Shrimp Balls Market

Global Shrimp Balls Market Size (2024 to 2029)

Shrimp Balls market share value is expected to grow at a CAGR of 6.9% during the forecast period 2024-2029 to reach USD 115.95 million by 2029 and 82.6 million in 2024.

Shrimp Balls, also known as prawn balls, are a popular culinary delight found across Eastern Asia. This appetizer or snack is made from shrimp meat and can be conveniently purchased from the frozen section of Chinese supermarkets. The dish features a delectable contrast of crispy exteriors and juicy, meaty interiors. Though the precise origin of Shrimp Balls remains unclear, they are commonly associated with China. Shrimp Balls can be crafted using various shrimp varieties, including white shrimp and the more luxurious pink shrimp, among others, which are readily available in the market. The Asia Pacific region, with China at the forefront, serves as the largest market for Shrimp Balls.

The Shrimp Balls market in the Asia Pacific and North America holds the most significant and untapped opportunities due to their large populations and high shrimp consumption. Shrimp farming is a well-established global industry, with production taking place in about 50 countries. However, the majority of production is concentrated in Asia and the Americas. In 2017, the total global production reached 4,267,500 metric tons, with Asian countries accounting for approximately 80.1% (3.42 million metric tons) and the Americas contributing about 17.7% (756,430 metric tons). The rest of the world made up the remaining 2% (around 85,000 metric tons). Key market players could explore these opportunities in the shrimp balls market.

Global Shrimp Balls Market Drivers:

The growing disposable income in society is propelling the shrimp balls market growth. Higher investment in shrimp farming and changing lifestyles will have a positive impact on the shrimp balls market demand. Global consumption patterns are evolving, driven by factors like increasing living costs, prompting consumers to adopt saving and budgeting practices while seeking better value in various aspects of life. Despite the overall growth in income and spending worldwide, the Asia Pacific region remains a highly promising business market. Experts predict that by 2040, it will become the largest consumer market on a global scale. For instance, in 2022, global household disposable incomes and expenditures are projected to grow by 2.6%. Moreover, the rising investments in Indiana have seen a rise in interest among small producers investing in Pacific White shrimp (Litopenaeus vannamei) production within their farm facilities. The opportunity to produce and market high-quality, fresh shrimp products that can compete with imported frozen shrimp. Furthermore, modern cooking allows less time, replacing it with convenience food and microwave meals. This shift, along with urbanization and changing lifestyles, has led to unhealthy dietary patterns with increased consumption of processed foods high in energy, fats, sugars, and salt, while neglecting fruits, vegetables, and dietary fiber. A balanced diet can prevent malnutrition and non-communicable diseases. All these factors are leading to an increasing share of the shrimp balls market.

Global Shrimp Balls Market Restraints:

The factors likely to hamper the growth of the shrimp balls market are limited carrier movement, reduced production activities, and decreased consumer spending. Globally, the shrimp farming industry confronts several challenges, with viral, bacterial, and fungal diseases being the most significant. Additionally, meeting the growing demand for aquafeeds necessitates the development of novel ingredients. Environmental concerns, market dynamics, and investment issues further add to the industry's challenges. Diseases and aquafeed ingredients remain the primary focus, given their historical significance in driving the industry's direction. While diseases have been a recurring concern and continue to shape the industry, its track record over the past two decades shows remarkable growth despite facing serious disease outbreaks. The industry has demonstrated its ability to learn and adapt to manage and coexist with diseases, even as production has significantly increased globally. This resilience bodes well for the industry's future prospects as it continues to evolve and grow. These factors are likely to impede market growth, and market players need to observe these trends in the shrimp balls market.

Impact of COVID-19 on the Shrimp Balls Market:

The COVID-19 pandemic caused widespread disruptions in businesses worldwide as governments enforced lockdown measures to control the disease's spread. This resulted in temporary closures of manufacturing facilities and production halts. The global supply of shrimp balls also faced challenges due to shrimp shortages and supply chain disruptions caused by import and export restrictions implemented by various countries. However, the COVID-19 pandemic resulted in a significant rise in the demand for processed and frozen foods, including shrimp balls, as consumers sought convenient and appetizing options. Although the Asia Pacific shrimp balls market experienced a minor impact from the crisis, there was a notable increase in retail, packaged foods, and e-commerce sales, driving the uptake of frozen food products.

REPORT COVERAGE: 

This research report on the global shrimp balls market has been segmented and sub-segmented based on distribution channel, end-use, and region. 

Global Shrimp Balls Market - By Distribution Channel:

• Business to Business
• Business to Consumer

Based on the distribution channel, the business-to-business segment dominated the Shrimp Balls market in 2022, and it is anticipated to grow at the highest CAGR during the projected period. This can be attributed to the rise of modernized distribution channels with improved storage capabilities. Restaurants and food street markets serve as the primary customers for this segment. The market's growth in the region is driven by rapid urbanization and the growing acceptance of seafood products.

On the other hand, supermarkets are also likely to record the fastest CAGR during the forecast period because it is quite evident from China’s market, where frozen foods are now easily available in supermarkets.

Global Shrimp Balls Market - By End-use:

• Foodservice
• Household/ Retail

Based on the end-user, throughout the forecast period, the Shrimp Balls market is anticipated to be dominated by the food service segment. This dominance is attributed to favorable factors like rising individual disposable incomes, rapid urbanization, and a growing trend of dining out in the Asian market. The food service industry is expected to hold around 60% of the total value share in the Asia Pacific shrimp balls market. On the other hand, the retail segment is expected to record a moderate CAGR during the projection period.

Global Shrimp Balls Market - By Region:

• APAC
• MEA
• Latin America
• Europe
• North America

Based on region, the Asia-Pacific region holds the dominant share of the shrimp balls market. This is due to the shrimp fisheries in Asian countries like India and China are prominent, yet their growth is limited due to various factors. Asia, particularly India, Japan, and China, is projected to witness the highest growth rate in consumption spending globally in the coming years. A significant trend in these emerging economies is the increasing preference for processed food products over homemade meals among the majority of consumers.

Moreover, the North American shrimp balls market is expected to record a moderate CAGR during the forecast period (2023-2028). Notably, Canada emerges as the fastest-growing country in the region. This growth is attributed to the various health benefits associated with shrimp consumption, including improvements in bone and brain health and anti-aging properties. As a result, Canada is experiencing a growing trend in shrimp consumption. On the other hand, the rest of the world is expected to record substantial CAGR throughout the forecast period.

KEY MARKET PLAYERS:

key market players of Shrimp Balls market are I.T. Foods Industries Co., Ltd, Starfish Co., Ltd., Thaveevong Industry Co., Ltd, Thai Agri Foods Public Company Limited, Kenko Food Sdn Bhd, Fresh Fish del Ecuador Cia. Ltd., Kim Sea Food Products, Huazhi-wang Enterprise Co., Ltd, Fisherman's Choice, P.T. Foods Processing Co. Ltd.

RECENT HAPPENINGS IN THE MARKET:

In Feb 2023, Aman Priyadarshi, who previously worked at Zomato, joined Kenko Health, a company backed by Sequoia, as their new Head of Product. This marks a strategic move by Kenko Health to strengthen its senior leadership team.