Frozen Shrimp Market Is Expected To Witness A High CAGR Of 8.4% By 2031

Food and beverages

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.

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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.

Key Segments Covered in Frozen Shrimp Industry Survey

  • By Species

    • 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
  • By Source

    • Organic Frozen Shrimp
    • Conventional Frozen Shrimp
  • By Application

    • Food
    • Pharmaceuticals
    • Cosmetics
    • Industrial
    • Biotechnology
  • 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
      • Others

Competition Landscape

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.

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