Global Frozen Giant Tiger Shrimp Market Size (2024-2030)

The Global Frozen Giant Tiger Shrimp Market achieved a valuation of USD 2.36 billion and is forecasted to attain a market size of USD 3.85 billion by the culmination of 2030. Throughout the projected period spanning from 2024 to 2030, the market is poised to grow at a CAGR of 7.25%.

Frozen Giant Tiger Shrimp Market

There is a burgeoning interest worldwide in Frozen Giant Tiger Shrimp products, primarily driven by the increasing recognition of the health advantages linked with giant tiger shrimp. The escalating preference for frozen seafood to avail the benefits of ready-to-eat and freshness-preserved food items is anticipated to further drive the demand for Frozen Giant Tiger Shrimp in the forecasted period. The swift expansion of shrimp aquaculture alongside the burgeoning online presence of frozen shrimp products is expected to significantly bolster the growth of the Global Frozen Giant Tiger Shrimp Market. The recent surge in organic production of giant tiger shrimp has led to a notable uptick in the demand for organically sourced giant tiger shrimp products, owing to mounting environmental concerns and a preference for eco-friendly options. Anticipated to showcase substantial growth during the forecast period, the Global Frozen Giant Tiger Shrimp Market is set to create abundant opportunities in the forthcoming years, attributed to the heightened integration of technology in shrimp aquaculture farming, business operations, and the global supply chain.

Global Frozen Giant Tiger Shrimp Market Drivers:

The escalating demand for packaged and ready-to-eat seafood is propelling the expansion of the Frozen Giant Tiger Shrimp Market.

The rapid embrace of frozen, packaged, and ready-to-eat seafood on a global scale, particularly in North America & Europe, is projected to usher in a remarkable growth trajectory for the frozen giant tiger shrimp market in the forecasted period.

The mounting awareness concerning the health benefits of giant tiger shrimp is forecasted to serve as a significant driver for the Global Frozen Giant Tiger Shrimp Market.

The substantial presence of vitamins, minerals, and antioxidants in giant tiger shrimp has led to a notable surge in consumer adoption of frozen giant tiger shrimp products. The realization of the health advantages associated with the incorporation of giant tiger shrimp into daily healthy lifestyles is expected to further fuel the growth of the Frozen Giant Tiger Shrimp Market.

Global Frozen Giant Tiger Shrimp Market Challenges:

The prevalence of diseases affecting shrimp stands as a major hurdle for the Global Frozen Giant Tiger Shrimp Market.

The rise in the prevalence of new infectious pathogens capable of inducing diseases in aquatic life has led to a significant increase in diseases among giant tiger shrimp. Given the rapid spread of infections, entire ponds can be affected within a short period, severely impacting giant tiger shrimp production. This factor is estimated to remain a major challenge for the Frozen Giant Tiger Shrimp Market during the forecasted period.

Global Frozen Giant Tiger Shrimp Market Opportunities:

The integration of technology in giant tiger shrimp farming and associated business operations is poised to present significant opportunities in the Frozen Giant Tiger Shrimp Market.

With the increasing adoption of software solutions, such as those for accurately determining shrimp counts in ponds for appropriate feeding and tracking production and supply chains, a highly lucrative opportunity is expected to emerge for seafood-technology firms and technology-based startups in the forecasted period.

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

The outbreak of COVID-19 led to severe disruptions in global frozen shrimp market distribution channels, resulting in a significant decline in the sales of frozen giant tiger shrimp. Imposed restrictions on import-export activities and nationwide lockdowns contributed to a marked decrease in frozen giant tiger shrimp production during the COVID-19 pandemic.

Global Frozen Giant Tiger Shrimp Market Recent Developments:

In June 2021, India-based VaishnaviAquatech commenced the import of Giant Tiger Shrimp from Moana for production purposes.

In February 2021, the US FDA approved the second phase trial of the Artificial Intelligence Imported Seafood Pilot program, aiming to enhance the FDA’s ability to accurately detect imported seafood products posing health risks to consumers. The introduction of this technology has significantly boosted consumer trust in frozen shrimp products in the US.

Global Frozen Giant Tiger Shrimp Market Segmentation: By Source

The segmentation of the Global Frozen Giant Tiger Shrimp Market based on source includes the following categories:

• Organic
• Conventional

The Conventional segment of Frozen Giant Tiger Shrimp holds the largest market share globally. This dominance is attributed to the extensive production and predominant supply of Conventional Frozen Giant Tiger Shrimp. However, in light of increasing environmental and health concerns, the Organic Frozen Giant Tiger Shrimp segment is witnessing a swift rise in demand and is projected to exhibit the most rapid growth throughout the forecast period.

Global Frozen Giant Tiger Shrimp Market Segmentation: By Application

The market segmentation of the Global Frozen Giant Tiger Shrimp Market by application comprises the following categories:

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

The Pharmaceutical and Cosmetic Industry segments hold the largest market share, owing to the substantial presence of antioxidants and minerals in Frozen Giant Tiger Shrimp. These elements find applications in anti-aging products, sunscreen formulations, and shampoos. The Food Industry segment is anticipated to record the swiftest growth during the forecast period, driven by the escalating demand for packaged and ready-to-eat frozen food products.

Global Frozen Giant Tiger Shrimp Market Segmentation: By Region

The segmentation of the Global Frozen Giant Tiger Shrimp Market based on regions encompasses the following areas:

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

The Asia-Pacific region commands the largest market share in the Global Frozen Giant Tiger Shrimp Market. This is primarily due to the substantial production scale in countries such as China, Thailand, Indonesia, Vietnam, and India. Conversely, the North American region is poised to register the fastest Compound Annual Growth Rate (CAGR) during the forecast period. This growth is driven by the increasing popularity of seafood and frozen food items, coupled with a growing awareness regarding the health advantages of Giant Tiger Shrimp.

Global Frozen Giant Tiger Shrimp Market Key Players:

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