Conventional Frozen Shrimp Accounts for Close to 90% Market Share, though Demand for Organic Type Rising Steadily: Fact.MR Study
Published : 23 Nov 2021 Industry: Food & Beverage
According to a recent Fact.MR (a market research and competitive intelligence provider) report, sales of frozen shrimp are expected to reach a value of US$ 48.8 Bn by 2031, surging at a CAGR of around 8.4% over the decade.
Customers are gravitating toward safe quality and certified frozen food as they make the move to hygienic and safe food preferences. Fish and seafood meat such as shrimp is recommended above chicken and red meat (mutton/ pork/beef/ lamb) for comparatively high quantities of protein, fatty acids, omega-3, and vitamins such as D and B-12, according to the United States Department of Agriculture (USDA).
Furthermore, frozen shrimp is superior to fresh shrimp because the freezing process of fish and seafood in the modern industry begins as soon as it is collected in its natural state, preserving freshness and preventing bacterial growth, thereby, boosting frozen shrimp sales across regions.
Key Takeaways from Market Study
- The U.S. is estimated to account for more than 81% of the North American market in 2021, supported by rising demand for convenience foods.
- China is estimated to account for 71.5% of the East Asian market share in 2021.
- Thailand is one of the prominent countries in the South Asian market with a market share of 27.2%.
- Conventional frozen shrimp reflects approximately 89% market share, but the organic type is expected to witness a high CAGR 9.7% over the forecast period due to rising environmental concerns.
“The market is being driven by convenience, upgraded storage qualities, ease of use, and longer shelf-life properties of frozen shrimp,” said a lead analyst at Fact.MR.
Who is Winning?
Global disruptions caused by COVID-19 prompted many market leaders to evaluate their portfolios and rethink their strategy in 2020 and 2021. Companies producing frozen shrimp have redirected their management efforts and capital into those parts of the organization with the biggest development potential and have a clear competitive advantage as a result of these assessments, which have resulted in both, strategic acquisitions and divestitures.
This has resulted in a tendency of companies indulging in mergers and acquisitions to acquire talent that is not already in order to enhance and reinforce their competitive advantage.
- For example, AquaStar, based in Seattle, Washington, a leading frozen seafood supplier in North America, in 2018 engaged into a joint venture to purchase an equity position in Indian shrimp producer Sagar Grandhi Exports, Ltd.
Some of the leading companies offering frozen shrimp are SeaPak Shrimp Company, Seafood Co., Aqua Star Corp., Clearwater Seafood, Aqua Chile, Toyo Suisan Kaisha, High Liner Foods, Surapon Foods, Nordic Seafood A/S, and Thai Union Group,.
Get More Valuable Insights
Fact.MR, in its new offering, provides an unbiased analysis of the frozen shrimp market, presenting historical demand data (2016-2020) and forecast statistics for the period (2021-2031).
The study divulges compelling insights on the frozen shrimp based on species (gulf shrimp, farmed whiteleg shrimp, banded coral shrimp, royal red shrimp, giant tiger shrimp, blue shrimp, and ocean shrimp), source (organic and conventional), application (food, pharmaceuticals, cosmetics, industrial, and biotechnology), and sales channel (direct sales and indirect sales), across seven major regions of the world.
About the Food & Beverage Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Fact.MR helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
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Sr. Consultant - Food & Beverages