In a recent report by Virtue Market Research, the Global Frozen Giant Tiger Shrimp Market, valued at USD 2.2 billion, is projected to surge to USD 3.85 billion by the end of 2030, with a notable CAGR of 7.25% during the forecast period of 2023-2030.
A major factor propelling the market is the escalating worldwide demand for seafood products, with giant tiger shrimp gaining popularity due to its nutritional value and distinctive taste. This sustained demand has stimulated growth in shrimp farming and processing industries.
While the COVID-19 pandemic initially impacted the market negatively, causing disruptions in supply chains and altering consumption patterns, a resilient adaptation emerged. Focusing on frozen products for retail consumption helped stabilize the market, meeting the heightened demand for seafood in home-cooked meals during lockdowns.
In the short term, the rise of e-commerce and online grocery shopping is driving the Frozen Giant Tiger Shrimp Market. Companies are strategically investing in online presence and distribution networks to cater to consumers who prefer the convenience of ordering frozen shrimp and other food products online.
An exciting opportunity in the market revolves around sustainability and responsible sourcing. As consumers increasingly consider the environmental impact of their food choices, companies embracing sustainable shrimp farming practices and obtaining certifications like Aquaculture Stewardship Council (ASC) or Global Aquaculture Alliance (GAA) can tap into this growing market segment.
A notable trend is the emphasis on value-added products in the Frozen Giant Tiger Shrimp Market. Shrimp processors are innovating by offering pre-marinated, pre-cooked, or seasoned shrimp, providing quick and easy meal solutions. The introduction of new flavors and culinary inspirations is captivating food enthusiasts, driving further market growth.
In terms of farming methods, conventional shrimp farming remains the largest segment, owing to its well-established and widely adopted practices. However, the fastest-growing segment is organic shrimp, aligning with the increasing consumer preference for healthier and environmentally friendly choices. Organic shrimp farming, avoiding synthetic chemicals and antibiotics, resonates with the growing emphasis on eco-conscious food consumption.