Increase in health consciousness, convenience & versatility, and globalization & trade liberalization are the factors that drive the growth of the market.
WILMINGTON, Del., April 8, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Frozen Shrimp Market by Application (Food, Pharmaceuticals, Cosmetics, Industrial, and Biotechnology), Source (Conventional and Organic), and Distribution Channel (Supermarkets/Hypermarkets, Departmental Stores, B2B, and Online Sales Channel): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the “frozen shrimp market” was valued at $9.9 billion in 2022, and is estimated to reach $21.9 billion by 2032, growing at a CAGR of 8.3% from 2023 to 2032.
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Prime determinants of growth
The growth of the frozen shrimp market is driven by various factors that influence its trajectory. Firstly, changing consumer preferences and dietary habits towards healthier food options have significantly increased the demand for seafood products, including frozen shrimp. Consumers prefer convenient and nutritious meal solutions, which have made frozen seafood popular due to its longer shelf life and ease of preparation. Additionally, the rising awareness of the benefits of seafood consumption, such as being a good source of lean protein and essential nutrients like omega-3 fatty acids, has spurred the demand for frozen shrimp among health-conscious buyers.
Secondly, globalization and advancements in transportation and cold chain infrastructure have facilitated the expansion of the frozen shrimp market across geographical boundaries. Improved logistics enable efficient transportation of frozen shrimp from production regions to distant markets, widening the availability and accessibility of these products to consumers worldwide. Furthermore, technological advancements in freezing techniques and packaging solutions have enhanced the quality and preservation of frozen shrimp, ensuring product freshness and safety. As a result, the frozen shrimp market continues to experience robust growth as it caters to the evolving needs and preferences of consumers while leveraging advancements in supply chain infrastructure and technology to expand its global reach.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size In 2022 |
$9.9 Billion |
|
Market Size In 2032 |
$21.9 Billion |
|
CAGR |
8.3 % |
|
No. Of Pages In Report |
345 |
|
Segments Covered |
Application, Source, Distribution Channel, And Region |
|
Drivers |
• Increasing Health Consciousness • Convenience And Versatility • Globalization And Trade Liberalization |
|
Opportunities |
• Product Innovation And Differentiation • E-Commerce And Direct-To-Consumer Channels |
|
Restraints |
• Environmental Concerns • Price Volatility And Competition |
The food segment to maintain its leadership status in 2032
By application, the food segment held the highest market share in 2022, accounting for nearly two-fifths of the global frozen shrimp market revenue, and is estimated to maintain its leadership status during the forecast period. However, the biotechnology segment is projected to manifest a significant CAGR of 9.8% from 2023 to 2032.
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The organic segment to maintain its leadership status during the forecast period
By source, the chunks segment held the highest market share in 2022, accounting for more than half of the global frozen shrimp market revenue, and is estimated to maintain its leadership status during the forecast period. In addition, the organic segment is also projected to manifest the highest CAGR of 9.0% from 2023 to 2032.
The online sales channel segment to maintain its leadership status during the forecast period
By distribution channel, the supermarkets/hypermarkets segment held the highest market share in 2022, accounting for more than one-third of the global frozen shrimp market revenue, and is estimated to maintain its leadership status during the forecast period. In addition, the online sales channel segment is projected to manifest the highest CAGR of 11.5% from 2023 to 2032.
Europe to maintain its dominance by 2032
By region, Europe had the highest market share in terms of revenue in 2022, accounting for more than one-third of the global frozen shrimp market revenue. In addition, the Asia-Pacific region is expected to witness the fastest CAGR of 10.6% from 2023 to 2032.
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Leading Market Players: –
- 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
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