Crustacean

Crustacean

Global Crustacean Market to Reach US$44.5 Billion by 2030

The global market for Crustacean estimated at US$30.2 Billion in the year 2023, is expected to reach US$44.5 Billion by 2030, growing at a CAGR of 5.7% over the analysis period 2023-2030. Shrimps, one of the segments analyzed in the report, is expected to record a 5.7% CAGR and reach US$31.2 Billion by the end of the analysis period. Growth in the Prawns segment is estimated at 7.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$7.9 Billion While China is Forecast to Grow at 8.8% CAGR

The Crustacean market in the U.S. is estimated at US$7.9 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$10.3 Billion by the year 2030 trailing a CAGR of 8.8% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.2% and 4.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.0% CAGR.

Global Crustacean Market - Key Trends and Drivers Summarized

What Makes Crustaceans a Keystone of Aquatic Ecosystems?

Crustaceans, a diverse and widespread group of aquatic animals, play crucial roles in aquatic ecosystems around the world. This group includes familiar species such as crabs, lobsters, shrimp, and barnacles, among others. They are found in a variety of habitats, from deep sea floors to freshwater rivers and even terrestrial environments for certain species. Crustaceans are vital for the ecological balance as they serve multiple roles: as prey for numerous marine and freshwater predators, and as scavengers and detritivores, helping to break down and recycle organic materials. This makes them integral to nutrient cycling and energy flow within their ecosystems. Furthermore, many crustacean species are indicators of environmental health, with their presence and abundance providing important clues about the state of their habitats.

How Are Crustaceans Cultured and Harvested Commercially?

Commercial cultivation and harvesting of crustaceans are significant industries that support global seafood markets and local economies, particularly in coastal regions. Aquaculture of species like shrimp and prawns has grown dramatically; these operations range from small, artisanal ponds to large-scale, intensive farms that can control many aspects of the environment to maximize production. Sustainable fishing practices are crucial in the harvesting of wild crustaceans to prevent overfishing and ensure the health of marine populations. Techniques such as regulated trawling, trap fishing, and the implementation of marine protected areas are employed to manage stocks and habitat impact. The industry faces challenges such as disease management in aquaculture settings and the environmental effects of fishing in wild populations, pushing for innovations in farming technology and resource management practices.

What Are the Nutritional and Economic Impacts of Crustaceans?

Crustaceans are not only key players in their ecosystems but also valuable sources of nutrition and economic revenue. Rich in protein, vitamins, and minerals, especially selenium and omega-3 fatty acids, crustaceans form an essential part of the diet for many communities worldwide. Economically, the crustacean industry supports millions of livelihoods globally, from local fishermen to large seafood companies. Markets for crustaceans are driven by both local consumption and international trade, making them significant contributors to the economy of many developing and developed countries. However, the industry must balance demand with sustainable practices to protect these resources for future generations, as overexploitation can lead to the collapse of local populations, impacting biodiversity and community dependence on these resources.

What`s Driving the Surge in Demand for Crustaceans?

The growth in the crustacean market is driven by several factors, including increased consumer demand for seafood, advancements in aquaculture technologies, and heightened awareness of sustainable dietary practices. As global populations grow and the middle class expands in developing countries, more people are incorporating seafood into their diets due to its health benefits. Technological improvements in aquaculture, such as recirculating systems and better disease control, are enabling producers to meet this rising demand more effectively. Additionally, as consumers become more environmentally conscious, there is a growing preference for seafood that is sustainably sourced. Efforts to certify sustainable practices and improve supply chain transparency are also contributing to market growth. Together, these dynamics underscore a robust and expanding global interest in crustacean products, reinforcing their importance in both diets and economies worldwide.

Select Competitors (Total 41 Featured) -

• AquaChile SA
• Faroe Seafood (Faroe Islands)
• Findus Group
• Ichiboshi Co. Ltd.
• International Fish Farming and Holding Company PJSC - Asmak
• Mogster Group
• Nireus Aquaculture SA
• RDM Aquaculture LLC.
• Russian Aquaculture
• Seaview Crab Company
• Selonda Aquaculture SA
• Surapon Foods Public Company Limited
• The Big Prawn Co. Ltd.
• The Crab Company

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