How Has the Frozen Shrimp Market Size Evolved in Recent Years?
The frozen shrimp market has seen considerable growth due to a variety of factors.
• The frozen shrimp market has grown significantly in recent years. It will rise from $24 billion in 2024 to $26.23 billion in 2025 at a compound annual growth rate (CAGR) of 9.3%.
This expansion is driven by greater demand for convenience foods, the global growth of aquaculture, improvements in transportation infrastructure, liberalized trade policies, heightened health consciousness, the popularity of seafood cuisines, and improved supply chain logistics.
What Are The Predictions for The Frozen Shrimp Market in the Coming Years?
The frozen shrimp market is expected to maintain its strong growth trajectory in upcoming years.
• The frozen shrimp market is expected to reach $36.94 billion by 2029 at a CAGR of 8.9%.
The increasing preference for healthy and convenient seafood, higher global demand for seafood, growing aquaculture production, rising disposable incomes, expanding distribution channels, and regulatory changes in shrimp farming are key drivers. Major trends include advanced freezing technologies, genetic improvements in shrimp, packaging innovations, cold chain logistics, and blockchain technology adoption.
Which Drivers Are Accelerating Growth In The Frozen Shrimp Market?
The high demand for convenience foods is expected to drive the frozen shrimp market. Convenience foods, which require minimal preparation and time to consume, are in high demand due to busy lifestyles. Frozen shrimp, as a versatile and easy-to-prepare ingredient, is a popular choice in convenience foods. According to the National Association of Convenience Stores, foodservice sales in the U.S. increased by 12.2% in 2023 compared to 2022. The rising demand for convenience foods is therefore expected to propel the growth of the frozen shrimp market.
What Are The Core Segments Of The Global Frozen Shrimp Market?
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
Subsegments:
1) By Gulf Shrimp: Brown Gulf Shrimp, White Gulf Shrimp, Pink Gulf Shrimp
2) By Banded Coral Shrimp: Small Banded Coral Shrimp, Large Banded Coral Shrimp
3) By Giant Tiger Shrimp: Wild-Caught Giant Tiger Shrimp, Farmed Giant Tiger Shrimp
4) By Ocean Shrimp: Wild-Caught Ocean Shrimp, Farmed Ocean Shrimp
5) By Farmed Whiteleg Shrimp: Pacific Whiteleg Shrimp
6) By Black Tiger Shrimp: Black Tiger Shrimp (Farmed)
7) By Royal Red Shrimp: Wild-Caught Royal Red Shrimp, Frozen Royal Red Shrimp
8) By Blue Shrimp: Wild-Caught Blue Shrimp, Farmed Blue Shrimp
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How Are Emerging Trends Reshaping The Dynamics Of The Frozen Shrimp Market?
In the frozen shrimp market, companies are launching new products like frozen shrimp dumplings to cater to the demand for quick and convenient seafood meal options. In May 2024, Sanquan Food Co. Ltd. and Synear introduced frozen shrimp dumplings targeted at China's children's food market, focusing on nutritious and tasty meals for kids.
Who Are the Key Players In The Frozen Shrimp Market?
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
What Are The Regional Insights Into The Frozen Shrimp Market?
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.
