Global Shrimp Market Status in 2022 and 2023

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Shrimp has been the most popular seafood among people across the globe for many years. The demand for this product has increased due to its nutritious nature, good taste, and ease of use. Of course, the use of shrimp is not limited to the food sector; this popular product is also used in the pharmaceutical and healthcare industries due to its antioxidant and anti-aging properties.

Surveys show that over 50% of the world’s shrimp consumption is farmed shrimp. The increase in shrimp production has made this delicious product more available to the shrimp-loving population in America, Europe, and Japan.

Shrimp has become a powerful and multi-billion-dollar industry due to its boom in the global markets. Statistics predict that the global shrimp market will be worth $69.35 billion by 2028.  The global shrimp market is projected to grow at a CAGR of 6.72% through 2028.

Let’s take a look at the available statistics to see what is happening in the global market of the mighty Shrimp industry.

This article will first look at the available statistics for 2022 and then at the state of the Shrimp market in the first four months of 2023.

Leaders in shrimp production: Asian countries

Shrimp is currently produced in many countries, but Asian countries lead the way. China, India, and Vietnam were the world’s largest shrimp producers in 2022. The next largest shrimp producers were Indonesia, Thailand, the Philippines, Bangladesh, Malaysia, and Latin American countries.

India is one of the largest producers of value-added shrimp and the growing global demand for these products will mean a bright future for Indian producers.

The largest shrimp importers

The amount of shrimp imported by countries is determined by their demand and consumption. Statistics show that the largest importers of shrimp in the world are the countries of the European Union, the United States, and China. Other major importers include Japan, South Korea, Canada, and Vietnam.

In the first six months of 2022, U.S. shrimp imports increased by 9%, and the value of imports reached $4 billion. Peeled shrimp had a higher share than shell-on shrimp and value-added products. Ecuador, Thailand, and Vietnam were the largest exporters of shrimp to the United States, a position previously held by India and Indonesia.

Spain, France, the Netherlands, Denmark, and Italy imported the most shrimp among the European Union countries in 2022.

Powerful shrimp exporters

Ecuador, India, and Vietnam are known as the largest exporters of shrimp. The high quality of Ecuadorian shrimp has led to its popularity and increased demand in the American, Chinese, and European markets. The admirable efforts of Ecuadorian producers for sustainable shrimp production and the use of modern technologies have made this country one of the most powerful shrimp exporters in the world. Forecasts indicate that the focus of farmed shrimp production will shift from Asia to South America in the future.

India, another top shrimp exporter, owes its recent progress to the production of healthy and disease-free shrimp. The United States of America and the European Union are among the largest buyers of Indian shrimp. As mentioned earlier, India is one of the major producers of value-added shrimp products. The Indian value-added shrimp market has been boosted by people’s changing lifestyles and desire to consume ready-to-eat products.

The main farmed shrimp species

There is a wide variety of shrimp species, but only a small percentage of them have commercial value. Vannamei and Monodon species have the highest production in the world. Vannamei shrimp or Western White Shrimp is the most famous species in the global shrimp market, accounting for more than 50% of global shrimp production. Desirable characteristics of Vannamei shrimp such as high adaptability, disease resistance, and high growth rate have played an important role in making it the most important shrimp species. Ecuador, China, Indonesia, and Vietnam are the major producers of Vannamei shrimp.

Among the different sizes of shrimp, medium-sized shrimp are more popular and used in various dishes.

World Shrimp Market in the First Months of 2023

Ecuador, the largest shrimp exporter in the world market, exported 295,000 metric tons of shrimp worth $1.6 billion between January and March 2023. During this period, China was the top market for Ecuadorian shrimp.

India experienced an increase in exports, exporting more products to China, Vietnam, and Japan during the first four months of the year. It is worth noting that the export of Indian shrimp to America decreased during this period. America was one of the largest buyers of Indian shrimp.

According to the available statistics, China was the leading importer of shrimp in the first four months of this year. Compared to last year, China’s imports increased by 46%. The United States, the European Union, and Japan have seen a decrease in imports compared to the same period last year.

Vanami shrimp prices have varied in the major shrimp-producing countries. In June, the price per kilogram of size 60 shrimp in Vietnam was $3.83. In India, the price for a kilogram of shrimp of the same size was $2.88, in Indonesia $3.62, and in Ecuador $2.20.

Overall, the industry’s sustainable growth is evidenced by the high demand for shrimp and its improved supply in the global market. It will not be surprising if the global shrimp market is worth more than the forecast amount by the end of 2028.

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