Overview and Scope
Frozen shrimp refers to shrimp that has been caught, processed, and promptly frozen to maintain its freshness and taste. Frozen shrimp maintains its high quality and freshness because it is promptly frozen right after being harvested, which helps preserve its nutrients and flavor effectively.
Sizing and Forecast
The frozen shrimp market size has grown strongly in recent years. It will grow from $22.04 billion in 2023 to $24 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to increase in consumer demand for convenience foods, global aquaculture expansion, improved transportation infrastructure, increase in trade liberalization policies, increase in health consciousness, increase in popularity of seafood cuisines, and improved supply chain logistics.
The frozen shrimp market size is expected to see strong growth in the next few years. It will grow to $33.94 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to changing consumer preferences towards healthy and convenient seafood options, increasing global demand for seafood, growing aquaculture production, rising disposable incomes, expanding distribution channels, increasing regulatory changes impacting shrimp farming practices, and growing demand in emerging markets. Major trends in the forecast period include adoption of advanced freezing technologies, advancements in genetic technologies and selective breeding methods, advancements in food packaging methods, advancements in cold chain logistics, and adoption of blockchain technology.
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Segmentation & Regional Insights
The frozen shrimp market covered in this report is segmented –
1) By Species: Gulf Shrimp, Banded Coral Shrimp, Giant Tiger Shrimp, Ocean Shrimp, Farmed Whiteleg Shrimp, Royal Red Shrimp, Blue Shrimp
2) By Source: Conventional, Organic
3) By Application: Food, Pharmaceuticals, Cosmetics, Industrial, Biotechnology
4) By Distribution Channel: Online, Offline
Europe was the largest region in the frozen shrimp market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the frozen shrimp market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The high demand for convenience foods is expected to propel the growth of the frozen shrimp market going forward. Convenience foods are ready-to-eat or easy-to-make meals that save cooking time and effort. High demand for convenience foods attributed to busy schedules and the need for fast, easy meal options drive the popularity of convenience foods, especially among working people and families with limited time to cook. Frozen shrimp contributes to convenience foods by offering a versatile, time-saving, and consistently high-quality ingredient that extends shelf life and simplifies meal preparation. For instance, in April 2024, according to the National Association of Convenience Stores, a US-based association representing the convenience and fuel retailing industry, in 2023, foodservice sales, including prepared foods, commissary items, and dispensed beverages, made up 26.9% of in-store sales, an increase from 25.6% in 2022. Additionally, sales of prepared foods per store per month rose by 12.2% in 2023 compared to 2022. Therefore, the high demand for convenience foods will drive the frozen shrimp market.
Key Industry Players
Major companies operating in the frozen shrimp market are Thai Union Group PCL, Austevoll Seafood ASA, Pacific Seafood, High Liner Foods Inc., Royal Greenland A/S, Clearwater Seafoods, Moon Environment Technology Co. Ltd., Skaginn 3X, Devi Seafoods Ltd., Ocean Choice International (OCI), Omarsa S.A., Surapon Foods Plc., Apex Frozen Foods Limited, Aqua Star , Carsoe, CMP Equipment, Nordic Seafood A/S, Minh Phu Seafood Corporation, Blue Star Seafood Co. Ltd., SeaPak Shrimp Company, Advanced Equipment Inc., Torry Harris Inc., Indus Refrigeration, Josmar, Grand Ocean Seafoods Co. Ltd
The frozen shrimp market report table of contents includes:
1. Executive Summary
2. Frozen Shrimp Market Characteristics
3. Frozen Shrimp Market Trends And Strategies
4. Frozen Shrimp Market – Macro Economic Scenario
5. Global Frozen Shrimp Market Size and Growth
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32. Global Frozen Shrimp Market Competitive Benchmarking
33. Global Frozen Shrimp Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Frozen Shrimp Market
35. Frozen Shrimp Market Future Outlook and Potential Analysis
36. Appendix
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