Frozen Shrimp Market
Frozen Shrimp Market Analysis, By Species (Frozen Gulf Shrimp, Farmed Whiteleg Shrimp, Banded Coral Shrimp, Royal Red Shrimp, Giant Tiger Shrimp, Blue Shrimp, Ocean Shrimp), By Source (Organic Frozen Shrimp, Conventional Frozen Shrimp), By Application (Food, Pharmaceuticals, Cosmetics, Industrial, Biotechnology) - Global Market Insights 2021 to 2031
The frozen shrimp market enjoyed year-on-year (YoY) growth of 8.6% in 2021 to top 2,627,511 MT. Frozen shrimp sales account for 43.7% of the frozen seafood market share, and the market is expected to witness a high CAGR of 8.4% to reach a value of US$ 48.8 Bn by 2031.
Changing lifestyles (lesser cooking time, expanding snack consumption, etc.) and rising health have resulted in a surge in demand for frozen fish and seafood, such as frozen prawns, squid, and fillets. Frozen shrimp, in particular, is gaining popularity as a result of rapid expansion of shrimp aquaculture, increasing initiatives taken by shrimp manufacturers, and heightened frozen shrimp online presence, besides other factors.
Consumers are shifting towards pre-cooked frozen foods to balance busy working schedules and health requirements, leading to augmented adoption of cooked frozen shrimp due to its easy consumption and nutritious properties, including iodine, protein, vitamin B12, calcium, etc., as such, leading to rising demand for frozen shrimp fish food globally.
|Frozen Shrimp Market Size in 2021||US$ 21.7 Bn|
|Market Forecast Value for 2031||US$ 48.8 Bn|
|Global Growth Rate (2021 to 2031)||8.4% CAGR|
|Market Share of India in South Asia||22.9%|
Consumption Analysis of Frozen Shrimp (2016 to 2020) Vs Market Projections (2021 to 2031)
As per Fact.MR, a market research and competitive intelligence provider, over the past half-decade, global market value for frozen shrimp was boosted owing to increased application of the product in various areas such as food, cosmetics, pharmaceuticals, etc.
Export of frozen shrimp is also experiencing a rise to meet with high demand. Types of shrimp that are increasingly being exported and their frozen shrimp HS code include:
- Frozen seawater shrimps (030613)
- Frozen freshwater shrimps (030616)
- Fresh, salted or smoked seawater shrimps (030623)
- Fresh, salted or smoked freshwater shrimps (030626).
Avail customized purchase options for your needs
Rising Demand for Frozen Shrimp in China Due to its Health Benefits
According to Fact.MR, the frozen shrimp industry in China reached a volume of 499,381 MT in 2021. Because shrimp is a mainstay in Chinese cuisine, the country has long practised aquaculture and today produces a substantial amount of frozen shrimp fish food, helping the market grow in the country.
Shrimp's strong nutritional profile and accompanying health advantages are a major driving force for its consumption in China. It is high in antioxidants and astaxanthin, which helps the nervous and musculoskeletal systems perform better.
Furthermore, as a result of strong economic growth and increased affluence, Chinese consumers are undergoing a "nutrition transition," and are moving away from a carbohydrate-based diet toward foods with higher protein content, thereby promoting the sales of frozen shrimp.
Will Rising Indian Frozen Shrimp Exports Benefit Overall Market?
India accounts for a generous quantity frozen shrimp export, frozen prawns export, etc., to a lot of countries such as Japan, UAE, USA, etc. The frozen shrimp export market accounts for a large portion of seafood revenue, with the rest coming from domestic sales. Consumer tastes and habits are evolving in the country, particularly in the area of frozen seafood.
Previously, seafood was mostly consumed in India's coastal regions. However, it is currently gaining popularity across all regions, including the interiors. The frozen fish market in India is slated to expand at a CAGR of 6.2% through 2031.
Will High Demand for Fast Food Propel the U.S. Market for Frozen Shrimp?
The market in the U.S. is set to rise at a CAGR of 9.8% and close in on a value of US$ 9.6 Bn by 2031. Increased demand for fast foods such as ready-to-eat (RTE) and ready-to-cook (RTC) foods, as well as rising consumer awareness about health, are driving the U.S. frozen shrimp industry.
In February 2021, the US Food and Drug Administration (FDA) began the second phase of its Artificial Intelligence (AI) Imported Seafood Pilot programme. The goal of the pilot is to improve the agency's ability to promptly and accurately detect imported seafood products that could be harmful to people's health. As a result, customer confidence in shrimp products is growing, benefiting the U.S. market for frozen shrimp.
Ecuador's Frozen Shrimp Export Strategy Quickly Diversifying
Ecuador appears to have been able to pivot, diversify, and strengthen its shrimp export sector, according to Ecuador's National Chamber of Aquaculture (CNA). The market is expected to hold a share of 38.4% to reach a value of US$ 1.25 Bn by 2031.
Simultaneously, the Sustainable Shrimp Partnership (SSP), which was founded in 2018 by leading Ecuadorian shrimp companies such as Grupo Almar, Songa, Omarsa, Grupo Lanec, Naturisa, and Promarisco-Grupo Nueva Pescanova, has built a powerful marketing and promotion board touting Ecuador's shrimp as safe and sustainable, therefore, heightening frozen shrimp demand in the country.
Will the Immunity-Boosting Property of Farmed Whiteleg Shrimp Aid Market Expansion?
Farmed whiteleg frozen shrimp is anticipated to witness a high CAGR of 9.8% over the forecast period. There was increase in demand for farmed whiteleg shrimp during COVID-19, owing to the fact that it promotes immunity.
Selenium, an antioxidant found in farmed whiteleg shrimp, aids in the maintenance of a healthy immune system. As a result, there has been a rise in intake as it can be a good aid to fight against COVID-19.
Will Rising Environmental Concerns Boost Organic Frozen Shrimp Demand?
The organic frozen shrimp market is expected to surge at a high CAGR of 10.1% over the forecast period, even though conventional frozen shrimp is presently holding a higher value of US$ 19.3 Bn.
Consumers are becoming more aware of the methods used in aquaculture and the negative consequences it can have on both, humans and the environment when used inappropriately, which has resulted in increased predisposition towards responsible aquaculture practices. In recent years, this shift towards better farming has had a favourable impact on global demand for organic frozen shrimp.
An Adaptive Approach to Modern-day Research Needs
Manufacturers are entering into strategic partnerships with regional distributors and end users to catch up with the growing needs of a huge client base.
- GBC, the owner of Morubel NV in Belgium, and Peter Ristic, the owner of Ristic AG in Oberferrieden, Germany, have reached an agreement for GBC to buy all of Ristic's outstanding shares as well as the Costa Rican entities. Morubel and Ristic are anticipated to become leading players in the European frozen shrimp industry, with a distinctive sustainability proposition, as a result of the deal.
Frozen Shrimp Industry Report Scope
|Historical Data Available for||2016-2020|
|Market Analysis||US$ Mn for Value & MT for Volume|
|Key Regions Covered||
|Key Countries Covered||
|Key Market Segments Covered||
|Key Companies Profiled||
|Pricing||Available upon Request|
Interested to Procure The Data
Key Segments Covered in Frozen Shrimp Industry Survey
- Frozen Gulf Shrimp
- Frozen Farmed Whiteleg Shrimp
- Frozen Banded Coral Shrimp
- Frozen Royal Red Shrimp
- Frozen Giant Tiger Shrimp
- Frozen Blue Shrimp
- Frozen Ocean Shrimp
- Organic Frozen Shrimp
- Conventional Frozen Shrimp
By Sales Channel
- Direct Sales of Frozen Shrimp
- Indirect Sales of Frozen Shrimp
- Modern Trade
- Convenience Stores
- Specialty Food Stores
- Wholesale Stores
- Discount Stores
- Online Retail Stores
Frozen Shrimp Market: Report Scope
A recent study by Fact.MR on the frozen shrimp market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates recent market developments, strategic market growth analysis, market size, category market growths, product approvals, product launches, geographical expansions, and technological innovations associated with frozen shrimp market.
The study also provides the dynamics responsible for influencing the future status of the over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies producing frozen shrimp, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of frozen shrimp across the globe.
A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of frozen shrimp during the forecast period. Price point comparison by region with global average price is also considered in the study.
Key Questions Answered in Report
- Which are the most lucrative markets for frozen shrimp?
- Which factors will impact the growth of the market?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the frozen shrimp industry?
- What are the winning strategies of stakeholders in the market?
Analysis on Market Size Evaluation
The market has been analyzed for each segment in terms of volume (MT) and value (US$ Mn).
Market estimates at global and regional levels for frozen shrimp is available in terms of “US$ Mn” for value and in “MT” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global frozen shrimp market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the frozen shrimp market during the forecast period.
Country-specific valuation on demand for frozen shrimp has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
The report sheds light on leading manufacturers of frozen shrimp, along with company’s’ detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering frozen shrimp have been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the frozen shrimp market.
- FAQs -
Currently, the global frozen shrimp market is worth more than US$ 21.7 Bn.
Frozen shrimp consumption is expected to increase at a CAGR of around 8.4% over the period of 2021-2031.
In terms of revenue, frozen shrimp increased at a CAGR of around 7% during 2016-2020.
Global frozen shrimp sales are forecasted to surpass US$ 48.8 Bn by the end of 2031.
Aqua Star Corp., Avanti Feeds Ltd., Clearwater Seafoods Inc., High Liner Foods Inc., and Mazzetta Company LLC. are top 5 producers of frozen shrimp.
Market players are focusing on new product launches, strong frozen shrimp distribution channels, mergers, and acquisitions to remain prominent players in the global market.
China, the U.S., Thailand, and India are the main countries driving demand for frozen shrimp.
Europe holds around 15% of the global frozen shrimp revenue share.
The U.S. market for frozen shrimp is projected to expand at a CAGR of around 9.8% over the next ten years.
The report presents detailed cost analysis of frozen shrimp based on species, i.e., gulf shrimp, farmed whiteleg shrimp, banded coral shrimp, royal red shrimp, giant tiger shrimp, blue shrimp, and ocean shrimp.
Need an Exclusive Report for your Unique Requirement?
- Related Reports -
- Our Clients -
- Evaluate How Fact.MR's Report Can Help. -
Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.