The Europe shrimp market is a significant sector within the seafood industry, reaching a volume of 1115.30 KMT (Kiloton Metric Tons) in 2024. This market is projected to grow at a compound annual growth rate (CAGR) of 1.60% during the forecast period of 2025-2034, with a projected volume of 1307.16 KMT by 2034. Shrimp is one of the most popular seafood products consumed across Europe, and its demand continues to rise due to increasing awareness of its health benefits and the growing inclination toward seafood consumption. The European market has seen several changes and advancements in recent years, ranging from shifting consumer preferences to the implementation of advanced technologies in shrimp farming and processing.
Europe Shrimp Market Outlook
The European shrimp market size is witnessing steady growth, driven by rising consumer demand for seafood and the growing popularity of shrimp due to its versatility and health benefits. In 2024, the market volume is estimated at 1115.30 KMT, and it is expected to see a modest increase of 1.60% annually during the forecast period from 2025 to 2034, reaching a volume of 1307.16 KMT by 2034.
Europe's shrimp market is supported by various factors, including the shift toward healthier eating habits, the rise in the consumption of plant-based and animal-based proteins, and an increased focus on sustainable food sourcing. Moreover, demand for value-added shrimp products like peeled, breaded, and cooked shrimp is expected to drive market growth further, as consumers increasingly prefer convenience products.
Market Trends
Sustainability and Traceability: Consumers are becoming more concerned with the sustainability of the food they consume. This has led to a rise in demand for responsibly farmed and wild-caught shrimp. Sustainable sourcing practices, eco-labeling, and certification schemes such as the Aquaculture Stewardship Council (ASC) and Marine Stewardship Council (MSC) are becoming key factors influencing purchasing decisions in the European market.
Growing Preference for Value-Added Products: The demand for value-added shrimp products, such as peeled, cooked, and breaded shrimp, is on the rise. These products offer convenience to consumers who have busy lifestyles and prefer ready-to-cook or ready-to-eat options. Additionally, the popularity of frozen shrimp products, due to their extended shelf life, is further fueling this trend.
Increasing Popularity of Shrimp Among Millennials: Millennials and Gen Z consumers are driving a significant shift in food trends, with shrimp being a top choice in their seafood diets. These younger consumers are increasingly aware of the health benefits of shrimp, such as its low-calorie content and high protein levels, making it a popular alternative to other meats.
Online Retail Growth: E-commerce for shrimp products is gaining traction in Europe, particularly in the wake of the COVID-19 pandemic. Consumers are increasingly turning to online platforms for the convenience of home delivery, and retailers are adapting by offering various shrimp products through online channels. This trend is expected to continue as more consumers prefer purchasing groceries and seafood online.
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Drivers of Growth
Rising Health Consciousness: Shrimp is known for its low-calorie, high-protein, and low-fat content, which aligns with the growing consumer focus on health and nutrition. As more people adopt healthier eating habits, shrimp’s position as a lean protein source will continue to fuel its demand.
Sustainability Focus: As sustainability becomes an important factor in consumer food choices, there is an increasing demand for responsibly sourced shrimp. The European Union has stringent regulations regarding the sustainability of seafood, and consumers are increasingly prioritizing ethical and environmentally-friendly sourcing.
Growing Seafood Consumption: Europe has a long history of seafood consumption, but the demand for shrimp in particular has been steadily increasing. This is due in part to the rising popularity of international cuisines, especially Asian, which often incorporates shrimp in dishes like curries, stir-fries, and seafood salads.
Technology and Advancements
Advanced Shrimp Farming Techniques: The use of advanced technologies in shrimp farming, such as recirculating aquaculture systems (RAS) and biofloc technology, is improving shrimp production efficiency and reducing environmental impact. These innovations allow for greater control over the shrimp's environment, leading to healthier shrimp and higher yields.
Sustainability Technologies: The use of technologies that promote sustainable farming practices, including more efficient feed systems, water treatment solutions, and disease management, is essential to ensuring that shrimp farming remains environmentally sustainable. These technologies help reduce the carbon footprint of shrimp farming, which is becoming an important factor for European consumers.
Automation in Processing: Automation is increasingly being integrated into shrimp processing, especially in areas such as peeling, cooking, and packaging. Automation not only increases efficiency but also ensures greater consistency in product quality, meeting the increasing consumer demand for high-quality shrimp products.
Challenges and Opportunities
Challenges
Environmental Concerns: While the shrimp farming industry has made significant strides in sustainability, there are still concerns related to habitat destruction, water usage, and the carbon footprint associated with shrimp farming. These environmental concerns could affect market growth if not addressed properly.
Price Fluctuations: Price volatility in the shrimp market can be a challenge for both producers and consumers. Shrimp prices are often influenced by factors such as supply chain disruptions, fluctuations in raw material costs, and changing demand patterns.
Competition from Alternative Proteins: The growing demand for plant-based proteins and lab-grown meat alternatives could pose a challenge to traditional seafood markets, including shrimp. As consumers increasingly turn to sustainable plant-based options, shrimp producers will need to adapt to these changing preferences.
Opportunities
Expansion of Online Retail: The shift towards e-commerce presents significant opportunities for shrimp producers and distributors. With more consumers shopping online, particularly post-pandemic, brands can tap into this growing channel by offering convenient delivery options for shrimp products.
Growth in Demand for Value-Added Products: The demand for processed shrimp products such as cooked, peeled, and breaded shrimp is rising. Manufacturers have an opportunity to expand their product offerings in this category to cater to the convenience-oriented consumer.
Sustainability Initiatives: The continued push for sustainable and ethically sourced shrimp presents a growing opportunity for companies to differentiate themselves by offering responsibly farmed and eco-certified shrimp. Brands that focus on sustainability will likely experience higher consumer loyalty.
Europe Shrimp Market Segmentation
Breakup by Environment
Wild: Wild-caught shrimp remains a significant part of the European market, with demand driven by consumers’ desire for natural and sustainable seafood.
Farmed: The farmed shrimp segment is growing rapidly, driven by technological advancements in aquaculture that make it a more sustainable and efficient option.
Breakup by Species
Penaeus Vannamei: Also known as whiteleg shrimp, this species is one of the most widely farmed types of shrimp globally and is a key player in the European market.
Penaeus Monodon: Known as black tiger shrimp, this species is also popular in the European market due to its large size and robust flavor.
Macrobrachium Rosenbergii: Giant river shrimp, known for their larger size, are gaining traction in niche markets.
Others: Includes various other species of shrimp consumed in Europe.
Breakup by Product Type
Peeled: Peeled shrimp is in high demand due to its convenience for cooking and meal preparation.
Shell-On: Shell-on shrimp is preferred by some consumers for its flavor and texture.
Cooked: Ready-to-eat cooked shrimp products are gaining popularity among busy consumers.
Breaded: Breaded shrimp is a popular convenience product, especially in the frozen food sector.
Others: Includes other shrimp products such as shrimp paste and marinated shrimp.
Breakup by Distribution Channel
Hypermarkets and Supermarkets: Traditional retail outlets continue to be the dominant channel for shrimp sales.
Convenience Stores: Smaller stores are also catering to the growing demand for quick, easy access to shrimp.
Hotels and Restaurants: The foodservice sector represents a significant portion of the shrimp market in Europe.
Online: E-commerce platforms for seafood are growing rapidly, offering convenience and expanded product availability.
Others: Includes other smaller, niche distribution channels.
Breakup by Source
Domestic Production: European shrimp production, though limited, plays an important role in the market.
Imports: Imports from countries like India, Thailand, and Ecuador dominate the European shrimp market.
Key Players
Nordic Seafood A/S
Heiploeg International B.V.
Viciunai Group
Afentoulis Liveris & Co. O.E.
Sykes Seafoods Ltd.
Seamark plc
Frequently Asked Questions (FAQs)
What is the size of the European shrimp market in 2024?
The European shrimp market is expected to reach a volume of 1115.30 KMT in 2024.What are the key growth drivers for the European shrimp market?
Growth drivers include rising health awareness, increasing demand for sustainable shrimp, and technological advancements in shrimp farming.What are the main types of shrimp products in Europe?
Main types include peeled, shell-on, cooked, and breaded shrimp.Which species of shrimp dominate the European market?
Penaeus Vannamei, Penaeus Monodon, and Macrobrachium Rosenbergii are the key species consumed in Europe.What is the forecasted growth rate for the European shrimp market?
The market is expected to grow at a CAGR of 1.60% from 2025 to 2034.
