In the current era of austerity, issues related to the planet’s sustainability are compelling companies to adopt a more responsible stance in ecological, social, and economic spheres. This reality, combined with demographic and geopolitical shifts, has shifted the global economic center toward the Southern Hemisphere. The phenomenon of innovation in this context has been described with various terms, but in recent years, scholars have increasingly adopted the term frugal innovation to explain how innovations emerge under resource constraints in emerging economies and countries. This study aims to explore the intersection of frugal innovations with the blue economy, deemed essential for the sustainability of seas and oceans globally, as well as for achieving the United Nations Sustainable Development Goals. It analyzes the shrimp farming sector in the state of Ceará, Brazil’s largest producer of farmed shrimp. The results indicate that frugal innovations can make significant contributions to sustainable development, although they are not inherently sustainable. The study identified key frugal innovations (such as handcrafted trays, frugal energy panels, false bottoms, filtration screens, probiotic fermentation, decantation basins, shrimp transfer methods, garlic for disease control, rope trays, technical assistance, inland shrimp farming, and new business models) implemented by companies and shrimp producers. Our findings may contribute to the development of studies in the shrimp farming sector aligned with the blue economy framework. Contrary to expectations, environmental regulations can prompt companies to adopt frugal innovations that allow them to use their inputs more efficiently, reduce production costs, and increase market value, thereby enhancing competitiveness. In effect, this research found evidence that the context of shrimp farming holds great potential to provide sustainable and low-cost solutions from the perspective of the blue economy in developing countries such as Brazil.