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Shrimp Balls Market

Shrimp Balls Market (End Use: Foodservice and Household/Retail; and Distribution Channel: Business to Business and Business to Consumer) - Asia Pacific Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030

Decline in Global Demand Due to COVID-19 Affects Import, Export

The COVID-19 crisis has caused small impact on the Asia Pacific shrimp balls market. A spurt in retail, packaged foods, and eCommerce sales has led to an increase in the uptake of frozen food. However, a slowdown in production activities, restricted movement of carriers, and decline in consumer spending are anticipated to affect sales of shrimp balls.

DIY (Do It Yourself) recipes and home delivery services are keeping economies running in the Asia Pacific shrimp balls market. As such, India’s shrimp exports are witnessing lows due to the weakening of the global demand, owing to the coronavirus crisis. This is causing a domino effect on imports in China and U.S. that are key importers of seafood from India.

asia pacific shrimp balls market segmentation

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Innovations in Foodservice Help Overcome Competition with Plant-based Foods

The Asia Pacific shrimp balls market is projected to reach US$ 135 Mn by the end of 2030. However, trends such as plant-based food and meat alternatives are storming the Asian markets. For instance, California-based Impossible Foods Inc., a developer of plant-based substitutes for meat products, is increasing efforts to gain strong business grounds in China. Hence, manufacturers are innovating in foodservices such as California’s renowned Porto’s Bakery & Café, which is earning praises for its Seafood Potato Balls consisting of shrimp, calamari, cilantro, and scallops flavored with garlic, lemon zest folded in a spicy tomato sauce.

Home cooking is another driver for the Asia Pacific shrimp balls market, owing to easy preparation of crispy fried shrimp balls.

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Conveniently Packaged Seafood, Functional Products Preferred by Japanese Consumers

Apart from China, Japan is emerging as one of the key importers and exporters of shrimp and other seafood. Frozen crabs, frozen lobsters, and frozen cold-water shrimp and prawns are being supplied by Canada to Japan. However, exporters need to bear in mind the regulatory guidelines of Japan since Japanese consumers are health conscious and seek conveniently packaged & processed seafood products. This is creating business opportunities for companies in the Asia Pacific shrimp balls market to innovate in product packaging and processing.

Japan’s focus on functional, healthy, and nutritious food is translating into revenue opportunities for various importers and exporters.

China-based Innovators Excel in Manufacturing of Customized Frying Equipment, Extruders

Chicken and shrimp are being publicized as rich sources for protein. Innovations in shrimp balls frying machines are translating into revenue opportunities for manufacturers in the Asia Pacific shrimp balls market. The ever-increasing foodservice industry has fueled the demand for customized, electric, and automatic shrimp balls frying machines that are CE and ISO (International Organization for Standardization) certified. As such, China is one of the active manufacturers of these machines.

Innovations in cat, floating fish, and shrimp balls and pellet food extruder machines are contributing toward the revenue growth of the Asia Pacific shrimp balls market. This signals why the market is projected to register a healthy CAGR of 6.9% during the forecast period.

Restaurant-style Recipes Using Seasoned Shrimp Balls Fuels Demand in Households

Health conscious consumers are pairing shrimp balls with noodles and soups, while other consumers prefer fried or grilled shrimp balls. Since millennials are always on the pry to experiment with new sauces, flavors, and herbs, deep fried shrimp balls are gaining popularity. Consumers in households are trying restaurant-style recipes by using seasoned shrimp paste mixture that is formed into deep fried shrimp balls. Changing consumer trends are influencing the growth of the Asia Pacific shrimp balls market.

Shrimp meatballs in tomato sauce and honey garlic grilled shrimp balls recipes are gaining popularity among millennials, Gen Y, and Gen Z population. Manufacturers in the Asia Pacific shrimp balls market are taking marketing cues from German brand Knorr, which has introduced its deep fried shrimp balls with cheese and plum filling recipe.

asia pacific shrimp balls market infographic

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Analysts’ Viewpoint

A sharp decline in the demand from China for seafood is anticipated to affect trade activities in India during the coronavirus crisis. Nevertheless, an increasing number of households is gravitating toward home cooking to upgrade their protein profiles using grilled shrimp balls dipped in sweet-and-sour sauce. However, in order to capitalize on the expanding area of new demand for nutrient-rich food for Japanese consumers, stakeholders in the Asia Pacific shrimp balls market should adhere to strict packaging and processing guidelines. Elderly and aging population of Japan is grabbing the attention of Asian food producers. Experiments with shrimp balls in the foodservice industry with a variety of ingredients and recipes are fueling product demand.

Asia Pacific Shrimp Balls Market: Overview

  • In the recent market study on Asia Pacific shrimp balls market by Transparency Market Research, the market value for 2020 was estimated at US$ 68 Mn. The market is expected to witness a value CAGR of 6.9% during the forecast period. According to the recent report, the market is projected to reach US$ 135 Mn by the end of 2030.
  • Japan and China are expected to dominate the Asia Pacific shrimp balls market in terms of volume. Both countries are the two largest markets in the region, followed by Indonesia and Vietnam. Rapid urbanization and high consumer expenditure growth in Japan and China are anticipated to the drive the Asia Pacific shrimp balls market.
  • Trends such as ‘Healthy Snacking’ and ‘Ready-to-cook Food Consumption’ are promoting the consumption of shrimp balls. Additionally, growing commercial use of shrimps is opening new avenues for players in the shrimp balls market.

Asia Pacific Shrimp Balls Market: Key Takeaways

  • Based on end use, the foodservice segment is expected to dominate the Asia Pacific shrimp balls market, owing to favorable factors such as increasing individual income levels, rapid urbanization, and growing ‘eating out’ trend in the Asian market. The foodservice industry is projected to hold approximately 60% of the total value share in the Asia Pacific shrimp balls market.
  • In terms of distribution channel, the indirect sales of shrimp balls in Asian markets is anticipated to witness high volume CAGR of approximately 7%, owing to the emergence of modernized distribution channels with better storage facilities
  • Geographically, the performance of the India shrimp balls market is forecast to accelerate, with an expected CAGR of 8.4% during the forecast period. Rapid urbanization and increased acceptance of seafood products are the major factors driving the shrimp balls market in this country.

Asia Pacific Shrimp Balls Market: Trends

  • Changing landscape of foodservice industry in Asia: The Asian foodservice industry is expected to witness an upward trend during the forecast period, especially in Malaysia, Indonesia, Thailand, India, and few other countries. Favorable factors such as rising disposable incomes and rapid urbanization are supporting the growth of the ‘out-of-the-home eating’ trend in these regions. Moreover, the growing population is expected to trigger the demand for foodservice outlets. Owing to these factors, consumer expenditure at foodservice outlets is anticipated to witness exponential growth in Asia. This makes the Asian foodservice industry one of the most vibrant industries and a key element in the economic development prospects of this region. The emerging foodservice industry in Asia can be considered as a major factor influencing the demand for shrimp balls.
  • Development of modern distribution channels leading to easy outreach of seafood products: Developing markets of Asia are experiencing rapid rise in the number of online businesses, owing to the growth in demand for consumer goods. This has led to an exponential growth of the e-Commerce segment in this region. This, in turn, has shown a positive impact on the retail segment, leading to the increased demand for processed seafood products. The adoption of digital channels by the consumers has benefited all kinds of businesses, including import-export markets. Key players are also offering shrimp balls in bulk quantities for customers in the foodservice industry, which makes it convenient for them to choose and order the right product. The increasing number of convenience stores in emerging markets is increasing consumers’ access to new products. The rising penetration of both e-business and retail stores in Asia is anticipated to drive sales of shrimp balls.

Strategies Adopted by Manufacturers to Increase Sales of Shrimp Balls

  • Shrimp ball manufacturers are strategically positioning their products by participating in food-based product summits and showcasing the application of shrimp balls in the food processing industry. With this participation, key players aim to connect with potential buyers and generate meaningful leads to create a strategic gateway to penetrate into untapped global markets.
    • For instance, in June 2019, I.T. Foods Industries Co., Ltd. participated at the THAIFEX-World of Food Asia
    •  In June 2019, Thai Agri Foods Public Co. Ltd. participated in the THAIFEX World Food event. With this, the company also aimed to promote its products in different markets and strengthen its global presence.
  • In order to ensure a competitive edge in the Asia Pacific shrimp balls market, majority of the key players engaged in the production of shrimp balls are taking efforts to strengthen its regional footprint

Asia Pacific Shrimp Balls Market: Key Players

  • Some of the key players engaged in the manufacturing of shrimp balls 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. Ltda.
    • Kim Sea Food Products
    • Huazhi-wang Enterprise Co., Ltd.
    • Fisherman's Choice.
    • P.T. Foods Processing Co. Ltd.

Asia Pacific Shrimp Balls Market – Segmentation

TMR’s study on the shrimp balls market offers information divided into important segments — end use, distribution channel, and country. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.

End Use
  • Foodservice
  • Household/Retail
Distribution Channel
  • Business to Business
  • Business to Consumer
    • Hypermarkets/Supermarkets
    • Specialty Stores
    • Convenience Stores
    • Online Retail
Country
  • India
  • China
  • Japan
  • Thailand
  • Vietnam
  • Indonesia
  • Malaysia
  • Rest of Asia Pacific
Shrimp Balls Market

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1. Executive Summary

    1.1. Market Outlook

    1.2. Demand Side Trends

    1.3. Supply Side Trends

    1.4. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

3. Key Market Trends

    3.1. Key Trends Impacting the Market

    3.2. Product Innovation / Development Trends

4. Key Success Factors

    4.1. Product Adoption / Usage Analysis

    4.2. Product USPs / Features

5. Asia Pacific Shrimp Balls Market Demand Analysis 2015–2019 and Forecast, 2020–2030

    5.1. Historical Market Volume (Tons) Analysis, 2015–2019

    5.2. Current and Future Market Volume (Tons) Projections, 2020–2030

6. Asia Pacific Shrimp Balls Market - Pricing Analysis

    6.1. Regional Pricing Analysis 

    6.2. Asia Pacific Average Pricing Analysis Benchmark

7. Asia Pacific Shrimp Balls Market Demand (in Value or Size in US$ Mn) Analysis 2015–2019 and Forecast, 2020–2030

    7.1. Historical Market Value (US$ Mn) Analysis, 2015–2019

    7.2. Current and Future Market Value (US$ Mn) Projections, 2020–2030

        7.2.1. Y-o-Y Growth Trend Analysis

        7.2.2. Absolute $ Opportunity Analysis

8. Market Background

    8.1. Macro-Economic Factors 

        8.1.1. GDP Growth Outlook 

        8.1.2. Industry Value Added 

        8.1.3. Urbanization Growth Outlook 

        8.1.4. Food Security Index Outlook

        8.1.5. Rank – Ease of Doing Business

        8.1.6. Rank – Trading Across Borders

    8.2. Impact of COVID-19 on Food & Beverage Industry

        8.2.1. Manufacturer/Processors

        8.2.2. Supply Chain and Logistics

        8.2.3. Wholesalers/Traders

        8.2.4. Retailers

    8.3. Impact of COVID-19 Seafood Market

    8.4. COVID-19 Risk Assessment/Impact

    8.5. Global Food & Beverage Sector Outlook

    8.6. Global Snacks Industry Outlook

    8.7. Global Aquaculture Industry Outlook

    8.8. Global Shrimp Production Outlook

    8.9. Global Trade Analysis of Crustaceans

    8.10. Industry Value and Supply Chain Analysis 

    8.11. Key Regulations

    8.12. Market Dynamics

        8.12.1. Drivers

        8.12.2. Restraints

        8.12.3. Opportunity Analysis

    8.13. Forecast Factors - Relevance & Impact

9. Asia Pacific Shrimp Extracts Market Overview

    9.1. By Form

    9.2. By End Use

10. Thailand Shrimp Balls Market Analysis 2015–2019 and Forecast 2020–2030

    10.1. Thailand Shrimp Industry Overview 

    10.2. Shrimp Ball Drivers- Impact Analysis 

11. Asia Pacific Shrimp Balls Market Analysis 2015–2019 and Forecast 2020–2030, By End Use

    11.1. Introduction / Key Findings

    11.2. Historical Market Size (US$ Mn) and Volume Analysis By End Use, 2015–2019

    11.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast By End Use, 2020–2030

        11.3.1. Foodservice Industry 

        11.3.2. Retail/Household 

    11.4. Market Attractiveness Analysis By End Use

12. Asia Pacific Shrimp Balls Market Analysis 2015–2019 and Forecast 2020–2030, By Sales Channel 

    12.1. Introduction / Key Findings

    12.2. Historical Market Size (US$ Mn) and Volume Analysis By Sales Channel, 2015–2019

    12.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast By Sales Channel, 2020–2030

        12.3.1. Business to Business 

        12.3.2. Business to Consumer

            12.3.2.1. Hypermarkets/Supermarkets

            12.3.2.2. Specialty Stores

            12.3.2.3. Convenience Stores

            12.3.2.4. Online Retail

    12.4. Market Attractiveness Analysis By Sales Channel 

13. Asia Pacific Shrimp Balls Market Analysis 2015–2019 and Forecast 2020–2030, by Country

    13.1. Introduction

    13.2. Historical Market Size (US$ Mn) and Volume Analysis By Region, 2015–2019

    13.3. Current Market Size (US$ Mn) and Volume Analysis and Forecast By Country, 2020–2030

        13.3.1. India

        13.3.2. China

        13.3.3. Japan

        13.3.4. Thailand

        13.3.5. Vietnam

        13.3.6. Indonesia

        13.3.7. Malaysia

        13.3.8. Rest of Asia Pacific

    13.4. Market Attractiveness Analysis By Country

14. Market Structure Analysis

15. Competition Analysis

    15.1. Competition Dashboard

    15.2. Competition Deep Dive (Key Players)

        15.2.1. I.T. Foods Industries Co., Ltd.

            15.2.1.1.  Overview

            15.2.1.2. SWOT Analysis

            15.2.1.3. Product Portfolio

            15.2.1.4. Sales Footprint

            15.2.1.5. Strategy Overview

        15.2.2. Starfish Co., Ltd.

            15.2.2.1.  Overview

            15.2.2.2. SWOT Analysis

            15.2.2.3. Product Portfolio

            15.2.2.4. Sales Footprint

            15.2.2.5. Strategy Overview

        15.2.3. Thaveevong Industry Co., Ltd.

            15.2.3.1.  Overview

            15.2.3.2. SWOT Analysis

            15.2.3.3. Product Portfolio

            15.2.3.4. Sales Footprint

            15.2.3.5. Strategy Overview

        15.2.4. Thai Agri Foods Public Company Limited 

            15.2.4.1. Overview

            15.2.4.2. SWOT Analysis

            15.2.4.3. Product Portfolio

            15.2.4.4. Sales Footprint

            15.2.4.5. Strategy Overview

        15.2.5. Kenko Food Sdn Bhd 

            15.2.5.1. Overview

            15.2.5.2. SWOT Analysis

            15.2.5.3. Product Portfolio

            15.2.5.4. Sales Footprint

            15.2.5.5. Strategy Overview

        15.2.6. Fresh Fish Del Ecuador Cia. Ltda. 

            15.2.6.1. Overview

            15.2.6.2. SWOT Analysis

            15.2.6.3. Product Portfolio

            15.2.6.4. Sales Footprint

            15.2.6.5. Strategy Overview

        15.2.7. Kim Sea Food Products 

            15.2.7.1. Overview

            15.2.7.2. SWOT Analysis

            15.2.7.3. Product Portfolio

            15.2.7.4. Sales Footprint

            15.2.7.5. Strategy Overview

        15.2.8. Huazhi-wang Enterprise Co., Ltd 

            15.2.8.1. Overview

            15.2.8.2. SWOT Analysis

            15.2.8.3. Product Portfolio

            15.2.8.4. Sales Footprint

            15.2.8.5. Strategy Overview

        15.2.9. Fisherman's Choice 

            15.2.9.1. Overview

            15.2.9.2. SWOT Analysis

            15.2.9.3. Product Portfolio

            15.2.9.4. Sales Footprint

            15.2.9.5. Strategy Overview

        15.2.10. P.T. Foods Processing Co. Ltd 

            15.2.10.1. Overview

            15.2.10.2. SWOT Analysis

            15.2.10.3. Product Portfolio

            15.2.10.4. Sales Footprint

            15.2.10.5. Strategy Overview

16. Assumptions and Acronyms Used

17. Research Methodology

List of Table

Table 01: Asia Pacific Shrimp Balls Market Value (US$ Mn) Analysis and Forecast by End Use, 2015-2030

Table 02: Asia Pacific Shrimp Balls Market Volume (Tons) Analysis and Forecast by End Use, 2015-2030

Table 03: Asia Pacific Shrimp Balls Market Value (US$ Mn)  Analysis and Forecast by Distribution Channel, 2015-2030

Table 04: Asia Pacific Shrimp Balls Market Volume (Tons) Analysis and Forecast by Distribution Channel, 2015-2030

Table 05: Asia Pacific Shrimp Balls Market Value (US$ Mn)  Analysis and Forecast by Business to Consumer, 2015-2030

Table 06: Asia Pacific Shrimp Balls Market Volume (Tons)  Analysis and Forecast by Business to Consumer, 2015-2030

Table 07: Asia Pacific Shrimp Balls Market Value (US$ Mn) Analysis and Forecast by Country, 2015-2030

Table 08: Asia Pacific Shrimp Balls Market Volume (Tons) Analysis and Forecast by Country, 2015-2030

List of Figure

Figure 01: Asia Shrimp Balls Market Volume (Tons) 2015-2019

Figure 02: Asia Shrimp Balls Market Volume (Tons) 2020-2030

Figure 03: Asia Shrimp Balls Market Value (US$ Mn) Forecast, 2020–2030

Figure 04: Asia Shrimp Balls Market Volume (Tons) Forecast, 2020–2030

Figure 05: Asia Pacific Shrimp Balls Market Value Share Analysis by End Use, 2020 E

Figure 06: Asia Pacific Shrimp Balls Market Y-o-Y Growth Rate by End Use, 2020-2030

Figure 07: Asia Pacific Shrimp Balls Market Value (US$ Mn) Analysis & Forecast by End Use, 2020–2030

Figure 08: Asia Pacific Shrimp Balls Market Volume (Tons) Analysis & Forecast by End Use, 2020–2030

Figure 09: Asia Pacific Shrimp Balls Market Value Share Analysis by Distribution Channel, 2020 E

Figure 10: Asia Pacific Shrimp Balls Market Y-o-Y Growth Rate by Distribution Channel, 2020-2030

Figure 11: Asia Pacific Shrimp Balls Market Value (US$ Mn)  Analysis & Forecast by Distribution Channel, 2020–2030

Figure 12: Asia Pacific Shrimp Balls Market Volume (Tons) Analysis & Forecast by Distribution Channel, 2020–2030

Figure 13: Asia Pacific Shrimp Balls Market Value Share Analysis by Country, 2020 E

Figure 14: Asia Pacific Shrimp Balls Market Y-o-Y Growth Rate by Country, 2020-2030

Figure 15: Asia Pacific Shrimp Balls Market Value (US$ Mn) Analysis & Forecast by Country, 2020–2030

Figure 16: Asia Pacific Shrimp Balls Market Volume (Tons) Analysis & Forecast by Country, 2020–2030

Figure 17: Asia Pacific Shrimp Balls Market Attractiveness Analysis by Country, 2020-2030

Figure 18: Asia Pacific Shrimp Balls Market Attractiveness Analysis by End Use, 2020-2030

Figure 19: Asia Pacific Shrimp Balls Market Attractiveness Analysis by Distribution Channel, 2020-2030

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