The North America Frozen Shrimp Market would witness market growth of 7.7% CAGR during the forecast period (2024-2031). In the year 2020, the North America market's volume surged to 675.3 hundred tonnes, showcasing a growth of 20.4% (2020-2023).
Organic Source of this Shrimp offers a premium selection of sustainably sourced, organic shrimp that are frozen at their peak freshness to preserve their natural flavors and nutritional benefits. These shrimp are sourced from certified organic farms or wild-caught in pristine waters, ensuring the highest quality and purity standards. Thus, the US market consumed 533.8 hundred tonnes of organic shrimp in 2023.
The US market dominated the North America Frozen Shrimp Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3,816.2 million by 2031. The Canada market is experiencing a CAGR of 10.2% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 9.7% during (2024 - 2031).
Foodservice operators are increasingly sourcing shrimp products that are certified as sustainably sourced, meeting the demand for ethically and environmentally responsible seafood options. Consumers demand greater transparency in sourcing seafood products, leading foodservice operators to seek suppliers that can provide traceable and responsibly sourced shrimp.
Food manufacturers add value to shrimp products by offering various options such as breaded, battered, marinated, and seasoned shrimp. Manufacturers produce ready-to-cook and heat-and-eat shrimp products, catering to consumers looking for convenient meal solutions. Food manufacturers continuously innovate to develop new and exciting shrimp-based products, such as burgers, tacos, and stir-fry mixes.
Mexico has a rich culinary tradition, and seafood, including shrimp, is integral to Mexican cuisine. Pharmaceutical industry workers may be more inclined to incorporate seafood into their diets, further driving the demand for frozen shrimp in Mexico. The pharmaceutical industry provides employment opportunities with competitive salaries, leading to higher disposable incomes for workers in Mexico. With more disposable income, consumers will likely spend more on food products, including frozen shrimp in Mexico. According to the Mexican government, manufacturing produced $5.18T MX in gross domestic product during the fourth quarter of 2023. Hence, the factors mentioned above will drive the regional market growth.
Free Valuable Insights: The 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 U.S., Mexico, Canada, and Rest of North America.
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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