Frozen Shrimp Market Report 2024

The frozen shrimp market size has grown strongly in recent years. It will grow from $22.04 billion in 2023 to $24 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The increase in consumer demand for convenience foods, expansion of global aquaculture, improvements in transportation infrastructure, implementation of trade liberalization policies, rise in health consciousness, growing popularity of seafood cuisines, and enhancements in supply chain logistics were key factors contributing to growth during the historic period.

The frozen shrimp market size is expected to see strong growth in the next few years. It will grow to $33.94 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. During the forecast period, growth can be attributed to shifting consumer preferences towards healthier and more convenient seafood options, rising global demand for seafood, increased aquaculture production, higher disposable incomes, expanded distribution channels, regulatory changes affecting shrimp farming practices, and rising demand in emerging markets. Major trends expected during this period include the adoption of advanced freezing technologies, advancements in genetic technologies and selective breeding methods, innovations in food packaging, improvements in cold chain logistics, and the integration of blockchain technology.

The growth of the frozen shrimp market is expected to be driven by high demand for convenience foods, which are ready-to-eat or easy-to-make meals that save cooking time and effort. This demand is primarily fueled by busy schedules and the need for quick, easy meal options among working individuals and families with limited time for cooking. Frozen shrimp enhances convenience foods by offering a versatile, time-saving, and consistently high-quality ingredient that extends shelf life and simplifies meal preparation. For example, in April 2024, the National Association of Convenience Stores reported that foodservice sales, including prepared foods, grew to 26.9% of in-store sales in 2023, up from 25.6% in 2022, with prepared foods per store per month increasing by 12.2% year-over-year. These trends underscore the strong consumer preference for convenient meal solutions, which is expected to drive growth in the frozen shrimp market.

Leading companies in the frozen shrimp market are innovating with products such as frozen dumplings to meet the rising demand for convenient and high-quality seafood options. Frozen dumplings are pre-made and often partially cooked, then frozen to preserve freshness and extend shelf life. For instance, in May 2024, China-based frozen food manufacturers Sanquan Food Co. Ltd. and Synear introduced frozen shrimp dumplings marketed as nutritious options for children. These dumplings are specifically tailored to meet the demand in China's growing kids' food market, offering convenient, healthy, and flavorful choices for consumers seeking quick meal solutions.

In August 2022, Cooke Inc., a Canadian aquaculture company, completed the acquisition of Morubel N.V. for an undisclosed sum. This acquisition enhances Cooke's presence in Europe by diversifying its product portfolio, expanding production capacity, advancing sustainability initiatives, and extending its customer base. These strategic advantages position Cooke for accelerated growth and leadership in the European seafood market. Morubel N.V., headquartered in Belgium, specializes in the cultivation, processing, packing, and distribution of frozen seafood products, particularly shrimp and other varieties.

Major companies operating in the frozen shrimp market are Thai Union Group PCL, Austevoll Seafood ASA, Pacific Seafood, High Liner Foods Inc., Royal Greenand A/S, Clearwater Seafoods, Moon Environment Technology Co. Ltd., Skaginn 3X, Devi Seafoods Ltd., Ocean Choice International (OCI), Omarsa S.A., Surapon Foods Plc., Apex Frozen Foods Limited, Aqua Star, Carsoe, CMP Equipment, Nordic Seafood A/S, Minh Phu Seafood Corporation, Blue Star Seafood Co. Ltd., SeaPak Shrimp Company, Advanced Equipment Inc., Torry Harris Inc., Indus Refrigeration, Josmar, Grand Ocean Seafoods Co. Ltd.

Europe was the largest region in the frozen shrimp market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the frozen shrimp market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the frozen shrimp market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Frozen shrimp refers to shrimp that is captured, processed, and promptly frozen to retain its freshness and flavor. The high quality of frozen shrimp is maintained through immediate freezing after harvest, which effectively preserves its nutrients and taste.

The primary species of frozen shrimp include gulf shrimp, banded coral shrimp, giant tiger shrimp, ocean shrimp, farmed whiteleg shrimp, royal red shrimp, and blue shrimp. Gulf shrimp, found in the Gulf of Mexico, are renowned for their sweet flavor and firm texture. These shrimp varieties are available from various sources, including conventional and organic options, and find applications in industries such as food, pharmaceuticals, cosmetics, industrial uses, and biotechnology, distributed through both online and offline channels.

The frozen shrimp market research report is one of a series of new reports that provides frozen shrimp market statistics, including the frozen shrimp industry global market size, regional shares, competitors with frozen shrimp market share, detailed frozen shrimp market segments, market trends, and opportunities, and any further data you may need to thrive in the frozen shrimp industry. These frozen shrimp market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The frozen shrimp market consists of sales of raw frozen shrimp, cooked frozen shrimp, flavored or marinated shrimp, organic shrimp, blast freezers, vacuum-sealed bags, trays, boxes, cold storage facilities and warehouses, and containers. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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