The shrimp farming industry has existed for many decades and has witnessed different ups and downs since its inception, as well as changes in the approach to farming in terms of the species utilized for culture based on the national context and their success in terms of culture and market demand. There are various shrimp species with varied genetic potentials; however, the easy domestication of whiteleg shrimp (Litopenaeus vannamei) made it the most widely cultured shrimp species worldwide. However, due to concerns with L. vannamei farming in terms of disease, reduced price realization and growing production costs, the prospect of enormous expansion in whiteleg shrimp production for all nations is impossible. Especially, the increase in cost of production on the one hand and decrease in price realization on the other hand have affected Asian shrimp industry. Hence, an alternative way for this industry is a must for providing sustainability to the shrimp farming nations. Due to the advent of modern technologies, it has become possible to explore the genetic potential of other shrimp species and their importance to the industry in terms of its cultural success and market demands. The future of the shrimp industry can be more diverse, with more diversified opportunities bringing new opportunities of growth for all the major shrimp farming nations across the world.