Market Size of asia-pacific shrimp Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 91.65 Billion |
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Market Size (2029) | USD 96.98 Billion |
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Largest Share by Distribution Channel | On-Trade |
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CAGR (2024 - 2029) | 1.14 % |
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Largest Share by Country | China |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Asia Pacific Shrimp Market Analysis
The Asia-Pacific Shrimp Market size is estimated at 91.65 billion USD in 2024, and is expected to reach 96.98 billion USD by 2029, growing at a CAGR of 1.14% during the forecast period (2024-2029).
91.65 Billion
Market Size in 2024 (USD)
96.98 Billion
Market Size in 2029 (USD)
2.00 %
CAGR (2017-2023)
1.14 %
CAGR (2024-2029)
Largest Segment by Country
61.23 %
value share, China, 2023
China was one of the most significant importers of shrimp in the region, with traders and distributors trying to cater to the increasing demand for fresh and frozen shrimp.
Largest Segment by Form
58.93 %
value share, Frozen, 2023
Frozen shrimp is mainly purchased in bulk by the foodservice industry, with the growth being driven by the rising demand for Argentine red shrimp and Pacific wild shrimp.
Fastest-growing Segment by Country
2.46 %
Projected CAGR, Australia, 2024-2029
Shrimp sales in Australia are driven by the development of processed and innovative value-added shrimp products, which is anticipated to continue in the forecast period as well.
Fastest-growing Segment by Form
1.84 %
Projected CAGR, Processed, 2024-2029
With technological advancements and innovations in the seafood sector, shrimp processing has become more refined, and the shelf life of shrimp products has improved.
Leading Market Player
0.51 %
market share, Apex Frozen Foods Ltd, 2022
The company offers a wide range of shrimp products in the Asia-Pacific region and has developed a vast distribution network allowing them to reach to broader consumer base.
Demand from the foodservice industry and a rise in e-commerce are driving the sales of shrimp
- The on-trade channel dominates the processed shrimp market; by value, it registered a growth of 4.59% through the on-trade channel between 2019 and 2022. The foodservice industry primarily acquires processed shrimp due to its high quality. Shrimps may be infected with diseases that have negative health effects on people. Disease transmission is avoided by processing and packaging with safety precautions. However, prices are extremely dependent on shrimp farmers, as the aquaculture sector in the region has been expanding rapidly. Most farmed animals have a mortality rate of around 1% per month.
- The off-trade channel is the fastest-growing channel in the shrimp market, and it is projected to witness a CAGR of 1.17% during the forecast period. Key players such as Thai Union Group PCL, Wynntech Star Sdn Bhd, Apex Frozen Foods Ltd, and Blue Snow Food Co. Ltd focus on product innovation and expansion through various retail channels such as supermarkets and online stores. The changing food habits and spending patterns and busy lifestyles of the growing working population are increasing the demand for processed shrimp to meet dietary habits.
- E-commerce grew rapidly during the historical period (2017-2022). The pandemic boosted the growth of online sales of shrimp in the region. Increased mobile accessibility and broadband penetration are disrupting the traditional grocery-buying business model. Online channels are enabling consumers to purchase groceries anywhere, at any time. In 2022, the penetration rate of online grocery shopping in China reached 10.28%. Online channels are further anticipated to grow in the country during the forecast period.
Understand The Key Trends Shaping This Market
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Production and imports in the region are expanding owing to an increase in domestic demand for seafood
- China is the market leader in shrimp production, followed by Indonesia and India. China has one-fifth of the world's population and accounts for one-third of the world's seafood production, including shrimp. China is deemed to be the largest aquaculture shrimp producer globally, with the production of shrimp rising from 1.9 million metric ton to 2 million metric ton over 2020-2022. Consumer demand for shrimp has been strong in the retail and catering trade in the Chinese market, while supply gaps are increasingly met through imports. In 2022, imports increased by 25.8% at 370,123 ton with Ecuadorean shrimp, the top product group, having lion's share (60%), followed by India (12.5%), Vietnam (6%), Canada (3.6%), and Greenland (3%).
- Indonesia is the second largest shrimp consumer in the Asia-Pacific, with sales value registering a CAGR of 1.20% over 2017-2022. The domestic demand for shrimp is relatively lower than other seafood varieties as shrimp is still considered a costly source of protein for most households, owing to which 95% of the production is exported by the country. However, the rising income of the consumers is boosting shrimp consumption, with the on-trade segment dominating the market with a share of 58.61% in 2022.
- Australia is expected to register the fastest growth during the forecast period, with the current sales value expanding by 7.16% over 2019-2022. Due to the higher farming costs of Australian shrimp, they are often more expensive. Nonetheless, aquaculture is expanding domestically and developed with environmental and sanitation restrictions set by government agencies, which may scale further to expand the market for shrimp in the country, which is currently in a nascent state.
