The Frozen Shrimp Market is Predict to reach USD17.8 Billion by 2031, at a CAGR of 8.1%

Frozen Shrimp Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, 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).

Frozen shrimps are widely available in grocery stores, supermarkets, and hypermarkets. They are typically sold in various forms, such as raw, cooked, breaded, or seasoned, providing consumers a wide range of options. With the rise of online grocery shopping, many retailers offer frozen shrimp for purchase online, allowing consumers to order and have them delivered to their doorstep conveniently. Frozen shrimp is a versatile ingredient in various cuisines and menu items, including appetizers, entrees, salads, pasta dishes, and stir-fries. Chefs and foodservice operators are constantly innovating and creating new recipes and menu items featuring frozen shrimp to attract customers and differentiate their offerings. Shrimp is a lean protein source low in fat and calories, making it a popular choice for health-conscious consumers.

The Organic segment is registering a CAGR of 7.6 % during the forecast period. Organic frozen shrimp appeals to consumers who prefer organic, natural, and sustainably sourced food products. Growing consumer awareness of health and environmental issues has increased demand for organic seafood products, including shrimp. Organic shrimp is produced without synthetic pesticides, fertilizers, antibiotics, or genetically modified organisms (GMOs), making it a healthier and more environmentally friendly choice.

The food segment led the Global Frozen Shrimp Market by Application in 2023; thereby, achieving a market value of $6.9 billion by 2031. Food manufacturers leverage their brand reputation and marketing strategies to promote frozen shrimp products, increasing consumer awareness and driving demand. Manufacturers ensure prominent placement of frozen shrimp products in retail stores and online platforms to attract consumer attention and increase sales. Food manufacturers source shrimp from suppliers that adhere to sustainable and responsible fishing practices, meeting consumer demand for ethically sourced seafood.

The Supermarkets & Hypermarkets segment is growing at a CAGR of 7.3 % during the forecast period. Supermarkets & hypermarkets provide convenient access to a wide range of frozen shrimp products, making them readily available to consumers. Supermarkets & hypermarkets offer diverse frozen shrimp products, including different species, sizes, cuts, and value-added options. Supermarkets & hypermarkets run promotional activities such as discounts, special offers, and bundled deals to attract consumers and drive sales of frozen shrimp.

Full Report: https://www.kbvresearch.com/frozen-shrimp-market/

The Europe region dominated the Global Frozen Shrimp 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. The North America region is anticipated to grow at a CAGR of 7.7% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 8.7% during (2024 - 2031).

List of Key Companies Profiled

• 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
• Mazzetta Company, LLC

Frozen Shrimp Market Report Segmentation

By Source (Volume, Hundred Tonnes, USD Billion, 2020-31)

• Organic
• Conventional

By Application (Volume, Hundred Tonnes, USD Billion, 2020-31)

• Food
• Cosmetics
• Pharmaceuticals
• Biotechnology
• Industrial

By Distribution Channel (Volume, Hundred Tonnes, USD Billion, 2020-31)

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

By Geography (Volume, Hundred Tonnes, USD Billion, 2020-31)

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Related Reports:

North America Frozen Shrimp Market Size | Forecast to 2031

• May-2024
• 118 Pages

LAMEA Frozen Shrimp Market Size & Trend Analysis Report 2031

• May-2024
• 135 Pages

Europe Frozen Shrimp Market Size | Industry Research to 2031

• May-2024
• 135 Pages

Asia Pacific Frozen Shrimp Market Size | Growth Report 2031

• May-2024
• 136 Pages