Global Frozen Giant Tiger Shrimp Market Size (2023-2030)

In Global Frozen Giant Tiger Shrimp Market was valued at USD 2.2 billion and is projected to reach a market size of USD 3.85 billion by the end of 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 7.25%.

The Frozen Giant Tiger Shrimp products are gaining a lot of traction globally, owing to the rising awareness of health benefits associated with giant tiger shrimp. The rising preference for frozen seafood in order to realize the benefits of adopting ready-to-eat & freshness preserved food products, is estimated to further propel the demand for Frozen Giant Tiger Shrimp during the forecast period. The rapid rise in shrimp aquaculture and growing online presence of frozen shrimp products, is projected to provide a significant push to the growth of Global Frozen Giant Tiger Shrimp Market. Due to the sudden increase in organic production of giant tiger shrimp, there has been observed a remarkable rise in demand for organically produced giant tiger shrimp products, owing to the growing concerns for environment followed by preference for eco-friendly products. The Global Frozen Giant Tiger Shrimp Market is anticipated to register a noteworthy growth during the forecast period and create a lot of opportunities in the coming future, owing to the increase in integration of technology in shrimp aquaculture farming, business operations and global supply chain.

Global Frozen Giant Tiger Shrimp Market Drivers:

Increasing demand for packaged and ready-to-eat seafood is propelling the growth of Frozen Giant Tiger Shrimp Market

With rapid adoption of frozen, packaged and ready-to-eat seafood across the world, especially in North America & Europe, the frozen giant tiger shrimp market is estimated to witness a remarkable growth rate during the forecast period.

The rising awareness about the health benefits of giant tiger shrimp is estimated to be a significant driver of the Global Frozen Giant Tiger Shrimp Market

Due to the presence of significant amounts of vitamins, minerals and antioxidants in giant tiger shrimp, there has been a noteworthy rise in the adoption of frozen giant tiger shrimp products by the consumers. The realization of health benefits associated with the incorporation of giant tiger shrimp in the daily healthy lifestyle, is estimated to further propel the growth of Frozen Giant Tiger Shrimp Market.

Global Frozen Giant Tiger Shrimp Market Challenges:

Diseases associated with shrimp stands as a major challenge for Global Frozen Giant Tiger Shrimp Market

With the rise in prevalence of new infectious pathogens capable of inducing diseases in aquatic life, there has been a significant rise in diseases in giant tiger shrimp as well. With high rate of spread of infections, entire ponds can get affected in short period of time, which in turn can severely affect the production of giant tiger shrimp. This factor is estimated to remain the major challenge for Frozen Giant Tiger Shrimp Market during the forecast period.

Global Frozen Giant Tiger Shrimp Market Opportunities:

The integration of technology in the giant tiger shrimp farming and associated business operations is anticipated to provide major opportunity in the Frozen Giant Tiger Shrimp Market

With growing installations of software solutions such as software for determining the accurate shrimp count in the ponds to feed shrimp appropriately and software to track production & supply chain, a very lucrative opportunity is anticipated to present itself for seafood-technology firms and new technology-based startups during the forecast period.

COVID-19 Impact on Global Frozen Giant Tiger Shrimp Market:

The COVID-19 outbreak led to the severe disruption of global frozen shrimp market distribution channels, which resulted in significant decline in the sales of frozen giant tiger shrimp. Due to the imposed restrictions on import-export activities and nationwide lockdowns, the production of frozen giant tiger shrimp registered a severe decline during the COVID-19 pandemic.

Global Frozen Giant Tiger Shrimp Market Recent Developments:

In June 2021, India based Vaishnavi Aquatech started importing Giant Tiger Shrimp from Moana for production purposes.

In February 2021, US FDA approved the second phase trial of Artificial Intelligence Imported Seafood Pilot programme, in order to improve the FDA’s ability to accurately detect imported seafood products posing harm to people’s health. With the launch of this technology, customer’s trust in frozen shrimp products is growing significantly in the US.

FROZEN GIANT TIGER SHRIMP MARKET REPORT COVERAGE:

Global Frozen Giant Tiger Shrimp Market Segmentation:

Global Frozen Giant Tiger Shrimp Market Segmentation: By Source

The Global Frozen Giant Tiger Shrimp Market is segmented by source into following categories:

• Organic
• Conventional

The Conventional Frozen Giant Tiger Shrimp segment accounts for the largest share of the Global Frozen Giant Tiger Shrimp Market, owing to the large scale production and majority supply of the Conventional Frozen Giant Tiger Shrimp. However, owing to the rising concerns about environment & health, the Organic Frozen Giant Tiger Shrimp is experiencing a rapid increase in demand and is anticipated to witness the fastest growth during the forecast period.

Global Frozen Giant Tiger Shrimp Market Segmentation: By Application

The Global Frozen Giant Tiger Shrimp Market is segmented by application into following categories:

• Pharmaceuticals
• Food
• Cosmetics
• Biotechnology
• Industrial
• Others

The Pharmaceutical & Cosmetic Industry segments account for the largest share of the market, owing to the presence of high content of antioxidants and minerals in the Frozen Giant Tiger Shrimp, which can be used in anti-aging products, sunscreen products and shampoos. The Food Industry segment is estimated to register the fastest growth during the forecast period, owing to the rise in demand for packaged and ready-to-eat frozen foods.

Global Frozen Giant Tiger Shrimp Market Segmentation: By Region

The Global Frozen Giant Tiger Shrimp Market is segmented on the basis of the following regions:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East
• Africa

The Asia-Pacific region accounts for the largest share of the Global Frozen Giant Tiger Shrimp Market, owing to the large scale production in the region especially in China, Thailand, Indonesia, Vietnam and India. The North America region is estimated to grow at the fastest CAGR during the forecast period, owing to the rise in popularity of sea-foods and frozen foods coupled with growing awareness about the health benefits of Giant Tiger Shrimp.

Global Frozen Giant Tiger Shrimp Market Key Players:

1. SeaPak Shrimp Company
2. Clearwater Seafood
3. Toyo Suisan Kaisha
4. Seafood Co.
5. Aqua Star Corp.
6. High Liner Foods
7. Aqua Chile
8. Nordic Seafood A/S
9. Thai Union Group