“Global Frozen Shrimp Market to reach a market value of USD 17.8 Billion by 2031 growing at a CAGR of 8.1%”
The Global Frozen Shrimp Market size is expected to reach $17.8 billion by 2031, rising at a market growth of 8.1% CAGR during the forecast period. In the year 2023, the market attained a volume of 4,069.9 hundred tonnes experiencing a growth of 20.6% (2020-2023).
Shrimp by-products, particularly chitin and chitosan derived from shrimp shells, have various biomedical and biotechnological applications. Chitosan is used in tissue engineering, wound healing, drug delivery systems, and as a biomaterial in medical implants and devices. Consequently, the industrial segment would acquire nearly, 11% of the total market share by 2031. Also, Russian industries would consume 22.74 hundred tonnes of this seafood by 2031. Chitosan derived from shrimp shells is used in agriculture as a biopesticide, fungicide, and plant growth enhancer. Chitosan-based products can help protect plants from pests and diseases, improve soil fertility, and promote plant growth and development.
Shrimp is a low-fat source of protein, making it an attractive option for health-conscious consumers. A 3-ounce serving of shrimp provides about 20 grams of protein with only 1 gram of fat. As consumers become more health-conscious and concerned about maintaining a healthy weight, they seek lean protein sources like shrimp to include in their diets. Moreover, shrimp is naturally low in calories and carbohydrates, making it suitable for consumers following low-calorie or low-carbohydrate diets. Therefore, the market is expanding significantly due to the growth of the health consciousness. Additionally, the shrimp products are available in various flavors and marinades, offering consumers convenient and ready-to-cook options. Breaded and battered shrimp products provide a crispy coating, enhancing texture and flavor. Individual quick frozen (IQF) shrimp are individually frozen, allowing consumers to portion out the desired amount and minimize food waste. Thus, because of the product innovation and differentiation, the market is anticipated to increase significantly.
However, Fluctuations in the cost of raw materials, such as shrimp, can significantly impact production costs for the shrimp producers. This includes costs related to shrimp farming, processing, and transportation. When raw material costs rise, the shrimp producers may face pressure to increase prices to maintain profit margins. Consumers may be sensitive to price changes, especially during economic uncertainty. Higher prices for the shrimp can lead to reduced consumer demand and a shift to alternative protein sources. Thus, fluctuating raw material costs can slow down the growth of the market.
On the basis of distribution channel, the market is divided into supermarkets & hypermarkets, departmental stores, B2B, and online sales channel. The online sales channel segment garnered 16.2% revenue share in the market in 2023. In terms of volume the online sales channel segment registered 739.2 hundred tonnes in 2023. Online sales platforms provide secure payment gateways and encryption technologies, ensuring the safety and confidentiality of consumer transactions. Consumer reviews and ratings help build trust and confidence in the quality and reliability of the shrimp products sold online.
By application, the market is categorized into food, pharmaceuticals, cosmetics, industrial, and biotechnology. The cosmetics segment covered a 20% revenue share in the market in 2023. Astaxanthin is a powerful antioxidant known for its anti-aging and skin-rejuvenating properties. Cosmetics manufacturers use astaxanthin in various skincare products, such as creams, serums, and anti-aging treatments.
Based on source, the market is bifurcated into conventional and organic. The conventional segment acquired a 40% revenue share in the market in 2023. In terms of volume the conventional segment registered 1,593.6 hundred tonnes in 2023. Conventional frozen shrimp is widely used by restaurants, hotels, catering services, and foodservice providers to meet the demand for seafood menu options. Conventional frozen shrimp is sold in supermarkets, grocery stores, and specialty food stores, catering to consumer demand for convenient and affordable seafood products.
Free Valuable Insights: Global Frozen Shrimp Market size to reach USD17.8 Billion by 2031
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Europe region led the market by generating 36% revenue share. Rising incomes and urbanization are leading to changes in dietary preferences, with consumers in the Europe region increasingly incorporating seafood, including shrimp, into their diets. The Europe region has a rapidly growing population, leading to increased demand for food products, including this shrimp.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 9.7 Billion |
| Market size forecast in 2031 | USD17.8 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 8.1% from 2024 to 2031 |
| Quantitative Data | Volume in Hundred Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 333 |
| Number of Tables | 729 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Source, Distribution Channel, Application, Region |
| Country scope |
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| Companies Included | Surapon Foods Public Company Limited, Thai Union Group PCL, Clearwater Seafoods Corporation (Premium Brands Holdings Corporation), Aqua Star, SeaPak Shrimp & Seafood Company, Lerøy Seafood Group ASA, Avanti Feeds Limited, The Waterbase Limited and Mazzetta Company, LLC |
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 Geography (Volume, Hundred Tonnes, USD Billion, 2020-31)
This Market size is expected to reach $17.8 billion by 2031.
Growth of the health consciousness are driving the Market in coming years, however, Fluctuating raw material costs restraints the growth of the Market.
Surapon Foods Public Company Limited, Thai Union Group PCL, Clearwater Seafoods Corporation (Premium Brands Holdings Corporation), Aqua Star, SeaPak Shrimp & Seafood Company, Lerøy Seafood Group ASA, Avanti Feeds Limited, The Waterbase Limited and Mazzetta Company, LLC
In the year 2023, the market attained a volume of 4,069.9 hundred tonnes experiencing a growth of 20.6% (2020-2023).
The food segment led the Market by Application in 2023; thereby, achieving a market value of $6.9 billion by 2031.
The Europe region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $6.3 billion by 2031.
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