Newark, June 24, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 23 billion in 2023 global frozen shrimp market will reach USD 49.65 billion in 2033. Frozen prawns are gathered, processed, then frozen to provide a longer shelf life. They are sourced using both wild-caught and farm-raised ways. Wild-caught shrimp are obtained from natural bodies of water using techniques such as trawling, whereas farm-raised shrimp are grown in controlled aquaculture environments. Frozen prawns are processed in numerous processes, including initial cleaning, sorting, grading, deveining, shelling, blanching and fast freezing. Once frozen, prawns are packaged in a variety of ways, including bags and vacuum-sealed containers. The distribution of frozen prawns is based on a cold chain system, with refrigerated shipping. Frozen prawns offer a stable year-round supply, a longer shelf life that decreases food waste, and the convenience of a ready-to-use product. This makes them vital in global trade and promotes seafood. This makes them essential to worldwide trade and benefits the seafood industry by guaranteeing a consistent supply regardless of season.
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Frozen prawns have numerous applications, ranging from home cooking to industrial food production. They are utilised in a variety of cuisines and are an important component in processed foods like prawn cocktails and frozen dinners. Frozen prawns has a great nutritional value because to its high protein and low fat content, as well as the convenience of being pre-cleaned and often pre-cooked. This saves consumers time and effort in the preparation process.
Key Insight of the Global Frozen shrimp Market
Asia Pacific will dominate the market during the forecast period.
Thailand, Vietnam, India, Indonesia, and China have plentiful water resources and ideal conditions for prawn agriculture. These countries have built strong infrastructures, modern facilities, and competence in prawn cultivation, processing, and exporting. One of the primary factors propelling Asia-Pacific's success is cost efficiency. Labour and production expenses in the region are lower than in Western countries, allowing producers to charge competitive pricing while being profitable. Governments give subsidies, incentives, and infrastructure development to help prawn farmers and processors. Furthermore, continued investment in R&D allows the region to innovate and improve prawn farming practices. As a result, Asia-Pacific's favourable environment, well-established infrastructure, cost effectiveness, large-scale production, and government assistance all contribute to its global market supremacy.
In 2023, the farmed whiteleg shrimp segment dominated the market with the largest market share of 37% and revenue of 8.51 billion.
The species segment is divided into gulf shrimp, banded coral shrimp, giant tiger shrimp, ocean shrimp, farmed whiteleg shrimp, royal red shrimp, and blue shrimp. In 2023, the farmed whiteleg shrimp segment dominated the market with the largest market share of 37% and revenue of 8.51 billion.
In 2023, the conventional segment dominated the market with the largest market share of 65% and revenue of 14.95 billion.
The source segment is divided into conventional and organic. In 2023, the conventional shrimp segment dominated the market with the largest market share of 65% and revenue of 14.95 billion.
In 2023, the food segment dominated the market with the largest market share of 54% and revenue of 12.42 billion.
The application segment is divided into food, pharmaceuticals, cosmetics, industrial, and biotechnology. In 2023, the food segment dominated the market with the largest market share of 54% and revenue of 12.42 billion.
In 2023, the offline segment dominated the market with the largest market share of 80% and revenue of 18.40 billion.
The distribution channel segment is divided into online and offline. In 2023, the offline segment dominated the market with the largest market share of 80% and revenue of 18.40 billion.
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Advancement in market
Prime Shrimp announced a retail expansion into New York City. FreshDirect offers three flavours of Prime Shrimp items in the New York City metro area. This exciting expansion of the brand's retail reach is a significant milestone in Prime Shrimp's efforts to revolutionise how people eat prawns by providing unprecedented convenience and exceptional taste. Prime Shrimp, a manufacturer of boil-in-bag frozen shrimp products, is on a mission to enhance the seafood aisle with products that combine the best of quality and convenience. The brand combines simple cooking methods, ethical sourcing, and world-class flavours to make prawns an easy supper option for home cooks of all skill levels.
Market Dynamics
Driver: The Changing Consumer Lifestyle.
Globalisation and international trade have enabled a continuous, year-round supply of frozen prawns, regardless of local harvesting seasons. Trade agreements and economic integration have cut tariffs and increased supply chain efficiency, making it easier and less expensive to deliver frozen prawns over the world. Emerging markets with rising incomes and shifting nutritional choices have also helped to drive consumption. Consumers' hectic lifestyles have resulted in a preference for convenient dining options. Consumers with limited time might benefit from frozen prawns, which are quick and easy to prepare. Furthermore, the growing interest in health and wellbeing has raised the demand for nutritious, low-fat, and protein-rich diets. Shrimp fit well into this trend, providing a healthy option that is simple to integrate into balanced meals. As a result, the growing demand for frozen prawns is the result of a synergy between global trade, which allows for regular supply, and consumer lifestyle changes that prioritise convenience, home cooking, and health.
Restraints: Quality concerns.
Quality issues with frozen prawns include potential texture and flavour alterations as a result of the freezing process. Improper packaging or extended storage can cause freezer burn, which can have a negative impact on taste and texture. Another problem is nutritional degradation, which can result in vitamin and mineral losses during freezing, thawing, and cooking. Additives such as sodium tripolyphosphate (STPP) and sulphites, which are used to improve texture and prevent black spots, may cause health issues for some customers. As a result, quality concerns about frozen prawns will impede market expansion.
Opportunities: Technological advancements.
Technological improvements and the expansion of e-commerce are pushing up the demand for frozen prawns. Innovative freezing technologies, such as Individual Quick Freezing (IQF) and cryogenic freezing, ensure prawns preserve their texture. Individual Quick Freezing (IQF) and cryogenic freezing are examples of freezing technology innovations that keep shrimp's texture, flavour, and nutritional value intact. Vacuum sealing, for example, extends shelf life, prevents spoiling, and maintains freshness, whereas environmentally aware consumers choose sustainable packaging solutions. The growth of e-commerce has altered the buying procedure for frozen prawns. Online grocery shopping and seafood delivery services give consumers convenient access to a large range of high-quality frozen prawn goods, regardless of their location. The convenience of browsing, ordering and receiving prawns from home appeals to busy people who wish to avoid in-store shopping. Advanced logistics and cold chain management ensure that frozen prawns arrive in excellent condition, retaining their freshness throughout the shipping process.
Challenges: Environmental and ethical concerns.
Shrimp farming and fishing practices often result in environmental degradation, including habitat destruction, overfishing, and pollution. Coastal mangroves, crucial ecosystems and nurseries, are often cleared for shrimp farming, leading to loss of biodiversity and increased vulnerability to coastal erosion. Overfishing of shrimp stocks can cause population declines and disrupt marine food chains, while shrimp farming operations may generate pollution through wastewater discharge containing excess nutrients and chemicals. Labor practices within the shrimp industry have also come under scrutiny, with reports of exploitative working conditions, forced labor, and human rights violations. Therefore, the environmental and ethical concerns in the shrimp industry will challenge the market’s growth.
Some of the major players operating in the global frozen shrimp market are:
• Aqua Chile
• Aqua Star Corp.
• Clearwater Seafood
• High Liner Foods
• Nordic Seafood A/S
• Seafood Co.
• SeaPak Shrimp Company
• Surapon Foods
• Thai Union Group
• Toyo Suisan Kaisha
Key Segments covered in the market:
By Species
• Gulf Shrimp
• Banded Coral Shrimp
• Giant Tiger Shrimp
• Ocean Shrimp
• Farmed Whiteleg Shrimp
• Royal Red Shrimp
• Blue Shrimp
By Source
• Conventional
• Organic
By Application
• Food
• Pharmaceuticals
• Cosmetics
• Industrial
• Biotechnology
By Distribution Channel
• Online
• Offline
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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