Market Size of Crustaceans Industry
| 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 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 |
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Crustaceans Market Size Summary
The crustaceans market is experiencing a robust growth trajectory, driven by increasing consumer demand for health-conscious and environmentally sustainable food options. This market encompasses a wide range of species, including crayfish, shrimps, crabs, lobsters, prawns, and more, with shrimp varieties like white leg and giant tiger shrimp being particularly popular globally. The market's expansion is supported by factors such as contract farming, favorable government policies, and the rising popularity of crustaceans due to their high nutritional value and low-fat protein content. Regions like Europe and North America hold significant market shares, while the Asia-Pacific region is witnessing the fastest growth, fueled by the rising consumption of shrimp and the expansion of organized retail chains.
The increasing availability of fresh and frozen crustaceans is further propelling market growth, with Asia-Pacific consumers showing a growing preference for these products due to their affordability and nutritional benefits. The market, traditionally export-oriented, is seeing a shift as domestic consumption in countries like Singapore and Australia flourishes. This trend is extending beyond major cities to tier-II and tier-III cities, indicating a broadening consumer base. Additionally, initiatives such as reducing customs duties on shrimp feed in India and collaborative efforts between India and the United States to facilitate shrimp exports are expected to bolster the market further, enhancing the prospects for crustacean producers and exporters.
Crustaceans Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Value Chain Analysis
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Crabs
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2.1.2 Shrimps
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2.1.3 Lobsters
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2.1.4 Others
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2.2 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)
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 United Kingdom
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2.2.2.3 France
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2.2.2.4 Russia
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2.2.2.5 Spain
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2.2.2.6 Sweden
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2.2.2.7 Italy
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 Philippines
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2.2.3.3 India
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2.2.3.4 Bangladesh
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2.2.3.5 Sri Lanka
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Chile
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2.2.4.4 Peru
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2.2.5 Middle East and Africa
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2.2.5.1 United Arab Emirates
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2.2.5.2 Saudi Arabia
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2.2.5.3 Nigeria
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2.2.5.4 Egypt
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Crustaceans Market Size 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).
