Phosphates are used as moisture retention agents (MRAs) by the shrimp industry. Although they are effective, phosphates are expensive, need to be listed on a food label, and overuse can often lead to a higher product cost for consumers. Polysaccharides were researched as alternative MRAs. Polysaccharides are usually inexpensive, are considered natural, and can have nutritional benefits. Research was conducted to determine whether polysaccharides yielded similar functional impacts as phosphates. Treatments included a 0.5% fibercolloid solution isolated from citrus peel, an 8% pectin solution, a 0.5% xanthan gum (XG) solution, a 1% carboxymethyl cellulose solution, and conventionally used 4% sodium tripolyphosphate (STP). Experimental treatments were compared to a distilled water control to gauge effectiveness. Freezing, boiling, and oven drying studies were performed to determine how moisture retention in shrimp differed using these different treatments. Water activity was measured to determine any potential differences in shelf life. Solution uptake was also determined to understand how well the treatments enhanced water binding. For moisture loss by freezing, 4% STP and the 0.5% fibercolloid solution functioned the best. The 4% STP treated shrimp lost the least amount of moisture during boiling. The 0.5% fibercolloid and 0.5% XG treatment outperformed phosphates in respect to moisture uptake ability. None of the treatments had a major effect on water activity. All treatments were rated similar in consumer sensory acceptability tests except for pectin, which was rated lower by the sensory panel. Overall, polysaccharides were found to be viable alternatives to phosphates.