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).
Shrimp by-products, particularly chitin and chitosan derived from shrimp shells, have various biomedical and biotechnological applications. Chitosan is used in tissue engineering, wound healing, drug delivery systems, and as a biomaterial in medical implants and devices. Consequently, the industrial segment would acquire nearly, 11% of the total market share by 2031. Also, Russian industries would consume 22.74 hundred tonnes of this seafood by 2031. Chitosan derived from shrimp shells is used in agriculture as a biopesticide, fungicide, and plant growth enhancer. Chitosan-based products can help protect plants from pests and diseases, improve soil fertility, and promote plant growth and development.
Shrimp is a low-fat source of protein, making it an attractive option for health-conscious consumers. A 3-ounce serving of shrimp provides about 20 grams of protein with only 1 gram of fat. As consumers become more health-conscious and concerned about maintaining a healthy weight, they seek lean protein sources like shrimp to include in their diets. Moreover, shrimp is naturally low in calories and carbohydrates, making it suitable for consumers following low-calorie or low-carbohydrate diets. Therefore, the market is expanding significantly due to the growth of the health consciousness. Additionally, the shrimp products are available in various flavors and marinades, offering consumers convenient and ready-to-cook options. Breaded and battered shrimp products provide a crispy coating, enhancing texture and flavor. Individual quick frozen (IQF) shrimp are individually frozen, allowing consumers to portion out the desired amount and minimize food waste. Thus, because of the product innovation and differentiation, the market is anticipated to increase significantly.
However, Fluctuations in the cost of raw materials, such as shrimp, can significantly impact production costs for the shrimp producers. This includes costs related to shrimp farming, processing, and transportation. When raw material costs rise, the shrimp producers may face pressure to increase prices to maintain profit margins. Consumers may be sensitive to price changes, especially during economic uncertainty. Higher prices for the shrimp can lead to reduced consumer demand and a shift to alternative protein sources. Thus, fluctuating raw material costs can slow down the growth of the market.
Source Outlook
Based on source, the market is bifurcated into conventional and organic. The conventional segment acquired a 40% revenue share in the market in 2023. In terms of volume the conventional segment registered 1,593.6 hundred tonnes in 2023. Conventional frozen shrimp is widely used by restaurants, hotels, catering services, and foodservice providers to meet the demand for seafood menu options. Conventional frozen shrimp is sold in supermarkets, grocery stores, and specialty food stores, catering to consumer demand for convenient and affordable seafood products.
Application Outlook
By application, the market is categorized into food, pharmaceuticals, cosmetics, industrial, and biotechnology. The cosmetics segment covered a 20% revenue share in the market in 2023. Astaxanthin is a powerful antioxidant known for its anti-aging and skin-rejuvenating properties. Cosmetics manufacturers use astaxanthin in various skincare products, such as creams, serums, and anti-aging treatments.
Distribution Channel Outlook
On the basis of distribution channel, the market is divided into supermarkets & hypermarkets, departmental stores, B2B, and online sales channel. The online sales channel segment garnered 16.2% revenue share in the market in 2023. In terms of volume the online sales channel segment registered 739.2 hundred tonnes in 2023. Online sales platforms provide secure payment gateways and encryption technologies, ensuring the safety and confidentiality of consumer transactions. Consumer reviews and ratings help build trust and confidence in the quality and reliability of the shrimp products sold online.
Regional Outlook
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Europe region led the market by generating 36% revenue share. Rising incomes and urbanization are leading to changes in dietary preferences, with consumers in the Europe region increasingly incorporating seafood, including shrimp, into their diets. The Europe region has a rapidly growing population, leading to increased demand for food products, including this shrimp.
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
- Leroy Seafood Group ASA
- Avanti Feeds Limited
- The Waterbase Limited
- Mazzetta Company, LLC
Global Frozen Shrimp Market Report Segmentation
By Source (Volume, Hundred Tonnes, USD Billion, 2020-31)
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
Table of Contents
Chapter 1.Market Scope & Methodology
- 1.1Market Definition
- 1.2Objectives
- 1.3Market Scope
- 1.4Segmentation
- 1.4.1Global Frozen Shrimp Market, by Source
- 1.4.2Global Frozen Shrimp Market, by Application
- 1.4.3Global Frozen Shrimp Market, by Distribution Channel
- 1.4.4Global Frozen Shrimp Market, by Geography
- 1.5Methodology for the research
Chapter 2.Market at a Glance
Chapter 3.Market Overview
- 3.1Introduction
- 3.1.1Overview
- 3.1.1.1Market Composition and Scenario
- 3.2Key Factors Impacting the Market
- 3.2.1Market Drivers
- 3.2.2Market Restraints
- 3.2.3Market Opportunities
- 3.2.4Market Challenges
- 3.3Porter Five Forces Analysis
Chapter 4.Global Frozen Shrimp Market by Source
- 4.1Global Organic Market by Region
- 4.2Global Conventional Market by Region
Chapter 5.Global Frozen Shrimp Market by Application
- 5.1Global Food Market by Region
- 5.2Global Cosmetics Market by Region
- 5.3Global Pharmaceuticals Market by Region
- 5.4Global Biotechnology Market by Region
- 5.5Global Industrial Market by Region
Chapter 6.Global Frozen Shrimp Market by Distribution Channel
- 6.1Global Supermarkets & Hypermarkets Market by Region
- 6.2Global B2B Market by Region
- 6.3Global Departmental Stores Market by Region
- 6.4Global Online Sales Channel Market by Region
Chapter 7.Global Frozen Shrimp Market by Region
- 7.1North America Frozen Shrimp Market
- 7.1.1North America Frozen Shrimp Market by Source
- 7.1.1.1North America Organic Market by Country
- 7.1.1.2North America Conventional Market by Country
- 7.1.2North America Frozen Shrimp Market by Application
- 7.1.2.1North America Food Market by Country
- 7.1.2.2North America Cosmetics Market by Country
- 7.1.2.3North America Pharmaceuticals Market by Country
- 7.1.2.4North America Biotechnology Market by Country
- 7.1.2.5North America Industrial Market by Country
- 7.1.3North America Frozen Shrimp Market by Distribution Channel
- 7.1.3.1North America Supermarkets & Hypermarkets Market by Country
- 7.1.3.2North America B2B Market by Country
- 7.1.3.3North America Departmental Stores Market by Country
- 7.1.3.4North America Online Sales Channel Market by Country
- 7.1.4North America Frozen Shrimp Market by Country
- 7.1.4.1US Frozen Shrimp Market
- 7.1.4.1.1US Frozen Shrimp Market by Source
- 7.1.4.1.2US Frozen Shrimp Market by Application
- 7.1.4.1.3US Frozen Shrimp Market by Distribution Channel
- 7.1.4.2Canada Frozen Shrimp Market
- 7.1.4.2.1Canada Frozen Shrimp Market by Source
- 7.1.4.2.2Canada Frozen Shrimp Market by Application
- 7.1.4.2.3Canada Frozen Shrimp Market by Distribution Channel
- 7.1.4.3Mexico Frozen Shrimp Market
- 7.1.4.3.1Mexico Frozen Shrimp Market by Source
- 7.1.4.3.2Mexico Frozen Shrimp Market by Application
- 7.1.4.3.3Mexico Frozen Shrimp Market by Distribution Channel
- 7.1.4.4Rest of North America Frozen Shrimp Market
- 7.1.4.4.1Rest of North America Frozen Shrimp Market by Source
- 7.1.4.4.2Rest of North America Frozen Shrimp Market by Application
- 7.1.4.4.3Rest of North America Frozen Shrimp Market by Distribution Channel
- 7.2Europe Frozen Shrimp Market
- 7.2.1Europe Frozen Shrimp Market by Source
- 7.2.1.1Europe Organic Market by Country
- 7.2.1.2Europe Conventional Market by Country
- 7.2.2Europe Frozen Shrimp Market by Application
- 7.2.2.1Europe Food Market by Country
- 7.2.2.2Europe Cosmetics Market by Country
- 7.2.2.3Europe Pharmaceuticals Market by Country
- 7.2.2.4Europe Biotechnology Market by Country
- 7.2.2.5Europe Industrial Market by Country
- 7.2.3Europe Frozen Shrimp Market by Distribution Channel
- 7.2.3.1Europe Supermarkets & Hypermarkets Market by Country
- 7.2.3.2Europe B2B Market by Country
- 7.2.3.3Europe Departmental Stores Market by Country
- 7.2.3.4Europe Online Sales Channel Market by Country
- 7.2.4Europe Frozen Shrimp Market by Country
- 7.2.4.1Germany Frozen Shrimp Market
- 7.2.4.1.1Germany Frozen Shrimp Market by Source
- 7.2.4.1.2Germany Frozen Shrimp Market by Application
- 7.2.4.1.3Germany Frozen Shrimp Market by Distribution Channel
- 7.2.4.2UK Frozen Shrimp Market
- 7.2.4.2.1UK Frozen Shrimp Market by Source
- 7.2.4.2.2UK Frozen Shrimp Market by Application
- 7.2.4.2.3UK Frozen Shrimp Market by Distribution Channel
- 7.2.4.3France Frozen Shrimp Market
- 7.2.4.3.1France Frozen Shrimp Market by Source
- 7.2.4.3.2France Frozen Shrimp Market by Application
- 7.2.4.3.3France Frozen Shrimp Market by Distribution Channel
- 7.2.4.4Russia Frozen Shrimp Market
- 7.2.4.4.1Russia Frozen Shrimp Market by Source
- 7.2.4.4.2Russia Frozen Shrimp Market by Application
- 7.2.4.4.3Russia Frozen Shrimp Market by Distribution Channel
- 7.2.4.5Spain Frozen Shrimp Market
- 7.2.4.5.1Spain Frozen Shrimp Market by Source
- 7.2.4.5.2Spain Frozen Shrimp Market by Application
- 7.2.4.5.3Spain Frozen Shrimp Market by Distribution Channel
- 7.2.4.6Italy Frozen Shrimp Market
- 7.2.4.6.1Italy Frozen Shrimp Market by Source
- 7.2.4.6.2Italy Frozen Shrimp Market by Application
- 7.2.4.6.3Italy Frozen Shrimp Market by Distribution Channel
- 7.2.4.7Rest of Europe Frozen Shrimp Market
- 7.2.4.7.1Rest of Europe Frozen Shrimp Market by Source
- 7.2.4.7.2Rest of Europe Frozen Shrimp Market by Application
- 7.2.4.7.3Rest of Europe Frozen Shrimp Market by Distribution Channel
- 7.3Asia Pacific Frozen Shrimp Market
- 7.3.1Asia Pacific Frozen Shrimp Market by Source
- 7.3.1.1Asia Pacific Organic Market by Country
- 7.3.1.2Asia Pacific Conventional Market by Country
- 7.3.2Asia Pacific Frozen Shrimp Market by Application
- 7.3.2.1Asia Pacific Food Market by Country
- 7.3.2.2Asia Pacific Cosmetics Market by Country
- 7.3.2.3Asia Pacific Pharmaceuticals Market by Country
- 7.3.2.4Asia Pacific Biotechnology Market by Country
- 7.3.2.5Asia Pacific Industrial Market by Country
- 7.3.3Asia Pacific Frozen Shrimp Market by Distribution Channel
- 7.3.3.1Asia Pacific Supermarkets & Hypermarkets Market by Country
- 7.3.3.2Asia Pacific B2B Market by Country
- 7.3.3.3Asia Pacific Departmental Stores Market by Country
- 7.3.3.4Asia Pacific Online Sales Channel Market by Country
- 7.3.4Asia Pacific Frozen Shrimp Market by Country
- 7.3.4.1China Frozen Shrimp Market
- 7.3.4.1.1China Frozen Shrimp Market by Source
- 7.3.4.1.2China Frozen Shrimp Market by Application
- 7.3.4.1.3China Frozen Shrimp Market by Distribution Channel
- 7.3.4.2Japan Frozen Shrimp Market
- 7.3.4.2.1Japan Frozen Shrimp Market by Source
- 7.3.4.2.2Japan Frozen Shrimp Market by Application
- 7.3.4.2.3Japan Frozen Shrimp Market by Distribution Channel
- 7.3.4.3India Frozen Shrimp Market
- 7.3.4.3.1India Frozen Shrimp Market by Source
- 7.3.4.3.2India Frozen Shrimp Market by Application
- 7.3.4.3.3India Frozen Shrimp Market by Distribution Channel
- 7.3.4.4South Korea Frozen Shrimp Market
- 7.3.4.4.1South Korea Frozen Shrimp Market by Source
- 7.3.4.4.2South Korea Frozen Shrimp Market by Application
- 7.3.4.4.3South Korea Frozen Shrimp Market by Distribution Channel
- 7.3.4.5Singapore Frozen Shrimp Market
- 7.3.4.5.1Singapore Frozen Shrimp Market by Source
- 7.3.4.5.2Singapore Frozen Shrimp Market by Application
- 7.3.4.5.3Singapore Frozen Shrimp Market by Distribution Channel
- 7.3.4.6Malaysia Frozen Shrimp Market
- 7.3.4.6.1Malaysia Frozen Shrimp Market by Source
- 7.3.4.6.2Malaysia Frozen Shrimp Market by Application
- 7.3.4.6.3Malaysia Frozen Shrimp Market by Distribution Channel
- 7.3.4.7Rest of Asia Pacific Frozen Shrimp Market
- 7.3.4.7.1Rest of Asia Pacific Frozen Shrimp Market by Source
- 7.3.4.7.2Rest of Asia Pacific Frozen Shrimp Market by Application
- 7.3.4.7.3Rest of Asia Pacific Frozen Shrimp Market by Distribution Channel
- 7.4LAMEA Frozen Shrimp Market
- 7.4.1LAMEA Frozen Shrimp Market by Source
- 7.4.1.1LAMEA Organic Market by Country
- 7.4.1.2LAMEA Conventional Market by Country
- 7.4.2LAMEA Frozen Shrimp Market by Application
- 7.4.2.1LAMEA Food Market by Country
- 7.4.2.2LAMEA Cosmetics Market by Country
- 7.4.2.3LAMEA Pharmaceuticals Market by Country
- 7.4.2.4LAMEA Biotechnology Market by Country
- 7.4.2.5LAMEA Industrial Market by Country
- 7.4.3LAMEA Frozen Shrimp Market by Distribution Channel
- 7.4.3.1LAMEA Supermarkets & Hypermarkets Market by Country
- 7.4.3.2LAMEA B2B Market by Country
- 7.4.3.3LAMEA Departmental Stores Market by Country
- 7.4.3.4LAMEA Online Sales Channel Market by Country
- 7.4.4LAMEA Frozen Shrimp Market by Country
- 7.4.4.1Brazil Frozen Shrimp Market
- 7.4.4.1.1Brazil Frozen Shrimp Market by Source
- 7.4.4.1.2Brazil Frozen Shrimp Market by Application
- 7.4.4.1.3Brazil Frozen Shrimp Market by Distribution Channel
- 7.4.4.2Argentina Frozen Shrimp Market
- 7.4.4.2.1Argentina Frozen Shrimp Market by Source
- 7.4.4.2.2Argentina Frozen Shrimp Market by Application
- 7.4.4.2.3Argentina Frozen Shrimp Market by Distribution Channel
- 7.4.4.3UAE Frozen Shrimp Market
- 7.4.4.3.1UAE Frozen Shrimp Market by Source
- 7.4.4.3.2UAE Frozen Shrimp Market by Application
- 7.4.4.3.3UAE Frozen Shrimp Market by Distribution Channel
- 7.4.4.4Saudi Arabia Frozen Shrimp Market
- 7.4.4.4.1Saudi Arabia Frozen Shrimp Market by Source
- 7.4.4.4.2Saudi Arabia Frozen Shrimp Market by Application
- 7.4.4.4.3Saudi Arabia Frozen Shrimp Market by Distribution Channel
- 7.4.4.5South Africa Frozen Shrimp Market
- 7.4.4.5.1South Africa Frozen Shrimp Market by Source
- 7.4.4.5.2South Africa Frozen Shrimp Market by Application
- 7.4.4.5.3South Africa Frozen Shrimp Market by Distribution Channel
- 7.4.4.6Nigeria Frozen Shrimp Market
- 7.4.4.6.1Nigeria Frozen Shrimp Market by Source
- 7.4.4.6.2Nigeria Frozen Shrimp Market by Application
- 7.4.4.6.3Nigeria Frozen Shrimp Market by Distribution Channel
- 7.4.4.7Rest of LAMEA Frozen Shrimp Market
- 7.4.4.7.1Rest of LAMEA Frozen Shrimp Market by Source
- 7.4.4.7.2Rest of LAMEA Frozen Shrimp Market by Application
- 7.4.4.7.3Rest of LAMEA Frozen Shrimp Market by Distribution Channel
Chapter 8.Company Profiles
- 8.1Rich Products Corporation (SeaPak Shrimp & Seafood Company)
- 8.2Leroy Seafood Group ASA (Austevoll Seafood ASA)
- 8.2.1Company Overview
- 8.2.2Financial Analysis
- 8.2.3Segmental and Regional Analysis
- 8.3Surapon Foods Public Company Limited.
- 8.3.1Company Overview
- 8.3.2Financial Analysis
- 8.3.3Segmental and Regional Analysis
- 8.3.4Research & Development Expenses
- 8.3.5SWOT Analysis
- 8.4Thai Union Group PCL
- 8.4.1Company Overview
- 8.4.2Financial Analysis
- 8.4.3Segmental and Regional Analysis
- 8.4.4Research & Development Expense
- 8.4.5SWOT Analysis
- 8.5Clearwater Seafoods Corporation (Premium Brands Holdings Corporation)
- 8.5.1Company Overview
- 8.5.2Financial Analysis
- 8.5.3Segmental and Regional Analysis
- 8.5.4SWOT Analysis
- 8.6Aqua Star
- 8.6.1Company Overview
- 8.6.2SWOT Analysis
- 8.7Avanti Feeds Limited
- 8.7.1Company Overview
- 8.7.2Financial Analysis
- 8.7.3Segmental and Regional Analysis
- 8.7.4SWOT Analysis
- 8.8The Waterbase Limited
- 8.8.1Company Overview
- 8.8.2Financial Analysis
- 8.8.3Regional Analysis
- 8.8.4SWOT Analysis
- 8.9Mazzetta Company, LLC
- 8.9.1Company Overview
- 8.9.2SWOT Analysis
Chapter 9.Winning Imperatives for Frozen Shrimp Market