Frozen Shrimp Market Sales are Predicted to Reach of US$ 57.15 billion by 2033

May 15, 2024 - 19:14
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Frozen Shrimp Market Sales are Predicted to Reach of US$ 57.15 billion by 2033

Worldwide demand for frozen shrimp is valued at US$ 25.51 billion in 2023 and is expected to reach US$ 57.15 billion by the end of 2033. The global frozen shrimp market is anticipated to grow at an impressive CAGR of 8.4% from 2023 to 2033, providing an absolute dollar opportunity of US$ 31.64 billion.

The rising popularity of seafood and seafood-based cuisines globally is expected to primarily drive the demand for frozen shrimp during this period. Additionally, the expanding population of working women and the increasing adoption of high-paced modern lifestyles are boosting the demand for frozen foods, ready-to-eat meals, and other convenience foods, which in turn supports the growth of the frozen shrimp market.

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Other factors contributing to the market growth include a strong focus on health, increasing awareness of the benefits of shrimp consumption, expansion of shrimp and seafood aquaculture, and a trend among health-conscious consumers towards a protein-rich diet. These factors are expected to enhance sales of products such as frozen raw shrimp, frozen breaded shrimp, frozen tiger prawns, frozen salmon, and other frozen seafood products through 2033.

Top Vendors:
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

Market Segmentations
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

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Consumer Trends
Consumer preferences in the frozen shrimp market are evolving, with a growing demand for convenience foods and ready-to-eat products. There is a noticeable shift towards value-added products, such as pre-cooked, seasoned, or breaded shrimp, which cater to time-constrained consumers seeking quick meal solutions. Additionally, there is an increasing preference for sustainably sourced and certified products, driven by rising environmental awareness. Organic and natural shrimp products are gaining traction, appealing to health-conscious consumers who prioritize clean labels and minimal processing.

Regional Insights
The frozen shrimp market exhibits regional variations in consumption patterns and growth rates. North America and Europe are mature markets with high per capita consumption of shrimp. In these regions, the demand is driven by a strong preference for convenience foods and the presence of well-established retail networks. The Asia-Pacific region, particularly countries like China, Japan, and India, represents a rapidly growing market, fueled by rising disposable incomes, urbanization, and changing dietary habits.

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Competitive Landscape

Leading frozen shrimp manufacturers are enhancing their market position by adopting sustainable practices, aiming to attract eco-conscious consumers and outpace competitors. Additionally, frozen shrimp suppliers are introducing new products to boost their revenue and sales potential.

In May 2023, SABIC, a prominent company in the chemical industry, announced a partnership with Coldwater Prawns of Norway and Estiko Packaging Solutions to create innovative sustainable packaging pouches for frozen prawns.

In June 2023, Trader Joe’s, an American grocery store chain, launched a new summer product line that included a frozen shrimp dish called Shrimp Boom Bah and battered plant-based fish filets.

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