The frozen shrimp market is poised for substantial growth in the coming decade, according to a recent report released by Allied Market Research. The report indicates that the market was valued at USD 9.9 billion in 2022 and is projected to reach a staggering USD 21.9 billion by 2032, reflecting a robust Compound Annual Growth Rate (CAGR) of 8.3% from 2023 to 2032.

Applications Driving Market Expansion

In 2022, the food segment dominated the frozen shrimp market, holding nearly two-fifths of the global market revenue. This segment is anticipated to maintain its leadership position throughout the forecast period. Notably, the biotechnology segment is expected to exhibit significant growth, with a projected CAGR of 9.8% from 2023 to 2032.

Among various sources of frozen shrimp, the chunks segment emerged as the frontrunner in 2022, capturing over half of the market revenue. This trend is expected to persist, alongside a notable growth trajectory in the organic segment, projected to achieve a CAGR of 9.0% from 2023 to 2032.

Evolving Distribution Channels

In terms of distribution channels, supermarkets/hypermarkets held the lion’s share of the market revenue in 2022, comprising more than one-third of the total. This dominance is expected to endure, although the online sales channel is poised to experience the highest CAGR of 11.5% from 2023 to 2032, reflecting evolving consumer preferences and the growing prominence of e-commerce.

Europe emerged as the dominant player in the frozen shrimp market in 2022, contributing to over one-third of the global revenue. However, the Asia-Pacific region is anticipated to witness the fastest CAGR of 10.6% from 2023 to 2032, propelled by increasing consumption and a burgeoning demand for frozen shrimp products.