Sales of frozen shrimp are expected to reach a value of USD48.8bn by 2031, surging at a CAGR of around 8.4% over the decade, according to a recent market intelligence study by market research company Fact.MR. Conventional frozen shrimp reflects approximately 89% market share, but the organic type is expected to witness a high CAGR 9.7% over the forecast period due to rising environmental concerns.
Customers are gravitating toward safe quality and certified frozen food as they make the move to hygienic and safe food preferences. Fish and seafood meat such as shrimp is recommended above chicken and red meat (mutton/ pork/beef/ lamb) for comparatively high quantities of protein, fatty acids, omega-3, and vitamins such as D and B-12, according to the United States Department of Agriculture (USDA).
Regionally, the US is estimated to account for more than 81% of the North American market in 2021, supported by rising demand for convenience foods. China is estimated to account for 71.5% of the East Asian market share in 2021. Thailand is one of the prominent countries in the South Asian market with a market share of 27.2%.
Global disruptions caused by COVID-19 prompted many market leaders to evaluate their portfolios and rethink their strategy in 2020 and 2021. Companies producing frozen shrimp have redirected their management efforts and capital into those parts of the organization with the biggest development potential and have a clear competitive advantage as a result of these assessments, which have resulted in both strategic acquisitions and divestitures. For example, AquaStar, based in Seattle, Washington, a leading frozen seafood supplier in North America, in 2018 engaged into a joint venture to purchase an equity position in Indian shrimp producer Sagar Grandhi Exports, Ltd.