A concentrate rich in lipids and protein with low ash content was obtained from industrial shrimp cooking juice using a centrifugal separator. The crustacean aroma, attractive orange colouring and noticeable antioxidant and ACE-inhibitory capacities, make this concentrate appropriate to be used for the formulation of functional foods. The high ACE-inhibitory activity found in the cooking waste material is largely attributed to the presence of Gly and Pro-rich peptides of around 1 kDa.