Report Overview
The crustaceans market is estimated to grow at a CAGR of 5.02% from US$18.407 billion in 2022 to US$25.929 billion in 2029 during the forecast period.
Craps, lobsters, crayfish, shrimp, krill, and balanoid are some of the crustaceans. They can supply plenty of proteins, omega-3 fatty acids, and vitamin B12, which are lipids and minerals linked to preventing several diseases and are important sources of these nutrients. Consuming crustaceans significantly enhances weight shedding, builds sturdy immunity, and improves brain and heart performance when consumed regularly.
Import and export of crustaceans globally.
The Seafood Observatory of Complexity Economics in 2021 indicated that seafood had a total trade volume of $33.2 billion in 2021, which makes it 137th place on the world economics listing. Crustacean exports have risen over 35.3% from 2020, as they rose from $24.5 billion in 2020 to $33.2 billion in 2021.
Ecuador, which had a crustacean export value of $5.33B, India ($5.29B), Canada ($3.94B), Russia of $2.83B, and Vietnam, with a crustacean export value of $2.32B, were the biggest exporters of crustaceans in 2021. As of 2021, the USA captures the top spot ($10.7B), followed by China ($5.78B), Japan ($1.84B), Spain ($1.62B), and the Netherlands ($1.52B) which were the leading importers of crustaceans in the world.
Growth Factors:
The growing demand for healthier protein sources for consumers and the need to focus on sustainability are the primary factors in the increased expansion of the crustacean market. Globalization and better logistics have led to the opening of bigger markets, hence the growth in both local and international consumption. The advent of tech innovations in aquaculture has enhanced productivity in this sector, thus maintaining a steady flow to match the growing demand. Regulatory actions supporting responsible fishing techniques and environmental protection also influence market dynamics.
Furthermore, the demand for premium crustacean products in the gourmet dining and culinary discovery areas is increasing. Economic factors fuel consumer growth, notably rising disposable income in emerging nations. Innovations in processing and packaging improve product quality and shelf life, impacting customer behavior. All of these factors support the crustacean industry’s expansion.
Crustaceans Market Drivers:
- Booming frozen food items demand globally might impact the market.
The global crustacean industry is estimated to have a visible growth trajectory due to the growing demand from developing countries for frozen food products. The present market increase concerning crustaceans is a consequence of the growth of the world's seafood consumption. Crustaceans are also the source of proteins, minerals, and vitamins that are reputed for their health-producing effects. They have a lot of omega-3 fatty acids and little saturated fat.
Furthermore, increased meat consumption and urbanization are boosting aquaculture production. Despite the high cost of processing, market consumption has little impact on supply in the global crustacean market.
- Increased awareness of health benefits is anticipated to fuel the crustacean market.
As people became aware of the health advantages of consuming crustaceans, consumption quickly rose. Similarly, eating crustaceans can lower cancer, hypertension, diabetes, obesity, osteoporosis, and cardiovascular disease risks. Health-concerned people are found to switch to crustaceans, considering them a major source of macro and micronutrients. Thus, the market for crustaceans is rapidly moving to a world market.
- Growing food service and hotel restaurant culture is predicted to drive market growth.
The use of seafood, especially for chain restaurants and other food service establishments, is increasing due to the expansion of fast food chains in developing countries. Owing to the increment in consumer demand for marine products in the fast-food business, utilization has increased. Furthermore, it has been observed that health-conscious customers are more likely to select foods with high protein content.
Throughout the prediction, it is anticipated that this tendency will also endure in emerging nations. The HoReCa culture is growing, especially in South Asia, due to increased urbanization and rising per capita wealth. Restaurants now have several chances to offer clients additional crustacean items as a result, which helps in expanding the crustacean market size.
Crustaceans Market Geographical Outlook
- Asia Pacific is predicted to dominate the crustacean market.
Asia-Pacific is anticipated to account for a major crustacean market share. One of the key factors influencing the Indian market’s expansion during the projection period is the adoption of Pacific white prawns as the dominant species by India's expanding aquaculture industry, particularly in the contract farming sector. Fresh and refrigerated crustaceans are highly demanded worldwide as they are commonly available for consumption, and hence, the crustacean market has a growth potential.
For instance, in February 2023, to encourage exports, the Indian finance minister proposed a reduction in the customs tariff on prawn feed due to a decrease in the key input cost aquaculture firms, prawn farmers, and other farmers would gain from it. Besides that, there is a huge demand for crabs from Asian-Pacific customers for homes and restaurants.
- Europe and North America are expected to show significant growth.
Europe and North America are anticipated to be the major crustacean markets globally. Prawn consumption has increased consistently and dramatically, particularly in nations in North America and Europe, due to the expansion of organized retail chains in these regions. Additionally, as consumer demand for fish items depends on income, the industry is anticipated to rise favorably with the increasing disposable income. Furthermore, tiger prawn sales are anticipated to increase as well due to Western consumers' strong fondness for glaze and sweet flavors, which is further fueling the crustacean market size.
Crustaceans Market Major Players
- Manufacturers of crustaceans are concentrating their product lines on the food service market, seafood producers, and rising seafood demand. Nissui Corporation, Maruha Nichiro Corporation, and Royal Greenland A/S LLC are some of the major crustacean market leaders.
Crustaceans Market Key Developments
- In March 2024, Aquamar, a global pioneer in convenient seafood products, introduced new shellfish innovations at Seafood Expo North America (SENA) held at the Boston Convention and Exhibition Centre from March 10 to 12, 2024.
- In October 2021, JCCU released "CO-OP Smoked Salmon Trout Cut-off" as the first PB product using BAP-certified salmon in Japan as part of the CO-OP Sustainable Product line. The series' key elements are eco-friendly and socially responsible.
Segmentation:
- By Type
- Lobsters
- Shrimps
- Crabs
- Others
- By Application
- Retail
- Institutions
- Food Service
- By Distribution Channel
- Business to Business
- Business to Consumer
- By Geography
-
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
- North America