The unheard-of COVID-19 epidemic has significantly impacted the world economy. The food business, one of the most significant economic sectors, has a significant influence on every step of the process, from the farm to the consumer. The food business is under excessive strain as a result of labour mobility restrictions, facility closures related to food production, and shifting consumer demand.
Actionable and priceless market insights for frozen shrimp are provided in this study. The most recent study from Fact.MR offers information on the state of the industry in various areas as well as market projections and historical data. The research also provides data on the market for frozen shrimp sales and demand in various sectors and geographical areas.
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In 2021, the market for frozen shrimp increased by 8.6% year over year to 2,627,511MT. Sales of frozen shrimp make up 43.7% of the frozen seafood industry, and by 2031, the market is anticipated to grow by an impressive 8.4% CAGR to reach $48.8 billion.
The demand for frozen fish and seafood, such as frozen shrimp, squid, and fillets, has increased as a result of changes in lifestyle (shorter cooking times, more snack consumption, etc.) and improved health.
Due to the rapid growth of shrimp aquaculture, rising initiatives by shrimp producers, and growing online awareness of frozen shrimp, frozen shrimp in particular is becoming more and more popular.
Fact.MR research offers unique insight into how the industry will expand. The report analyses significant trends that affect the market’s expansion for frozen shrimp. This recently released study throws light on crucial aspects including drivers, constraints, and opportunities for established industry participants and newcomers involved in supply and manufacturing. A thorough market study of frozen shrimp is provided in the most recent research from Fact.MR.
This recently released, informative study provides market insights into the frozen shrimp market as well as important variables, impacts on the full value chain from supplier to end user, and market development.
Key Segments Covered in Frozen Shrimp Industry Survey
- Frozen Gulf Shrimp
- Frozen Farm White Leg Shrimp
- Frozen Striped Coral Shrimp
- Frozen Royal Red Shrimp
- Frozen Giant Tiger Shrimp
- Frozen Blue Shrimp
- Frozen Sea Shrimp
- by source
- Organic Frozen Shrimp
- Plain Frozen Shrimp
- by application
- by sales channel
- Frozen Shrimp Direct Sales
- Frozen Shrimp Indirect Sales
- modern trade
- specialty food store
- discount store
- online retail store
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Key Implications of Market Research
- According to projections, the US will hold more than 81% of the North American market in 2021 due to rising demand for prepared foods.
- According to estimates, China will own 71.5% of the East Asian market in 2021.
- With a market share of 27.2%, Thailand is one of the leading nations in South Asia.
- While organic frozen shrimp is anticipated to grow at a high CAGR of 9.7% during the projection period due to
- rising environmental concerns, conventional frozen shrimp still holds a market share of around 89%.
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Who is the winner?
Numerous industry leaders will have to review their portfolios and reevaluate their strategy in 2020 and 2021 as a result of the worldwide disruption brought on by COVID-19. Frozen shrimp producers have a clear strategy, allocating resources and management time to areas with the highest organisational potential for growth. These evaluations gave us a competitive edge and led to both strategic acquisitions and divestitures.
This has caused businesses to have a tendency to engage in mergers and acquisitions in order to strengthen and strengthen their competitive advantage by acquiring talent that they do not already have.
- For example, AquaStar, the leading supplier of frozen seafood in North America, formed a joint venture in 2018 to acquire a stake in Indian shrimp producer Sagar Grandhi Exports, Ltd.
Major companies offering frozen shrimp include SeaPak Shrimp Company, Seafood Co., Aqua Star Corp., Clearwater Seafood, Aqua Chile, Toyo Suisan Kaisha, High Liner Foods, Surapon Foods, Nordic Seafood A/S and Thai Union Group. . .
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