Crustacean Market 2023 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030
Page: 215 | Report Code: FB231214 | Research Suite: Report (PDF) & Market Data (Excel)
The global market value of Crustacean market was valued at USD 61.8 billion in 2022, and CAGR of 4.5% is expected during the forecast period. Crustaceans are diverse group of arthropods including creatures like crabs, lobsters, shrimps, and crayfish. They are aquatic creatures and known for their exoskeletons. They are popular in various cuisines worldwide. They are well-known for their nutritional value.
Rising popularity of seafood, advancements in aquaculture techniques, expanding global trade, health benefits, associated with crustaceans, and innovative culinary trends are driving the growth in the market significantly. The development of value-added products is boosting the demand of this market. Increasing awareness about health, and hygiene, and popularity of seafood is driving the growth in the market worldwide.
Impact of
Covid-19
The covid-19 pandemic significantly impacted the crustacean market. Disruptions in global supply chain, logistic challenges, and restrictions, on transportation led to a decline in trade and distribution. Restaurants closure, and reduced dining-out trends also affected the demand for high end crustacean market. However, home cooking trends and increased online purchase partly offset these effects as people sought seafood for home meals.
Overall the market experienced fluctuations, with varying impacts on different
segments based on geographical locations, and market channels. Being a
significant food-source world-wide, they are contributing to the food industry.
Their shells include chitin, which is used in biotechnology, for wound healing,
as a base for biodegradable plastics, and in water purification processes. They
play ecological role in marine eco-systems.
Growth Drivers
Growing consumer interest in seafoods, including crustaceans, due to their taste, nutritional value, and diverse culinary applications are driving the growth in the market. Technological improvements in aquaculture methods and sustainability practices are driving the growth in the market. Rising awareness of health benefits associated with consuming crustaceans, such as being a good source of protein, omega-3 fatty acids, and various vitamins, and minerals. Expansion of global trade network is facilitating the distribution of crustaceans to new markets and regions.
Development of value-added products and innovative culinary trends incorporating crustaceans, appealing to evolving consumer preference. Emphasis on sustainable fishing practices and environment friendly aquaculture methods, meeting the demand while minimizing ecological impact. Government initiatives, policies, and subsidies, supporting the seafood’s industry growth and sustainability. Increasing awareness towards health diet is also boosting the growth in the market. Seafood has become a popular food in many a restaurant worldwide.
Segmentation
By Type
·
Crabs
·
Lobsters
·
Shrimps
·
Others
By Application
·
Retail
·
Institution
·
Food Services
By Distribution
Channel
·
Business to
Business
·
Business to
Consumer
Regional
Outlook
·
Asia Pacific
·
North America
·
Latin America
·
Europe
·
Middle East and
Africa
Crustaceans
Market Application Segmentation
On the basis of application, Crustaceans market is segmented into Retail, Institution, and food services. The crustacean market typically involves buying, and selling of various crustaceans like lobsters, crabs, and shrimp. Retailers sell this directly to consumer, Institutions are restaurants and hotels purchasing for their menus, and food services encompass the range of businesses from caterers to seafood wholesalers serving these markets.
Generally, the food services sector is the leading segment. It encompasses restaurants, hotels, and leading businesses, and seafood wholesalers, tend to have significant impact on the market due to the high demand for crustaceans in the food industry. Seafood are popular worldwide due to its diverse flavor’s nutritional benefits, and cultural significance. Its rich variety from fish to shellfish, allows for versatile culinary creations. Cultural traditions, coastal locations, and culinary creativity all play a role in driving its global popularity.
Crustaceans Market by Type Segmentation
On the basis of type, Crustaceans market is segmented into crabs, lobsters, shrimps, and others. In many markets shrimp tends to be the leading segment among all. Shrimp is highly consumable due to its versatility. It is available in various sizes; its cost is comparatively lower than the lobsters. Lobsters and crabs also hold significant market share specially in the region known for their culinary preferences.
Increasing number of restaurants worldwide, and
increasing demand for the sea-foods are driving the growth in the market
significantly. Increasing awareness about healthy, and hygienic food is also
boosting the demand for sea-food in the market. Presence of key players in
North America, and Europe region is the main reason behind the significant
growth in the market.
Regional Outlook
On the basis of regions, the crustaceans’ market is segmented into 5 types: Asia Pacific, North America, Latin America, Europe, and Middle East and Africa. Asia pacific is expected to have the largest market share during the forecast period due to increasing number of restaurants offering sea-food, and developed economy is driving the growth in the crustacean’s market. Increasing demand for crustaceans in the pharmaceutical industry is driving the growth in the market. China is the leading market worldwide due increasing urbanization, and highest population worldwide.
Increase in aquaculture farming, and increase in disposable income of people in developed economies like China, India, and United states of America. Crustacean are increasingly used by the people due to their health benefits, and high protein content. Crustacean are considered as a healthy food alternative these days. Increasing use of crustaceans reduce the risk of cancer, diabetes, obesity, high blood pressure, and osteoporosis. They are also used as colorants in cosmetic industry. These are the most extensively used animal protein in the world.
Most of
the European countries are the big market for crustacean due to increasing
health awareness among people, increasing disposable income, and popularity of
sea food in the continent. Latin America, andss Middle East are also showing
significant growth in the market. Coastal
regions tend to have a stronger tradition and preference for seafood due to
their proximity to abundant sources. Countries like Japan with its sushi, and
sashimi, and countries around the Mediterranean Sea, such as Spain, Italy,
Greece, show a deep appreciation for seafood in their cuisines. Scandinavian
island is also known for its culture and likings for seafood.
Key Players
·
Trident Seafood
·
Thai Union
Group
·
Maruha Niciro
Corporation
·
Mowi ASA
·
Clear water
seafoods
·
DNi Group LLC
·
East coast
seafood group
·
Surapon foods
public company limited
·
Acadia Crawfish
· Other Players