According to a recent forecast by Fact.MR, the worldwide demand for frozen shrimp, valued at USD 25.51 billion in 2023, is poised to soar to an impressive USD 57.15 billion by the conclusion of 2033. This growth trajectory represents a robust compound annual growth rate (CAGR) of 8.4% throughout the period from 2023 to 2033.

Driving Forces Behind the Surge

The surge in demand for frozen shrimp is propelled by several key factors. The burgeoning popularity of seafood and seafood-based dishes on a global scale serves as a primary driver. Additionally, the increasing prevalence of high-paced modern lifestyles, coupled with the expanding population of working women, has fueled a rise in demand for convenient food options such as frozen shrimp and other ready-to-eat meals.

Growing consumer emphasis on health and wellness further contributes to the upward trajectory of the frozen shrimp market. There is a heightened awareness among consumers regarding the nutritional benefits associated with shrimp consumption. Moreover, the expanding shrimp and seafood aquaculture sector is bolstering supply, meeting the demands of health-conscious individuals who prioritize protein-rich diets.

Product Portfolio Expansion

As consumer preferences evolve, the market is witnessing an expansion in product offerings. Frozen raw shrimp, frozen breaded shrimp, frozen tiger prawns, frozen salmon, and an array of other frozen seafood products are poised to experience heightened sales through the forecast period, driven by the multifaceted factors propelling market growth.