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The global frozen shrimp market was valued at USD 23 billion in 2023 and grew at a CAGR of 8% from 2024 to 2033. The market is expected to reach USD 49.65 billion by 2033. The increasing demand for convenience food products will drive the growth of the global frozen shrimp market.
Frozen shrimp is caught, cleaned, and preserved to enhance their shelf life through the process of instant freezing. They are gathered through both, the natural water bodies and farmed as well. The wild shrimp is gathered from seas, ocean and river and the method used is bottom trawling. farm raised shrimp is gathered from controlled pond culture. The processing of frozen shrimp involves several steps: The processes, namely, include initial cleaning, sorting, gradation, shelling, blanching, and quick freezing. Frozen shrimp products are packaged in several ways including packing in a black poly bag or vacuum-packed containers. Distribution deliveries of frozen shrimp depend on the cold chain system. frozen shrimp help maintain a stable supply of shrimp throughout the year, preserves freshness and decrease the level of food waste due to the product’s longer shelf life. furthermore, they are ready to use which makes them highly convenient. frozen shrimp can be used at home or in the food service industry like in restaurants or large food processing industries. They are incorporated in different meals. Frozen shrimp has numerous benefits and advantages, though the most evident one is their nutritional profile as they are relatively low in fat and are packed with protein.
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The changing consumer lifestyle – Globalization and international trade have facilitated a consistent, year-round supply of frozen shrimp, independent of local harvesting seasons. Trade agreements and economic integration have reduced tariffs and improved supply chain efficiency, making it easier and more cost-effective to distribute frozen shrimp worldwide. the globally emerging markets with rising incomes and changing consumer preferences will also contribute to the market's growth. Lifestyle factors with the increasing number of working women, growing fast food culture and busy lifestyles all contribute towards ready to eat meals. Frozen shrimp in particular are convenient for the fast-paced society, they are easy to prepare and purchase. There is also the rise of the health-conscious generation which is now demanding high nutritional value, low fat, and high protein foods. That is why shrimp will seamlessly fit into these trends. therefore, the consumers’ lifestyle changes and preferences have led to more people demanding easy meals and ingredients for their food preparation thereby driving the demand for frozen shrimp.
Quality concerns – Some key issues brought by frozen shrimp are the alterations of texture and flavour in the shrimp as it goes through instant freezing which cause changes in taste and texture due to improper packaging or freezer storage. due to freezing, and subsequent thawing and cooking the vitamins and minerals may be washed out from the shrimp degrading its quality. Additives like sodium tripolyphosphate (STPP) and sulphites, used to improve texture and prevent black spots, may raise health concerns for some consumers. Therefore, the quality concerns of frozen shrimp will hamper the market's growth.
Technological advancements – Market demands and technological breakthroughs such as the growth of e-commerce platform are driving the demand for frozen shrimp. technological advancements include Individual Quick Freezing (IQF) technology and Cryogenic Freezing technologies which help to retain the tender, juicy, and nutrient-rich qualities of shrimp. New packaging innovations such as vacuum packing helps in food preservation, saves on food spoilage and retains freshness. Sustainable packaging offers choices for environmentally conscience consumer. e-commerce has facilitated the process of buying towards online platforms. Through online grocery stores the consumer gets access to many high-quality frozen shrimps without having to go through the hustle of finding a physical store. The accessibility and ease of ordering shrimps online without having to go through physical stores benefits individuals who do not have time for physical shopping. Thus, through these inventions, quality, availability and convenience of the frozen shrimp has been enhanced and thus increasing its demand in the market.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the most significant global frozen shrimp market, with a 39% market revenue share in 2023.
countries in the Asia Pacific have well established infrastructure and support facilities for shrimp farming, processing and export market. The costs of Labour and production are considerably low than those seen in western countries enabling producers make considerable profit while delivering in the frozen shrimp industry, thereby driving the regional market's dominance. subsidies and incentives for shrimp farming and processing are offered by the government also augment the market. Therefore, Asia-Pacific's favourable climate and established infrastructure along with cost efficiency, large-scale production and government support contribute to its dominance in the global market.
Asia Pacific Region Frozen Shrimp Market Share in 2023 - 39%
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The species segment is divided into gulf shrimp, banded coral shrimp, giant tiger shrimp, ocean shrimp, farmed whiteleg shrimp, royal red shrimp, and blue shrimp. The farmed whiteleg shrimp segment dominated the market, with a market share of around 37% in 2023. farmed whiteleg shrimp is also commonly referred as Pacific white shrimp. These shrimps are resistant to diseases that may affect production, implying that their farming is less likely to be affected by pathogens and extreme weather events. They mature fast enabling high yields due to shorter and quicker production cycles. they are ideal for various culinary preparation driving their popularity among consumers. they can be harvested in different places and this ensures steady supply across continents and through various seasons. The high returns to yield and cost-effective production makes farmed whiteleg shrimp dominant in the market.
The source segment is divided into conventional and organic. The conventional segment dominated the market, with a share of around 65% in 2023. The typical aqua-cultured methods are used to produce the frozen prawns. They are less expensive. Considering their larger availability in comparison to organic ones, they are readily available. Large-scale production and distribution are guaranteed by well-established conventional prawn farming and processing. For this reason, traditional frozen prawns rules the market because it's readily available, reasonably priced, and easily accessed.
The application segment is divided into food, pharmaceuticals, cosmetics, industrial, and biotechnology. The food segment dominated, with a market share of around 54% in 2023. frozen shrimp product indicate that it is primarily used in the food industry given its versatility in food applications. it offers convenience, and extended shelf-life. the readily available nature of frozen shrimp all year around also add to its appeal. frozen shrimp is cheaper compared to fresh shrimp. This makes them easily available to consumers of various income classes which expands market share. frozen shrimp is also used in industrial food production and processed foods including frozen dinners and ready to eat meals. In commercial food preparation, frozen shrimp are popular because they save time and effort, are uniform in size and quality, and can be used in a wide variety of dishes.
The distribution channel segment is divided into online and offline. The offline segment dominated the market, with a market share of around 80% in 2023. Supermarkets and other physical stores are examples of offline channels. They provide customers the chance to inspect the frozen shrimps in person to guarantee their quality. Other benefits of shopping include expert advice provided by store staff and trust in physical establishments. Offline channels are the most popular type of distribution channel in the market since they offer unique features including increased trust, quick accessibility, committed services, and guaranteed food safety.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2023 | USD 23 Billion |
| Market size value in 2033 | USD 49.65 Billion |
| CAGR (2024 to 2033) | 8% |
| Historical data | 2020-2022 |
| Base Year | 2023 |
| Forecast | 2024-2033 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Species, Source, Application and Distribution Channel |
As per The Brainy Insights, the size of the global frozen shrimp market was valued at USD 23 billion in 2023 to USD 49.65 billion by 2033.
Global frozen shrimp market is growing at a CAGR of 8% during the forecast period 2024-2033.
The market's growth will be influenced by the changing consumer lifestyle.
Quality concerns could hamper the market growth.
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global frozen shrimp market based on below mentioned segments:
Global Frozen Shrimp Market by Species:
Global Frozen Shrimp Market by Source:
Global Frozen Shrimp Market by Application:
Global Frozen Shrimp Market by Distribution Channel:
Global Frozen Shrimp Market by Region:
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