Demand For Fast Foods Such As Ready-To-Eat (RTE) Are Driving The Growth Of Frozen Shrimp Market

Market Snapshot

The frozen shrimp market enjoyed year-on-year (YoY) growth of 8.6% in 2021 to top 2,627,511 MT. Frozen shrimp sales account for 43.7% of the frozen seafood market share, and the market is expected to witness a high CAGR of 8.4% to reach a value of US$ 48.8 Bn by 2031.

Changing lifestyles (lesser cooking time, expanding snack consumption, etc.) and rising health have resulted in a surge in demand for frozen fish and seafood, such as frozen prawns, squid, and fillets. Frozen shrimp, in particular, is gaining popularity as a result of rapid expansion of shrimp aquaculture, increasing initiatives taken by shrimp manufacturers, and heightened frozen shrimp online presence, besides other factors.

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Consumers are shifting towards pre-cooked frozen foods to balance busy working schedules and health requirements, leading to augmented adoption of cooked frozen shrimp due to its easy consumption and nutritious properties, including iodine, protein, vitamin B12, calcium, etc., as such, leading to rising demand for frozen shrimp fish food globally.

Consumption Analysis of Frozen Shrimp (2016 to 2020) Vs Market Projections (2021 to 2031)

As per Fact.MR, a market research and competitive intelligence provider, over the past half-decade, global market value for frozen shrimp was boosted owing to increased application of the product in various areas such as food, cosmetics, pharmaceuticals, etc.

Export of frozen shrimp is also experiencing a rise to meet with high demand. Types of shrimp that are increasingly being exported and their frozen shrimp HS code include:

• Frozen seawater shrimps (030613)
• Frozen freshwater shrimps (030616)
• Fresh, salted or smoked seawater shrimps (030623)
• Fresh, salted or smoked freshwater shrimps (030626).

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Key Segments Covered in Frozen Shrimp Industry Survey

• By Species

  • Frozen Gulf Shrimp
  • Frozen Farmed Whiteleg Shrimp
  • Frozen Banded Coral Shrimp
  • Frozen Royal Red Shrimp
  • Frozen Giant Tiger Shrimp
  • Frozen Blue Shrimp
  • Frozen Ocean Shrimp

• By Source

  • Organic Frozen Shrimp
  • Conventional Frozen Shrimp

• By Application

  • Food
  • Pharmaceuticals
  • Cosmetics
  • Industrial
  • Biotechnology

• By Sales Channel

  • Direct Sales of Frozen Shrimp
  • Indirect Sales of Frozen Shrimp
    • Modern Trade
    • Convenience Stores
    • Specialty Food Stores
    • Wholesale Stores
    • Discount Stores
    • Online Retail Stores
    • Others

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Competition Landscape

Manufacturers are entering into strategic partnerships with regional distributors and end users to catch up with the growing needs of a huge client base.

• GBC, the owner of Morubel NV in Belgium, and Peter Ristic, the owner of Ristic AG in Oberferrieden, Germany, have reached an agreement for GBC to buy all of Ristic’s outstanding shares as well as the Costa Rican entities. Morubel and Ristic are anticipated to become leading players in the European frozen shrimp industry, with a distinctive sustainability proposition, as a result of the deal.

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