The Asia Pacific Frozen Shrimp Market would witness market growth of 8.7% CAGR during the forecast period (2024-2031). In the year 2022, the Asia Pacific market's volume surged to 1,069.3 hundred tonnes, showcasing a growth of 21.1% (2020-2023).
Frozen shrimp have found surprising applications in the pharmaceutical industry, particularly in the development of nutraceuticals and dietary supplements. Shrimp are rich in bioactive compounds like chitosan, a polysaccharide derived from their shells. Chitosan has garnered attention for its potential health benefits, including antimicrobial properties and cholesterol-lowering effects. Thus, the pharmaceutical applications in China consumed 52.17 hundred tonnes of this seafood in 2023.
The China market dominated the Asia Pacific Frozen Shrimp Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,407.8 million by 2031. The Japan market is registering a CAGR of 8% during (2024 - 2031). Additionally, The India market would showcase a CAGR of 9.4% during (2024 - 2031).
E-commerce platforms provide consumers with round-the-clock access to a wide range of shrimp products, allowing them to shop at their convenience. Online retailers offer diverse shrimp products, including different sizes, varieties, and value-added options, providing consumers with more choices than traditional brick-and-mortar stores.
Consumers are becoming more health-conscious and are looking for clean-label products with minimal additives and preservatives. Frozen shrimp products free from artificial ingredients and additives are gaining popularity. Frozen shrimp are a low-fat protein source rich in vitamins and minerals such as vitamin B12, selenium, and phosphorus. Manufacturers are increasingly highlighting the nutritional benefits of shrimp to appeal to health-conscious consumers.
Pharmaceutical industry workers often have busy schedules and may seek convenient, quick meal options in China. This shrimp provides a convenient source of protein that can be easily prepared, making it a popular choice for busy individuals in China. Pharmaceutical industry workers may be more aware of the health benefits of seafood consumption, including its omega-3 fatty acids and other nutritional properties in China. This increased awareness can drive demand for shrimp in China. As per China.org, in 2021, the combined business revenue of China’s pharmaceutical companies increased by 18.7 percent annually, the greatest growth rate in five years. Therefore, due to the above-mentioned factors, the market will grow significantly in this region.
Free Valuable Insights: The Global Frozen Shrimp Market is Predict to reach USD17.8 Billion by 2031, at a CAGR of 8.1%
Based on Source, the market is segmented into Organic and Conventional. Based on Application, the market is segmented into Food, Cosmetics, Pharmaceuticals, Biotechnology and Industrial. Based on Distribution Channel, the market is segmented into Supermarkets & Hypermarkets, B2B, Departmental Stores and Online Sales Channel. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
By Source (Volume, Hundred Tonnes, USD Billion, 2020-31)
By Application (Volume, Hundred Tonnes, USD Billion, 2020-31)
By Distribution Channel (Volume, Hundred Tonnes, USD Billion, 2020-31)
By Country (Volume, Hundred Tonnes, USD Billion, 2020-31)
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