Crustaceans Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.00 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
Crustaceans Market Analysis
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.
Crustaceans Market Trends
This section covers the major market trends shaping the Crustaceans Market according to our research experts:
Increasing Awareness Towards Health Diet
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 is growing at a Fastest Rate
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.
Crustaceans Market News
- February 2023: Indian finance minister announced to reduce customs duty on shrimp feed to promote exports. Aquaculture companies, shrimp farmers, and other farmers will get benefitted from it due to a reduction in the major input cost.
- January 2023: India and the United States are working together to create a system that would allow Indian fishermen to export shrimp for American consumers. This was an area that was banned by the United States because of concerns about turtles, in the areas where wild caught shrimp was being fished.
Crustaceans Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain Analysis
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Crabs
5.1.2 Shrimps
5.1.3 Lobsters
5.1.4 Others
5.2 Geography (Production Analysis, Consumption Analysis by Volume and Value, Import Analysis by Volume and Value, Export Analysis by Volume and Value, and Price Trend analysis)
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Russia
5.2.2.5 Spain
5.2.2.6 Sweden
5.2.2.7 Italy
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 Philippines
5.2.3.3 India
5.2.3.4 Bangladesh
5.2.3.5 Sri Lanka
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Chile
5.2.4.4 Peru
5.2.5 Middle East and Africa
5.2.5.1 United Arab Emirates
5.2.5.2 Saudi Arabia
5.2.5.3 Nigeria
5.2.5.4 Egypt
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Crustaceans Industry Segmentation
Crustaceans are diverse arthropod taxons that include familiar species such as crayfish, shrimps, crabs, lobster, prawns, krill, woodlice, and barnacles. Crustaceans find wide range of application in cosmetic, pharmaceuticals and food industry. The Crustaceans Market is Segmented by Type (Crabs, Lobster, Shrimp, Others) and Geography (North America, Europe, Asia-Pacific, South America, and Africa). The Market includes Production Analysis (Volume), Consumption Analysis (Value and Volume), Export Analysis (Value and Volume), Import Analysis (Value and Volume), and Price Trend Analysis across the globe. The report offers the market size and forecasts in terms of volume in metric ton and value in USD thousand for all the above segments.
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| Crabs | |
| Shrimps | |
| Lobsters | |
| Others |
| Geography (Production Analysis, Consumption Analysis by Volume and Value, Import Analysis by Volume and Value, Export Analysis by Volume and Value, and Price Trend analysis) | |||||||||
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Crustaceans Market Research FAQs
What is the current Crustaceans Market size?
The Crustaceans Market is projected to register a CAGR of 5% during the forecast period (2024-2029)
Which is the fastest growing region in Crustaceans Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Crustaceans Market?
In 2024, the Asia-Pacific accounts for the largest market share in Crustaceans Market.
What years does this Crustaceans Market cover?
The report covers the Crustaceans Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Crustaceans Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Crustaceans Industry Report
Statistics for the 2024 Crustaceans market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Crustaceans analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
