Increasing prominence of land-based aquaculture are all factors that are influencing the market for crabs and are estimated to fuel the growth of the global Crab market at a CAGR of 6.10% during the forecast period 2023 to 2032
Crab Market Trends, Growth, Forecast 2032 | MRFR
Market Research Future (MRFR) has published a "Global Crab Market"
MRFR recognizes the following companies as the key players in the global Crab market— Bumble Bee Foods LLC, Supreme Crab & Seafood Inc., Maine Lobster Now, Millennium Ocean Star Corporation, Phil-Union Frozen Foods Inc., JM Clayton Seafood Company, RGE Agridev Corporation, Siam Canadian Group Limited, and Handy Seafood.
Crab Market Highlights
The global crab market is accounted to register a CAGR of 6.10% during the forecast period and is estimated to reach USD 19.59 billion by 2032.
Crabs belong to the category of animals known as crustaceans. There are at least 7,000 crab species or varieties. Some species, such as the blue Crab, Dungeness Crab, and king crab, are frequently consumed by humans. Crabs may be sold to restaurants either fresh or in preserved form. Crabs inhabit all oceans as well as pure water. Some crabs inhabit the land, sometimes many kilometers from the water. Species like the fiddler crab reside in burrows in the sand or sediment during the winter and high tides. Others reside within the oyster and mollusk shells.
The protein in Crabs is utilized for tissue production and repair. EPA and DHA, two anti-inflammatory omega-3 fatty acids with extended chain lengths, are abundant in Crab. According to research, it can alleviate psoriasis and ulcerative colitis, lower blood pressure, and prevent cardiovascular disease. Copper, zinc, and selenium are among the minerals found in Crabs that aid in immune system support. Thus, this is driving the market expansion.
Segment Analysis
The global Crab market has been segmented based on type and form.
Based on type, the market is divided into blue crab, chinese mitten, gazami crab, and other crab types. The blue crab segment dominated the market, accounting for 30-35% of market revenue.
Based on form, the global crab market has been segmented into frozen, canned, and other forms. The frozen category generated the most revenue in 2022.
Regional Analysis
The global Crab market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of US and Canada. The Europe Crab market comprises Germany, France, the UK, Italy, Spain, and the Rest of Europe. The Crab market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia-Pacific. The Rest of the World Crab market comprises of Middle East, Africa, and Latin America.
North America dominates the global crab market, accounting for a significant portion of the market's total share. According to a report by the National Oceanic and Atmospheric Administration (NOAA), the proportion of seafood in the American diet has increased in recent years due to a rise in seafood landings and health-conscious consumers' demand for imported crustaceans and other seafood.
Europe possessed the second-largest share of the crab market. The demand for crabs in Europe's food service industry is expected to increase constantly over the forecast period.
The Asia Pacific crab market is anticipated to expand rapidly during the forecast period. The regional market will be fueled by population growth, increased demand for seafood, a rise in disposable income, and a shift in lifestyles. It is anticipated that this preference for high-quality marine products will contribute to expanding the regional market.
Furthermore, the rest of the world's crab market is divided into the Middle East, Africa, and Latin America. The culinary service industry is expanding in Latin America, the Middle East, and Africa. In addition, the trend toward wholesome and nutritious foods and the rising demand for gluten-free diets are anticipated to expand the market.
Key Findings of the Study
- The global crab market is expected to reach USD 19.59 billion by 2032, at a CAGR of 6.10% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market. Increasing consumer awareness of crabs' health benefits is a key factor driving the development of the crab market.
- Based on type, the blue crab segment was attributed to holding the largest market in 2022, with an approximate market share of 45–55%.
- Bumble Bee Foods LLC, Supreme Crab & Seafood Inc., Maine Lobster Now, Millennium Ocean Star Corporation, Phil-Union Frozen Foods Inc., JM Clayton Seafood Company, RGE Agridev Corporation, Siam Canadian Group Limited, and Handy Seafood are the key market players.