its Marine Resources Business segment due to a weak Alaska pollock market. The company’s North America operations saw improved Pacific cod sales.
- In May 2024, Dongwon Group (parent company of Dongwon Industries) announced it was exploring the possibility of an IPO for its subsidiary StarKist to fund a potential acquisition of HMM, South Korea’s largest shipping firm.
- In July 2024, Apex Frozen Foods saw its stock surge by over 6% following the Indian government’s announcement of plans to support shrimp farming through financing and marketing initiatives.
Market Concentration and Characteristics
The Asia Pacific shrimp market is moderately concentrated, with a mix of large multinational corporations and regional players dominating the landscape. The market is characterized by the presence of a few key companies, such as Thai Union Group PCL and Maruha Nichiro Corporation, which hold significant market shares due to their extensive production capacities, advanced aquaculture practices, and robust distribution networks. These major players are complemented by a number of regional companies like Apex Frozen Foods Ltd and Blue Snow Food Co. Ltd, which have carved out niches in specific markets or product segments. The market’s characteristics include a strong focus on sustainability, driven by both consumer demand and regulatory pressures, as well as ongoing investments in technology and innovation to improve shrimp farming efficiency and product quality. The competition within the market is dynamic, with companies continuously seeking to expand their market share through strategic partnerships, product diversification, and adherence to international standards.
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Report Coverage
The research report offers an in-depth analysis based on Species, Source, Form, Distribution Channel and Region. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.
Future Outlook
- The Asia Pacific shrimp market is expected to maintain a strong growth trajectory, driven by increasing global demand for high-quality seafood products.
- Advancements in sustainable aquaculture practices will continue to enhance shrimp production, addressing environmental concerns and boosting yields across the region.
- The adoption of cutting-edge technologies, such as IoT and AI in shrimp farming, will improve efficiency, reduce costs, and enhance disease management.
- The region’s shrimp exports are anticipated to grow, fueled by favorable trade agreements and increasing demand from key markets like the U.S. and Europe.
- As consumers become more health-conscious, the demand for shrimp as a lean protein source is expected to rise, supporting market expansion.
- Sustainability will remain a top priority, with more companies adopting eco-friendly practices to meet regulatory standards and consumer expectations.
- The market will likely see the entry of new players, especially in emerging economies, adding to the competitive landscape and driving innovation.
- Continued government support through subsidies, research, and development programs will play a crucial role in fostering the growth of the shrimp industry.
- The growth of e-commerce platforms will provide shrimp producers with new opportunities to reach a broader consumer base, particularly in urban areas.
- Changes in consumer preferences, such as the demand for convenience foods like ready-to-eat shrimp products, will drive innovation and product diversification in the market.
