2025-2034 Frozen Shrimp Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights

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What Will the Frozen Shrimp Industry Market Size Be by 2025?
In recent times, the frozen shrimp market has seen remarkable growth. The market's worth is set to increase from $24 billion in 2024 to $26.23 billion in 2025, having a compound annual growth rate (CAGR) of 9.3%. Factors that have contributed to the growth during the historic period include the surge in the demand for convenience foods, the expansion of global aquaculture, the enhancement of transport infrastructure and trade liberalization policies, growing health awareness among consumers, the rising popularity of seafood cuisines, and the evolution of supply chain logistics.

What's the Long-Term Growth Forecast for the Frozen Shrimp Market Size Through 2029?
Expectations are high for the frozen shrimp market, with robust growth projected over the coming years. By 2029, it's forecasted that the market will have expanded to $36.94 billion, with an impressive compound annual growth rate (CAGR) of 8.9%. This anticipated development during the forecast period is tied to a shift in consumer tastes toward more health-conscious and convenient seafood choices, a surge in global seafood demand, an increase in aquaculture production, higher disposable income levels, broader distribution channels, regulatory changes that impact shrimp farming procedures, and an upswing in demand from emerging markets. Key trends to watch during the forecast period include progress in freezing technology, genetic technology and selective breeding method innovations, advancements in food packaging techniques, improvements to cold chain logistics, and the implementation of blockchain technology.

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What Are the Key Growth Drivers Fueling the Frozen Shrimp Market Expansion?
The surge in demand for convenience foods is projected to fuel the expansion of the frozen shrimp market in the future. These ready-to-consume or easy-to-prepare meals offer time-saving solutions to cooking and have become increasingly attractive due to hectic schedules and the need for quick, effortless food options. This has been particularly beneficial for workers and families who don't have a lot of time to spend on cooking. Frozen shrimp, as a part of convenience foods, provides a resourceful, efficient, and uniformly high-quality component that prolongs shelf-life and simplifies the process of meal preparation. For instance, data from the US-based National Association of Convenience Stores illustrated that in 2023, food service sales, including ready-made food, commissary items, and dispensed beverages, comprised 26.9% of all in-store sales, a rise from 25.6% from the previous year, 2022. Furthermore, there was a 12.2% increase in the sale of ready-made foods per store each month in 2023 in comparison to 2022. Consequently, the escalating demand for convenience foods will bolster the frozen shrimp market.

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What Are the Key Trends Driving Frozen Shrimp Market Growth?
Prominent businesses in the frozen shrimp sector are initiating the creation of unique items, such as frozen dumplings, to meet the escalating demand for handy and superior seafood choices that attract customers seeking speedy and simple meal solutions. Frozen dumplings are typically partially cooked, ready-to-use dumplings that have been frozen to keep them fresh and increase their shelf life. For example, in May 2024, Sanquan Food Co. Ltd. and Synear, two frozen food producers based in China, launched frozen shrimp dumplings that are pitched as nutritious for children. These dumplings aim to capture the profitable children's food market in China, which is witnessing an increasing demand for effortless, healthy, and delicious options.

How Is the Frozen Shrimp Market Segmented?
The frozen shrimp market covered in this report is segmented -

1) By Species: Gulf Shrimp, Banded Coral Shrimp, Giant Tiger Shrimp, Ocean Shrimp, Farmed Whiteleg Shrimp, Royal Red Shrimp, Blue Shrimp
2) By Source: Conventional, Organic
3) By Application: Food, Pharmaceuticals, Cosmetics, Industrial, Biotechnology
4) By Distribution Channel: Online, Offline

Subsegments:
1) By Gulf Shrimp: Brown Gulf Shrimp, White Gulf Shrimp, Pink Gulf Shrimp
2) By Banded Coral Shrimp: Small Banded Coral Shrimp, Large Banded Coral Shrimp
3) By Giant Tiger Shrimp: Wild-Caught Giant Tiger Shrimp, Farmed Giant Tiger Shrimp
4) By Ocean Shrimp: Wild-Caught Ocean Shrimp, Farmed Ocean Shrimp
5) By Farmed Whiteleg Shrimp: Pacific Whiteleg Shrimp
6) By Black Tiger Shrimp: Black Tiger Shrimp (Farmed)
7) By Royal Red Shrimp: Wild-Caught Royal Red Shrimp, Frozen Royal Red Shrimp
8) By Blue Shrimp: Wild-Caught Blue Shrimp, Farmed Blue Shrimp

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Which Companies Are Leading the Charge in Frozen Shrimp Market Innovation?
Major companies operating in the frozen shrimp market are Thai Union Group PCL, Austevoll Seafood ASA, Pacific Seafood, High Liner Foods Inc., Royal Greenland 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

Which Regions Are Leading the Global Frozen Shrimp Market in Revenue?
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.

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