Global Frozen Shrimp Market Size Study, by Application, by Source, by Distribution Channel, and Regional Forecasts 2022-2032

Global Frozen Shrimp Market is valued at approximately USD 10.72 Billion in 2023 and is anticipated to grow with a healthy growth rate of more than 8.3% over the forecast period 2024-2032. Frozen shrimp, harvested, processed, and rapidly frozen at low temperatures, maintains its freshness and flavor by halting bacterial growth. This preservation method allows extended storage without compromising taste or texture, making frozen shrimp a popular year-round seafood choice that retains its nutritional value. The increasing demand for convenient food options significantly drives the frozen shrimp market growth. According to the National Fisheries Institute, shrimp is the most consumed seafood in the United States, with an average annual consumption exceeding 4 pounds per capita. Frozen shrimp undergo rigorous quality control measures to ensure safety, enhancing its appeal to consumers.

The market's expansion is fueled by the rising consumer preference for lean protein sources like seafood, driven by growing health consciousness and awareness of the benefits of omega-3 fatty acids. The increasing popularity of international cuisines featuring shrimp, the convenience of frozen shrimp with its longer shelf life, and ease of preparation are pivotal in driving market growth. The food service industry, encompassing restaurants, cafeterias, and catering services, significantly contributes to the demand for frozen shrimp, providing a steady supply for diverse culinary applications. Furthermore, the growing demand for frozen shrimp is bolstered by health-conscious consumers seeking nutritious options, with shrimp being a rich source of essential nutrients like omega-3 fatty acids, vitamins, and minerals.

The convenience and versatility of frozen shrimp, offering minimal preparation time and adaptable cooking methods, appeal to busy individuals and families, driving its market success. However, seasonal fluctuations in shrimp supply pose a restraint due to inconsistent availability, impacting market stability and consumer confidence. The introduction of sustainably sourced and organic frozen shrimp creates significant market opportunities, addressing the growing demand for environmentally friendly and ethically sourced seafood. Collaborations and certifications validating the sustainability of these products enhance consumer trust and market share.

The key regions considered for the Global Frozen Shrimp Market study include Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Europe emerged as the leading region in the frozen shrimp market in 2022, driven by robust consumer demand and a strong seafood culture. The region's dominance is attributed to a combination of high disposable income, an established culinary tradition that frequently incorporates shrimp, and extensive distribution networks that ensure a steady supply of frozen shrimp. European consumers' growing preference for convenient and healthy food options has further bolstered the market. Additionally, stringent food safety regulations and quality standards in Europe enhance consumer confidence in frozen shrimp products, contributing to the region's substantial market share. The Asia-Pacific region is anticipated to be the fastest-growing market for frozen shrimp during the forecast period. This rapid growth is fueled by increasing urbanization, rising disposable incomes, and a burgeoning middle class that is progressively inclined towards premium and convenient food products, including seafood. Countries such as China, India, and Japan are witnessing a surge in demand for frozen shrimp due to their rich culinary traditions that favor seafood and the expanding food service industry. Furthermore, the region benefits from extensive aquaculture operations, which ensure a consistent supply of shrimp, thus supporting market expansion. The combination of these factors positions Asia-Pacific as a dynamic and rapidly growing market in the global frozen shrimp industry.

Major market players included in this report are:

• SeaPak Shrimp Company
• Toyo Suisan Kaisha
• High Liner Foods
• Aqua Star Corp.
• Maruha Nichiro Corporation
• Nippon Suisan Kaisha
• Thai Union Group
• Clearwater Seafoods
• Mazzetta Company
• Beaver Street Fisheries
• Grupo Pescanova
• Omarsa
• Surapon Foods
• Ocean Beauty Seafoods
• Sajo Industries

The detailed segments and sub-segment of the market are explained below:

By Application:

• Food
• Pharmaceuticals
• Cosmetics
• Industrial
• Biotechnology

By Source:

• Conventional
• Organic

By Distribution Channel:

• Supermarkets/Hypermarkets
• Departmental Stores
• B2B
• Online Sales Channel

By Region:

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa

Years considered for the study are as follows:

• Historical year - 2022
• Base year - 2023
• Forecast period - 2024 to 2032

Key Takeaways:

• Market Estimates & Forecast for 10 years from 2022 to 2032.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with Country level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.