| REPORT ATTRIBUTE |
DETAILS |
| Historical Period |
2019-2022 |
| Base Year |
2023 |
| Forecast Period |
2024-2032 |
| Europe Shrimp Market Size 2023 |
USD 12,790.97 Million |
| Europe Shrimp Market, CAGR |
4.55% |
| Europe Shrimp Market Size 2032 |
USD 19,145.35 Million |
Market Overview
The Europe Shrimp Market is projected to grow from USD 12,790.97 million in 2023 to an estimated USD 19,145.35 million by 2032, reflecting a compound annual growth rate (CAGR) of 4.55% from 2024 to 2032. This growth is driven by increasing consumer demand for high-quality seafood products, rising awareness of the health benefits associated with shrimp consumption, and the expanding foodservice sector in the region.
Market drivers include the growing trend of health-conscious eating, which has led to a surge in the consumption of protein-rich foods like shrimp. Furthermore, the development of sustainable and eco-friendly shrimp farming practices is gaining traction, appealing to environmentally conscious consumers. Innovations in processing and packaging technologies are also enhancing the shelf life and quality of shrimp products, boosting market growth.
Geographically, key markets within Europe include Spain, France, and Italy, which are major consumers of shrimp due to their strong culinary traditions. Northern European countries are also witnessing increased demand, driven by rising disposable incomes and changing dietary preferences. Leading players in the Europe Shrimp Market include Royal Greenland, Young’s Seafood, Thai Union Group, and Maruha Nichiro, all of whom are focusing on product innovation and sustainable sourcing to strengthen their market positions.
Access crucial information at unmatched prices!
Request your free sample report today & start making informed decisions powered by Credence Research!
Download Free Sample
Market Drivers
Growing Consumer Demand for High-Quality Seafood:
The demand for high-quality seafood products, including shrimp, has been consistently rising across Europe. This growth is driven by increasing consumer awareness of the health benefits associated with seafood consumption, particularly shrimp, which is rich in protein, omega-3 fatty acids, and essential vitamins and minerals. Shrimp is widely regarded as a healthy and versatile ingredient, suitable for a variety of dishes ranging from gourmet cuisine to everyday meals. The trend toward healthier eating habits is prompting consumers to seek out nutritious and low-calorie food options, and shrimp fits perfectly into this category. For instance, a significant increase in shrimp consumption across European households over the past decade. Furthermore, the increasing popularity of Mediterranean and Asian cuisines, where shrimp is a staple ingredient, is further boosting demand in Europe. As consumers become more discerning and health-conscious, the preference for sustainably sourced and certified shrimp products is also on the rise, driving market growth.
Expansion of the Foodservice Sector:
The foodservice sector, encompassing restaurants, hotels, catering services, and quick-service restaurants, plays a significant role in driving the demand for shrimp in Europe. Shrimp is a popular item on menus across various types of food establishments due to its versatility, ease of preparation, and wide appeal. The growth of the foodservice industry, particularly in urban areas, is contributing to the increased consumption of shrimp. For instance, shrimp dishes consistently rank among the top seafood choices in European eateries. The rising number of dining-out occasions, driven by busy lifestyles, higher disposable incomes, and the growth of tourism, is fueling demand for shrimp in restaurants and hotels. Additionally, the trend of home delivery and online food services, which surged during the COVID-19 pandemic, continues to grow, further expanding the market for shrimp. As the foodservice industry continues to innovate with new dishes and menu items, the demand for shrimp is expected to increase, supporting the overall growth of the market.
Adoption of Sustainable and Eco-Friendly Farming Practices:
Sustainability has become a key concern for both consumers and producers in the European shrimp market. The adoption of sustainable and eco-friendly shrimp farming practices is gaining momentum as companies respond to growing environmental concerns and regulatory pressures. Consumers are increasingly seeking out shrimp products that are certified by organizations such as the Aquaculture Stewardship Council (ASC) or the Marine Stewardship Council (MSC), which ensure that shrimp are farmed or harvested in a manner that minimizes environmental impact. For instance, government reports have shown a steady increase in the number of certified sustainable shrimp farms across Europe in recent years. This shift toward sustainable sourcing is not only driven by consumer preferences but also by the need to comply with stringent European Union regulations regarding food safety and environmental protection. The use of innovative aquaculture techniques, such as biofloc technology, recirculating aquaculture systems (RAS), and integrated multi-trophic aquaculture (IMTA), is helping shrimp farmers reduce their environmental footprint while improving yield and product quality. These advancements are expected to drive the growth of the European shrimp market by meeting the demand for sustainably sourced products.
Innovations in Processing and Packaging Technologies:
Advancements in processing and packaging technologies are playing a crucial role in enhancing the quality, safety, and shelf life of shrimp products in Europe. The development of innovative processing methods, such as high-pressure processing (HPP) and modified atmosphere packaging (MAP), is helping to preserve the freshness and nutritional value of shrimp, while also extending their shelf life. These technologies are particularly important in the context of the European market, where consumers have high expectations regarding food quality and safety. Improved packaging solutions, such as vacuum-sealed and resealable packs, are also contributing to the convenience and appeal of shrimp products, making them more accessible to a broader range of consumers. Furthermore, the use of sustainable packaging materials, in line with the growing demand for eco-friendly products, is becoming increasingly important in the shrimp market. Companies that invest in cutting-edge processing and packaging technologies are better positioned to meet the evolving needs of European consumers, thereby driving market growth.
Market Trends
Rise of Sustainable and Traceable Sourcing:
One of the most significant trends shaping the Europe Shrimp Market is the increasing demand for sustainably sourced and traceable shrimp products. European consumers are becoming more environmentally conscious and are actively seeking out shrimp that is certified by recognized sustainability standards, such as those set by the Aquaculture Stewardship Council (ASC) or the Marine Stewardship Council (MSC). This trend is driven by a growing awareness of the environmental impacts of conventional shrimp farming practices, such as habitat destruction, overfishing, and the use of harmful chemicals. In response, shrimp producers and suppliers are adopting more sustainable farming practices, including the use of eco-friendly feeds, reducing antibiotic use, and implementing better waste management systems. Additionally, the demand for traceability in the supply chain is rising, as consumers and regulatory bodies alike seek assurance that the shrimp they purchase is sourced responsibly. The integration of blockchain technology and other digital tracking systems is becoming more common, enabling full transparency from farm to fork. This focus on sustainability and traceability is expected to continue driving consumer choices and influencing the practices of shrimp producers across Europe.
Growing Popularity of Value-Added Shrimp Products:
Another prominent trend in the Europe Shrimp Market is the increasing demand for value-added shrimp products. Consumers are showing a growing preference for convenience, leading to a rise in the popularity of ready-to-eat or easy-to-prepare shrimp offerings, such as pre-cooked, peeled, and deveined shrimp, as well as shrimp-based meals and snacks. This trend is particularly evident in urban areas, where busy lifestyles and a higher disposable income are driving the demand for quick and convenient meal solutions. Moreover, the foodservice industry is capitalizing on this trend by offering a variety of innovative shrimp dishes, from gourmet appetizers to premium seafood platters. The development of new flavors, marinations, and packaging innovations is further enhancing the appeal of value-added shrimp products. This trend not only caters to consumer demand for convenience but also allows producers and retailers to differentiate their offerings in a competitive market, thereby driving growth and profitability in the European shrimp sector.
Market Restraints and Challenges
Stringent Regulatory Standards and Compliance Costs:
One of the major restraints facing the Europe Shrimp Market is the stringent regulatory environment that governs seafood imports and aquaculture practices within the region. The European Union (EU) enforces strict food safety and environmental standards, requiring shrimp producers to comply with rigorous regulations on pesticide use, antibiotic residues, and overall product quality. For instance, data from government authority surveys indicate that compliance with these standards often requires substantial investments in advanced farming techniques, improved water quality management, and regular monitoring and testin. Smaller producers or those in developing countries find these costs prohibitive, limiting their ability to enter or compete effectively in the European market. Additionally, the administrative burden of navigating complex certification processes and maintaining the required documentation further strains resources, especially for businesses operating on thin margins. These regulatory challenges, coupled with the high costs of compliance, act as significant barriers to market entry and expansion, potentially limiting the supply of shrimp to the European market.
Impact of Climate Change and Environmental Degradation:
Climate change and environmental degradation present formidable challenges to the Europe Shrimp Market. Rising global temperatures, changes in rainfall patterns, and increasing frequency of extreme weather events are impacting shrimp farming and wild shrimp populations. For instance, shrimp farms, particularly those located in coastal regions, are vulnerable to rising sea levels, salinity changes, and the loss of natural habitats, which can adversely affect shrimp production. Furthermore, environmental issues such as water pollution, habitat destruction, and the overuse of natural resources are exacerbating the challenges faced by the shrimp industry. These factors can lead to reduced yields, increased production costs, and heightened competition for resources, ultimately constraining the market’s growth potential. Moreover, as environmental concerns become more prominent among consumers and regulators, there is increasing pressure on shrimp producers to adopt sustainable practices, further adding to the operational challenges they face. These environmental challenges are expected to persist and potentially intensify, posing ongoing risks to the stability and growth of the Europe Shrimp Market.
Market Segmentation Analysis
By Species
- vannamei (Pacific White Shrimp) dominates the European shrimp market due to its fast growth rate, adaptability, and consistent quality. For instance, L. vannamei accounts for the majority of farmed shrimp production in Europe. Trachipenaeus curvirostris (Karuma Shrimp) caters to niche markets, with data from specialty seafood importers indicating its popularity in high-end restaurants. Pleoticus muelleri (Argentine Red Shrimp) is gaining traction in premium segments, as reported by European seafood trade associations. Acetes japonicus (Japanese Shrimp) serves specific culinary applications, with import data showing steady demand for processed forms. Other species contribute to market diversity, as evidenced by regional fisheries reports.
By Sources
Wild-caught shrimp maintains a significant market share, according to data from European fisheries authorities. However, government reports indicate a gradual shift in consumer preferences due to sustainability concerns. The aquaculture segment is expanding rapidly, with statistics from the European Commission’s Directorate-General for Maritime Affairs and Fisheries showing substantial growth in farmed shrimp production. Industry surveys reveal that technological advancements and improved farming practices are driving this growth. For instance, data from aquaculture technology providers demonstrate increased adoption of sustainable farming methods. European seafood market reports highlight the increasing importance of aquaculture in meeting the region’s shrimp demand.
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
- Western Europe
- Northern Europe
- Eastern Europe
- Southern Europe
Regional Analysis
Western Europe (40%):
Western Europe is the largest and most mature market for shrimp in Europe, accounting for approximately 40% of the total market share. For instance, Spain’s consumption of shrimp is particularly high due to its strong seafood culture and Mediterranean cuisine. The region’s demand is driven by well-established culinary traditions and a growing trend towards healthy and sustainable seafood options. The foodservice sector plays a significant role in shrimp consumption, with restaurants and hotels being major purchasers. Premium and sustainably sourced shrimp products are increasingly popular among consumers in this region, reflecting a growing awareness of environmental and ethical concerns.
Northern Europe (30%):
Northern Europe, encompassing countries like the United Kingdom, Germany, and the Netherlands, holds around 30% of the market share. For instance, the UK has seen a surge in demand for sustainably sourced shrimp, reflecting the region’s focus on environmental responsibility. The popularity of ready-to-eat and pre-packaged shrimp products is rising, driven by busy urban lifestyles and higher disposable incomes. Online retail and home delivery services are contributing to the expanding shrimp market in Northern Europe, making it easier for consumers to access a variety of shrimp products. The region’s emphasis on sustainability and ethical sourcing practices is influencing both consumer choices and market dynamics.
Key players
- Nordic Seafood A/S
- Heiploeg International B.V.
- Viciunai Group
- Afentoulis Liveris & Co. O.E.
- Sykes Seafood Ltd
- Seamark plc
- Morubel NV
Competitive Analysis
The Europe Shrimp Market is highly competitive, with key players focusing on expanding their market presence through strategic acquisitions, partnerships, and product innovations. Nordic Seafood A/S and Heiploeg International B.V. are leading the market with their extensive distribution networks and a strong focus on sustainability. Viciunai Group is known for its broad product portfolio and innovation in value-added shrimp products, catering to diverse consumer preferences. Afentoulis Liveris & Co. O.E. and Sykes Seafood Ltd have established themselves as reliable suppliers, emphasizing quality and customer satisfaction. Seamark plc and Morubel NV are leveraging their expertise in processing and packaging technologies to enhance product offerings and meet the growing demand for convenient and premium shrimp products. These companies are continuously adapting to market trends, such as the increasing demand for sustainably sourced shrimp, to maintain their competitive edge in the European market.
Recent Developments
- In March 2020, Sykes Seafood completed the acquisition of Klaas Puul from the Dutch Seafood Company. This acquisition created a £269 million business and strengthened Sykes’ presence in Europe. The deal included Klaas Puul’s operations in the Netherlands, Germany, Belgium, Denmark and Morocco, as well as its 3,500 employees. This acquisition gave Sykes additional production capacity and a platform for further Pan-European deals with core customers.
Market Concentration and Characteristics
The Europe Shrimp Market is moderately fragmented, characterized by a mix of well-established players and smaller regional producers. Market concentration is relatively low, with no single company dominating the market, allowing for a competitive environment where multiple companies vie for market share. The market is driven by a strong focus on product quality, sustainability, and traceability, which are increasingly becoming critical factors for consumer choice. Companies in this market emphasize innovation in processing and packaging, along with the adoption of eco-friendly practices, to differentiate their offerings and appeal to the growing segment of environmentally conscious consumers. The presence of both multinational corporations and local suppliers adds to the market’s dynamic nature, fostering a competitive landscape where continuous adaptation to consumer preferences and regulatory standards is essential for success.
Shape Your Report to Specific Countries or Regions & Enjoy 30% Off!
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 demand for sustainably sourced shrimp is expected to rise significantly, with consumers and regulatory bodies increasingly prioritizing environmental responsibility.
- The market will witness continued growth in value-added shrimp products, such as ready-to-eat and pre-cooked options, driven by consumer preference for convenience.
- Innovations in aquaculture, including recirculating systems and biofloc technology, will improve production efficiency and environmental sustainability, supporting market growth.
- Online sales of shrimp will expand as e-commerce platforms become more prevalent, providing consumers with easier access to a wide range of products.
- Health-conscious consumers will drive demand for shrimp, recognized for its high protein content and low fat, contributing to its popularity as a healthy dietary option.
- The implementation of blockchain and other digital tracking technologies will improve supply chain transparency, addressing consumer concerns about the origin and quality of shrimp.
- The market may face competition from the growing popularity of plant-based seafood alternatives, appealing to vegan and vegetarian consumers seeking sustainable options.
- Climate change will pose challenges to shrimp farming, particularly in regions susceptible to rising sea levels and extreme weather, potentially affecting supply and pricing.
- The industry may see consolidation as larger companies acquire smaller ones to expand their market share, streamline operations, and enhance their product offerings.
- There will be a growing trend towards locally sourced shrimp, driven by consumer interest in supporting regional economies and reducing the carbon footprint associated with transportation.
