Crustaceans Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Crustaceans Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Crustaceans market is projected to register a CAGR of 5% during the forecast period.

• Crustaceans are diverse arthropod taxons that include familiar species such as crayfish, shrimps, crabs, lobster, prawns, krill, woodlice, and barnacles. The crustacean market is driven by various factors such as the boosting demand due to the increasing health benefits and the adoption of environment-friendly production techniques. Other factors like contract farming & government policies drive the crustaceans market. Shrimp species, such as white leg shrimp, giant tiger shrimps, gulf shrimps, blue shrimps, and royal red shrimps are the most popular varieties consumed worldwide.
• Europe and North America hold a significant market share while the fastest growth can be observed in the Asia Pacific region.Shrimp consumption has been growing continuously and significantly since the last decade, especially in the Asia-Pacific, North American, and European countries on account of rising organized retail chains across the regions. In addition, since the demand for seafood products is income elastic, a continuous increase in the number of consumers, with higher disposable incomes, is expected to have a positive impact on the growth of the market.
• Adoption of Pacific white shrimp as the prominent species by India’s growing aquaculture industry, especially in the contract farming sector, is one of the main factors that helps India to expand more into the shrimp market in the United States. Sales of tiger shrimp are also expected to rise, driven by a high preference for glaze and sweet taste by Western consumers.

The demand for crustaceans is increasing among consumers, as it is high in nutritional value and low-fat protein. It contains zero carbs and is very low in calories. Moreover, crustaceans like shrimps, crabs, and prawns are rich in minerals and vitamins, like iron, calcium, sodium, phosphorus, zinc, magnesium, potassium, iodine, niacin, riboflavin, thiamin, vitamin A, vitamin E, vitamin B6, and vitamin B12. all together which make it a healthy food.

One of the best health benefits of crustaceans like shellfish is that they are a good source of lean proetin. This protein is easy to digest when compared to other foods. People prioratize food that gets them enough protein when it comes to muscle growth and repair. It also helps you to stay fuller for longer and helps in loosing weight as well.

Crustaceans help in preventing hair loss, maintaining healthy bones, improving memory performance, reducing menstrual cramps, eliminating bad cholesterol, and reducing the risk of occurrence of lung and prostate cancer. Moreover, shrimp and prawns are beneficial sources of protein and vitamin D, without adding carbohydrates to the consumers’ daily intake; so for people determined to lose weight, this simple form of seafood is a popular option. Due to the numerous health benefits, the production of crustaceans has increased over the past few years globally. For instance, global shrimp production increased from 118.5 million metric ton in 2018 to 122.1 million metric ton in 2022.

Asia-Pacific has been growing at the fastest rate for the last few years. For instance, the production of shrimp in the region increased by 10.5% from 2018 to 2022. Adoption of Pacific white shrimp as the prominent species by India’s growing aquaculture industry, especially in the contract farming sector, is one of the main factors, which helps the India market to expand during the forecast period. The demand for crustaceans across the globe is the highest as the availability of fresh and frozen crustaceans is contributing to the growth of the crustaceans market.

Furthermore, demand from Asia-Pacific consumers for crustaceans for home or restaurant consumption continues to grow, due to their low price and high nutritional content. The market has traditionally been an export-oriented market in untapped markets, such as Singapore and Australia, with only a small share of the total production consumed domestically. Over the last few years, however, the domestic markets in these countries have started flourishing.

The demand, which was primarily focused in big cities until a few years ago, is now spreading to tier-II and tier-III cities, and domestic consumption is anticipated to increase continuously over the next few years.

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