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Frozen Shrimp Market to Reach $21.9 billion, Globally, by 2032 at 8.3% CAGR: Allied Market Research

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Allied Market Research

08 Apr, 2024, 17:00 GMT

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Increase in health consciousness, convenience & versatility, and globalization & trade liberalization are the factors that drive the growth of the market.

WILMINGTON, Del., April 8, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Frozen Shrimp Market by Application (Food, Pharmaceuticals, Cosmetics, Industrial, and Biotechnology), Source (Conventional and Organic), and Distribution Channel (Supermarkets/Hypermarkets, Departmental Stores, B2B, and Online Sales Channel): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "frozen shrimp market" was valued at $9.9 billion in 2022, and is estimated to reach $21.9 billion by 2032, growing at a CAGR of 8.3% from 2023 to 2032.


Download Sample Report: https://www.alliedmarketresearch.com/request-sample/A269207 

Prime determinants of growth

The growth of the frozen shrimp market is driven by various factors that influence its trajectory. Firstly, changing consumer preferences and dietary habits towards healthier food options have significantly increased the demand for seafood products, including frozen shrimp. Consumers prefer convenient and nutritious meal solutions, which have made frozen seafood popular due to its longer shelf life and ease of preparation. Additionally, the rising awareness of the benefits of seafood consumption, such as being a good source of lean protein and essential nutrients like omega-3 fatty acids, has spurred the demand for frozen shrimp among health-conscious buyers.

Secondly, globalization and advancements in transportation and cold chain infrastructure have facilitated the expansion of the frozen shrimp market across geographical boundaries. Improved logistics enable efficient transportation of frozen shrimp from production regions to distant markets, widening the availability and accessibility of these products to consumers worldwide. Furthermore, technological advancements in freezing techniques and packaging solutions have enhanced the quality and preservation of frozen shrimp, ensuring product freshness and safety. As a result, the frozen shrimp market continues to experience robust growth as it caters to the evolving needs and preferences of consumers while leveraging advancements in supply chain infrastructure and technology to expand its global reach.

Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size In 2022

$9.9 Billion

Market Size In 2032

$21.9 Billion

CAGR

8.3 %

No. Of Pages In Report

345

Segments Covered

Application, Source, Distribution Channel, And Region

Drivers

•  Increasing Health Consciousness

•  Convenience And Versatility

•  Globalization And Trade Liberalization

Opportunities

•  Product Innovation And Differentiation

•  E-Commerce And Direct-To-Consumer Channels

Restraints

•  Environmental Concerns

•  Price Volatility And Competition

The food segment to maintain its leadership status in 2032

By application, the food segment held the highest market share in 2022, accounting for nearly two-fifths of the global frozen shrimp market revenue, and is estimated to maintain its leadership status during the forecast period. However, the biotechnology segment is projected to manifest a significant CAGR of 9.8% from 2023 to 2032.

Want to Access the Statistical Data and Graphs, Key Players' Strategies @ https://www.alliedmarketresearch.com/checkout-final/frozen-shrimp-market

The organic segment to maintain its leadership status during the forecast period

By source, the chunks segment held the highest market share in 2022, accounting for more than half of the global frozen shrimp market revenue, and is estimated to maintain its leadership status during the forecast period. In addition, the organic segment is also projected to manifest the highest CAGR of 9.0% from 2023 to 2032.

The online sales channel segment to maintain its leadership status during the forecast period

By distribution channel, the supermarkets/hypermarkets segment held the highest market share in 2022, accounting for more than one-third of the global frozen shrimp market revenue, and is estimated to maintain its leadership status during the forecast period. In addition, the online sales channel segment is projected to manifest the highest CAGR of 11.5% from 2023 to 2032.

Europe to maintain its dominance by 2032

By region, Europe had the highest market share in terms of revenue in 2022, accounting for more than one-third of the global frozen shrimp market revenue. In addition, the Asia-Pacific region is expected to witness the fastest CAGR of 10.6% from 2023 to 2032.

For Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/A269207 

Leading Market Players: -

  • SeaPak Shrimp Company
  • Toyo Suisan Kaisha
  • High Liner Foods
  • Aqua Star Corp.
  • Clearwater Seafood
  • Surapon Foods
  • Aqua Chile
  • Nordic Seafood A/S
  • Seafood Co.
  • Thai Union Group

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About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com/reports-store/food-and-beverages
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