Worldwide demand for frozen shrimp is estimated at a market valuation of US$ 25.51 billion in 2023 and is predicted to climb to US$ 57.15 billion by 2033-end. The global frozen shrimp market is projected to exhibit expansion at an impressive 8.4% CAGR from 2023 to 2033, thereby providing an absolute dollar opportunity of US$ 31.64 billion.
Fact.MR, in its latest business intelligence study, depicts the nuts and bolts of the global Frozen Shrimp market. The report presents detailed information regarding the drivers, restraints, opportunities and trends affecting market growth.
Each segment along with its sub-segment is analyzed in terms of value and volume. Further, the report elaborates the market behavior of each vendor operating in the Frozen Shrimp market.
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Key Companies Profiled
• 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
Competitive Landscape:
Prime frozen shrimp manufacturers are focusing on improving their image by adopting sustainable practices that allow them to reach out to eco-conscious consumers and gain an edge over other market players. Frozen shrimp suppliers are also launching new products to improve their revenue generation and sales potential.
• In May 2023, SABIC, a leading name in the chemical sector, announced that it had partnered with Coldwater Prawns of Norway and Estiko Packaging Solutions to develop novel sustainable packaging pouches for frozen prawns.
• In June 2023, Trader Joe’s, an American grocery store chain, announced the launch of its new line of products for summer. This new range of products also included a frozen shrimp dish called Shrimp Boom Bah and battered plant-based fish filets.
Country-wise Insights
“High Demand for Convenience Foods Prime Factor Promoting Market Development”
Consumers in the United States are accustomed to fast-paced lifestyles and this is primarily boosting the demand for packaged foods and convenience foods, which is projected to favor frozen shrimp sales as well. The surging incidence of obesity and other chronic disorders in the country has led to an increased focus on health and fitness, which is also slated to promote market growth going forward.
- Sales of frozen shrimp in the United States are estimated to rake in a revenue valuation of US$ 22.97 billion by the end of the forecast period.
High focus on health and fitness, high import volume of fresh and frozen shrimp, expanding food service industry, and rising preference for protein-rich foods are other aspects that could promulgate shipments of frozen shrimp over the next ten years. On the contrary, product recalls due to speculations of contamination and fluctuations in the supply chain are anticipated to impede market growth in the long run.
- In August 2021, Avanti Frozen Foods and the United States Food and Drug Administration announced the expansion of its frozen shrimp recall previously issued in June 2021. The recall was based on speculations that the product might have been contaminated with salmonella.
Key Segments Covered in Frozen Shrimp Industry Research
• By Species :
o Gulf Shrimp
o Farmed Whiteleg Shrimp
o Banded Coral Shrimp
o Royal Red Shrimp
o Giant Tiger Shrimp
o Blue Shrimp
o Ocean Shrimp
• By Source :
o Organic
o Conventional
• By Application :
o Food
o Pharmaceuticals
o Cosmetics
o Industrial
o Biotechnology
• By Sales Channel :
o Direct Sales
o Indirect Sales
§ Modern Trade
§ Convenience Stores
§ Specialty Food Stores
§ Wholesale Stores
§ Discount Stores
§ Online Retail Stores
§ Others
• By Region :
o North America
o Latin America
o Europe
o APAC
o MEA
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Queries addressed in the Frozen Shrimp market report:
• Why are the Frozen Shrimp market players targeting region for increased product sales?
• What patented technologies are the players utilizing in the global Frozen Shrimp market?
• Which regions are displaying the fastest growth in the Frozen Shrimp market?
• What are the underlying micro-macroeconomic factors affecting the global Frozen Shrimp market?
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