Global Crustacean Market - 2022-2029

Global Crustacean Market - 2022-2029

Market Overview

Crustaceans include shrimp, lobster, crabs, and others seafood. Crustaceans are a rich source of vitamins, protein, and minerals. They play a major role in hair, skin, and nail growth. These seafood species are the most consumed species of product across the globe. Rising demand for crustacean products from the thriving food service industry in emerging markets, and growing consumer awareness regarding the health benefits of consuming seafood products, are some of the other main factors contributing to market growth. Increasing demand from restaurants and hotels drives the market growth.

The global crustacean markets were valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 4.5% during the forecast period (2022-2029).

Market Dynamics: Increasing consumer’s health awareness drives market growth

Crustaceans are a rich source of omega-3 fatty acids, proteins, monounsaturated and polyunsaturated fats, and minerals like zinc, copper, iron, and magnesium. It helps in preventing many health issues. It helps prevent hair loss, maintain healthy bones, improve memory performance, reduce menstrual cramps, eliminate bad cholesterol, and reduce the risk of lung and prostate cancer. Proteins are good for digestion as compared to other foods. Protein consumption is good for the body's muscle growth and repair. Their consumption helps them to stay fuller and longer. They can help to lose weight or maintain weight loss. Iron in the crustacean helps to create red blood cells. Iodine regulates thyroid function. Zinc helps to maintain the immune system and stimulate cell growth. Omega 3 fatty acids help prevent heart disease and the baby's brain development. Minerals are necessary for the developing cells that make up the body's immune defense. It contains zero carbs and is very low in calories. These factors make people include them in their food diet.

Moreover, increased demand for freezer food products in developing economies anticipated significant growth for the crustacean market. The increasing meat consumption population and rapid urbanization are helping to grow aquaculture production. An increase in aquaculture farming and support from government regulations drives the market growth.

Market Segmentation: Shrimp segment accounted for the highest share in global crustacean market

Shrimp is a rich source of nutrients and can store them for a long time. They have a light gray body with green coloration on the tail and a yellow band on the part of the abdomen. According to NOAA Fisheries, in 2020, shrimp totaled 110 million pounds and were valued at $254 million. Shrimp was the commercially important shrimp species in the United States. Some major key players, like Aqua Star, Avanti Feeds Ltd, Clearwater Seafood, and High Liner Foods Inc, among others, sell frozen shrimp. High demand for frozen shrimp from hotels and restaurants tends to increase sales. However, frozen shrimp is more expensive than fresh due to its storage and packaging costs. Shrimp is a heavily traded commodity, with countries in Southeast Asia and Latin America leading the production and supply; however, a large chunk of consumption and import occurs in developed markets.

Geographical Penetration: North America is the dominating region during the forecast period

The growing aquaculture industry in developed countries like the United States and Canada drives segment growth in the forecast period. In 2020, the global fishing industry reached a record of production worth an estimated $406 billion, according to the Food and Agriculture Organization (FAO) of the United Nations. Revenue in the Fish & Seafood segment amounts to US$26.31bn in 2022. The market is expected to grow annually by 3.70% (CAGR 2022-2027). Factors like high disposable income and increasing health awareness drive market growth in developed countries like Canada and the United States. Major Key players are focusing on the easy availability of seafood in the market.

Competitive Landscape:

There are only a large number of established participants in the industry and local manufacturers; hence, the market is fragmented. Some major market players are Ichiboshi, RDM Aquaculture, Seaview Crab Company, Surapon Foods, The Crab Company (Fiji), The Big Prawn Co. Ltd., Beijing Princess Seafood, Dong Won Fisheries, AquaChile and Faroe Seafood, among others. Some major key players launched new products to increase their annual sales. For instance, Big Prawn Co. Ltd. offers prawns product range in the market. Some products are prawn cocktails, cooked and peeled king prawns, cooked tail-on king prawns, raw peeled Indonesian jumbo king prawns, peeled and ready-to-eat crayfish tails, cooked and peeled cold water prawns. Cooked and peeled cold water prawns Caught in the icy waters along the west coast of Greenland, these Cold Water Prawns have a delicate sweet taste and firm, juicy texture. Some of the major key players follow merger and acquisition strategies to expand their business. For instance, in October 2022, NaturalShrimp completed a merger agreement with Yotta Acquisition Group. This merger helps to grow the production of fresh, land-based gourmet-grade shrimp at the largest indoor farming facilities in the U.S.

COVID-19 Impact: Negative impact on the global crustacean market

The decreased demand for crustaceans from Asian countries like China, Vietnam, and India may negatively affect the market's growth. All the businesses dropped by 80-90%. Sales of seafood like shrimp have decreased due to strict lockdowns and curfews worldwide. Lockdown across all major regions has led to travel restrictions which have a serious effect on the distribution channel. Global shrimp production decreased in 2020, with global demand for fresh and frozen shrimp decreasing significantly. Furthermore, the import and export of shrimp are completely closed during a pandemic. Also, hotels and restaurants are completely closed during the pandemic, which is the major reason for the decrease in shrimp sales in the global market. Post covid situations positively impacted the crustaceans' market as people became more interested in consuming health-beneficial products.

The global crustacean market report would provide an access to approximately 61 market data tables, 54 figures and 170 pages