Market Size of united states shrimp Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 8.10 Billion |
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Market Size (2029) | USD 8.65 Billion |
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Largest Share by Distribution Channel | On-Trade |
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CAGR (2024 - 2029) | 1.32 % |
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Fastest Growing by Distribution Channel | Off-Trade |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
United States Shrimp Market Analysis
The United States Shrimp Market size is estimated at 8.10 billion USD in 2024, and is expected to reach 8.65 billion USD by 2029, growing at a CAGR of 1.32% during the forecast period (2024-2029).
8.10 Billion
Market Size in 2024 (USD)
8.65 Billion
Market Size in 2029 (USD)
3.92 %
CAGR (2017-2023)
1.32 %
CAGR (2024-2029)
Largest Segment by Distribution Channel
55.73 %
value share, On-Trade, 2023
The digitalization of food services is the primary element propelling on-trade channel sales, as hotels and restaurants account for 48% of the average American's meal budget.
Largest Segment by Form
59.89 %
value share, Frozen, 2023
Lower prices of frozen shrimp relative to fresh shrimp are the key reason for its demand. Canned shrimp is popular on online channels due to its ease of shipping.
Fastest-growing Segment by Distribution Channel
1.69 %
Projected CAGR, Off-Trade, 2024-2029
The growth of online meat delivery and the expansion of the refrigerated section in supermarkets are driving demand, with a focus on new products based on consumer demand.
Fastest-growing Segment by Form
1.54 %
Projected CAGR, Frozen, 2024-2029
Frozen shrimp is more cost-effective and more versatile than fresh shrimp and maintain its quality and safety for an extended period of time reducing the risk of contamination.
Leading Market Player
8.40 %
market share, Sysco Corporation, 2022
The company's range of products includes domestic and international white and brown shrimp, as well as many processed varieties supplied to large foodservice operators.
Increased consumer spending on seafood is boosting sales
- Overall, the sales of shrimp products through the on-trade channel increased by 5.26% during 2020-2022. Its several health advantages have led to increased consumption in the United States. The rise in student population is fueling the demand. For instance, 18.66 million college students in the United States in 2021 were looking for affordable options, thus leading to increased processed shrimp sales.
- The on-trade channel is the major channel for shrimp sales, as Americans spend around 65% of their money in restaurants to eat seafood, including shrimp. This growth is due to the increasing number of smartphone users. This is increasing the use of online delivery apps in the country, which increased by 11 million between 2020 and 2021. Around 45% of the population browse online websites through mobile devices. Due to the high urban population of around 83.1% in 2021, the country's consumer base for online seafood orders is high.
- In the off-trade segment, consumers prefer buying shrimp from supermarkets/hypermarkets, as most of the shrimp sold in stores are frozen. People get discount coupons for bulk shopping in supermarkets. Supermarket sales for shrimp grew by 65% in value from 2018 to 2020 in the United States. There are around 62,000 retail stores in the country, out of which 70% to 75% offer shrimp with a separate section so that consumers can choose the product of their choice. Convenience stores recorded growth of 8.7% in terms of sales value. The demand for ready-to-cook and convenience food is increasing due to the rising female labor force rate and high urban population, which was 56% in 2022. Around 27,000 stores in 2022 catered to a wider audience per store, like Kroger and Publix.
Understand The Key Trends Shaping This Market
