Crustaceans Market Size, Share, Opportunities, And Trends By Type (Lobsters, Shrimps, Crabs, Others), By Application (Retail, Institutions, Food Service), By Distribution Channel (Business To Business, Business To Consumer), And By Geography - Forecasts From 2024 To 2029

The crustaceans’ market is estimated to grow at a CAGR of 5.02% to grow from US$18.407 billion in 2022 to US$25.929 billion in 2029 to 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 that have been linked to the prevention of several diseases and are important sources of these nutrients. Consuming crustaceans enhances the shedding of weight significantly, building a sturdy immunity and better brain and heart performances when consumed regularly.

Import and export of crustaceans globally.

The Seafood Observatory of Complexity Economics in 2021 indicated that the seafood has 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 the exports have risen 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 a 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, notably rising disposable income in emerging nations, fuel consumer growth. Innovations in processing and packaging improve product quality and shelf life, impacting customer behavior. All of these factors support the growth of the crustacean industry.

Market Drivers:

•  Booming frozen food items demand globally might impact the market.

The global crustacea industry is estimated to have a visible growth trajectory as a result of 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. Also, crustaceans are the source of proteins, minerals, and vitamins which are reputed for 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 crustaceous, the consumption quickly rose. Similarly, cancer, hypertension, diabetes, obesity, osteoporosis, and cardiovascular disease risks can also be lowered by eating crustaceans. The health-concerned people are found to switch to crustaceans, considering it as a major channel of macro and micronutrients. Thus, the market for crustaceans is moving to a world market rapidly.

• 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, as a result of 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.

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 expansion of the Indian market 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 have a high demand 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 both 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 is dependent on income, the industry is anticipated to rise favorably with the rise in 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.

Major companies dominate the market.

• 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 market leaders for 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), which was 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