Frozen Shrimp Market

Frozen Shrimp Market Outlook (2023 to 2033)

Worldwide demand for frozen shrimp is estimated at a market valuation of US$ 25.51 billion in 2023 and is predicted to climb to US$ 57.15 billion by 2033-end. The global frozen shrimp market is projected to exhibit expansion at an impressive 8.4% CAGR from 2023 to 2033, thereby providing an absolute dollar opportunity of US$ 31.64 billion.

Rising popularity of seafood and cuisines featuring seafood around the world is anticipated to primarily augment demand for frozen shrimp throughout the forecast period. Expanding working women population and growing adoption of high-paced modern lifestyles are fuelling the demand for frozen foods, ready-to-eat meals, and other convenience foods, which is also favouring the frozen shrimp market growth.

High focus on health, increasing awareness regarding the benefits of shrimp consumption, expansion of shrimp and seafood aquaculture, and inclination of health-conscious consumers toward a protein-rich diet are other prospects that could boost sales of products such as frozen raw shrimp, frozen breaded shrimp, frozen tiger prawns, frozen salmon, and other frozen seafood products through 2033.

Contrastingly, changing regulatory standards for food safety, fluctuations in the supply chain, volatility in pricing, and adverse impact of traditional shrimp farming activities are anticipated to impede market growth potential going forward.

• In March 2023, The Saudi Food and Drug Authority (SFDA) announced the imposition of a temporary ban on imports of shrimp from India citing ‘white spot virus’ infections in these products. The decision was taken after analyzing several samples of frozen shrimp imported from India were found to be positive for the aforementioned virus.

An increasing number of vegans around the world and the growing adoption of plant-based diets are fuelling demand for meat substitutes, thereby hurting sales of frozen seafood and other meat products.

• The ISH Food Company is a start-up founded in 2020 to offer sustainable plant-based seafood alternatives. The company provides a product called Shrimpish, which is dubbed as a premium plant-based shrimp alternative to regular shrimp. The product is made from soy protein, konjac, and green coconut, which complete the experience with taste and texture.

Report Attributes	Details
Frozen Shrimp Market Size (2023)	US$ 25.51 Billion
Projected Market Value (2033F)	US$ 57.15 Billion
Global Market Growth Rate (2023 to 2033)	8.4% CAGR
United States Market Value (2033)	US$ 22.97 Billion
India Market Growth Rate (2023 to 2033)	7.9% CAGR
South Korea Market Growth Rate (2023 to 2033)	6.1% CAGR
Japan Market Value (2033F)	US$ 1.88 Billion
Demand Growth of Organic Frozen Shrimp (2023 to 2033)	11.7% CAGR
United States Market Growth Rate (2023 to 2033)	9.6% CAGR
Key Companies Profiled	SeaPak Shrimp Company Toyo Suisan Kaisha High Liner Foods Aqua Star Corp. Clearwater Seafood Surapon Foods Aqua Chile Nordic Seafood A/S Seafood Co. Thai Union Group

How Can Start-ups Make a Name for Themselves in the Seafood Industry?

“Adoption of Sustainable Aquaculture Practices – Prime Focus of New Shrimp Companies”

Growing consumer demand for organic and sustainably-sourced seafood is pushing companies to opt for eco-friendly aquaculture and fish farming practices. Upcoming frozen shrimp suppliers are focusing on setting up new aquaculture facilities to upscale the production of organic shrimp and compete with the established market players.

• In May 2023, Atarraya, an urban farming start-up founded in 2019, announced that it was launching its e-Commerce site to provide locally-sourced and sustainable shrimp to its consumers. The company converts cargo containers into Shrimpboxes to grow shrimp by using technology to regulate and monitor the environment.
• In October 2021, Vertical Oceans, a start-up that grows sustainable shrimp in aqua towers, announced that it had raised US$ 3.5 million in a seed round led by Khosla Ventures. The company had stated that the towers can incubate shrimp without the need for antibiotics or chemicals, thus creating a more sustainable outcome.

Start-ups can benefit by learning more about aspects such as local supply, pricing trends, product standards, safety regulations, and new developments that have been discussed extensively in this frozen shrimp industry study by skilled analysts at Fact.MR, a market research and competitive intelligence provider.

Country-wise Insights

Which Asian Countries are Lucrative Markets for Frozen Seafood Suppliers?

“India, China, Japan, South Korea – Opportune Markets in APAC”

India is anticipated to emerge as a highly attractive space for frozen shrimp importers as the country accounts for a substantial volume of frozen seafood exports. Exports of frozen shrimp and frozen prawns along with other frozen fish products account for a prominent revenue in the Indian market while the rest of the revenue is generated by domestic sales, which have also been exhibiting an upward trend in recent years.

• Shipments of frozen shrimp in India are forecasted to increase at a high 7.9% CAGR over the next ten years.

Shrimp has been a mainstay in Chinese cuisine for a long time and this is projected to influentially augment shipments of frozen shrimp in the country over the coming years. Growing awareness regarding the benefits associated with shrimp consumption, consumer inclination toward a protein-rich diet, rising disposable income, and high availability of frozen seafood are other aspects that promote market growth in China through 2033.

What’s Driving Frozen Shrimp Consumption in the United States?

“High Demand for Convenience Foods Prime Factor Promoting Market Development”

Consumers in the United States are accustomed to fast-paced lifestyles and this is primarily boosting the demand for packaged foods and convenience foods, which is projected to favor frozen shrimp sales as well. The surging incidence of obesity and other chronic disorders in the country has led to an increased focus on health and fitness, which is also slated to promote market growth going forward.

• Sales of frozen shrimp in the United States are estimated to rake in a revenue valuation of US$ 22.97 billion by the end of the forecast period.

High focus on health and fitness, high import volume of fresh and frozen shrimp, expanding food service industry, and rising preference for protein-rich foods are other aspects that could promulgate shipments of frozen shrimp over the next ten years. On the contrary, product recalls due to speculations of contamination and fluctuations in the supply chain are anticipated to impede market growth in the long run.

• In August 2021, Avanti Frozen Foods and the United States Food and Drug Administration announced the expansion of its frozen shrimp recall previously issued in June 2021. The recall was based on speculations that the product might have been contaminated with salmonella.

Category-wise Insights

Species of Which Shrimp is Expected to Be Most Sought After?

“Farmed Whiteleg Frozen Shrimp to Lead Global Demand”

The frozen shrimp market is segmented based on product type and further classified as gulf shrimp, farmed whiteleg shrimp, banded coral shrimp, royal red shrimp, giant tiger shrimp, blue shrimp, and ocean shrimp.

Growing farmed whiteleg shrimp is relatively easy as compared to other species of shrimp, and their high resistance to disease is a factor that is anticipated to boost its demand over the coming years. Surging demand for immunity-boosting food products is also slated to promulgate farmed whiteleg shrimp shipments owing to rising awareness regarding their immunity-boosting properties.

• Sales of frozen farmed whiteleg shrimp are forecasted to rise at a stellar 10.3% CAGR over the next ten years.

Why is the Popularity of Conventional Frozen Shrimp Expected to Decline?

“Rising Consumer Preference for Sustainability-compliant Organic Products”

Based on source, the frozen shrimp market is segmented into organic and conventional.

Increasing focus on sustainability around the world has led to the launch of several awareness initiatives to shed light on how harmful the impact of certain industries is on the natural environment. Growing awareness regarding sustainable aquaculture practices and increasing consumer inclination toward organic and natural food products are estimated to bolster consumption of organic frozen shrimp over the coming years.

• Shipments of organic frozen shrimp are predicted to increase at an astronomical 11.7% CAGR from 2023 to 2033.

Competitive Landscape

Prime frozen shrimp manufacturers are focusing on improving their image by adopting sustainable practices that allow them to reach out to eco-conscious consumers and gain an edge over other market players. Frozen shrimp suppliers are also launching new products to improve their revenue generation and sales potential.

• In May 2023, SABIC, a leading name in the chemical sector, announced that it had partnered with Coldwater Prawns of Norway and Estiko Packaging Solutions to develop novel sustainable packaging pouches for frozen prawns.
• In June 2023, Trader Joe’s, an American grocery store chain, announced the launch of its new line of products for summer. This new range of products also included a frozen shrimp dish called Shrimp Boom Bah and battered plant-based fish filets.

Key Segments Covered in Frozen Shrimp Industry Research

• By Species :

  • Gulf Shrimp
  • Farmed Whiteleg Shrimp
  • Banded Coral Shrimp
  • Royal Red Shrimp
  • Giant Tiger Shrimp
  • Blue Shrimp
  • Ocean Shrimp

• By Source :

  • Organic
  • Conventional

• By Application :

  • Food
  • Pharmaceuticals
  • Cosmetics
  • Industrial
  • Biotechnology

• By Sales Channel :

  • Direct Sales
  • Indirect Sales
    • Modern Trade
    • Convenience Stores
    • Specialty Food Stores
    • Wholesale Stores
    • Discount Stores
    • Online Retail Stores
    • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA