The Crustacean Market Size was estimated at 96.47 (USD Billion) in 2022. The Crustacean Industry is expected to grow from 101.33 (USD Billion) in 2023 to 157.66 (USD Billion) by 2032. The Crustacean Market CAGR (growth rate) is expected to be around 5.04% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
The crustacean market is projected to expand significantly due to rising demand for seafood, increased health consciousness, and advancements in aquaculture technology.
Consumers are increasingly recognizing the nutritional benefits of crustaceans, such as their high protein, omega-3 fatty acid, and antioxidant content.
Moreover, growing urbanization and disposable income in developing countries are driving demand for convenient and high-quality seafood products.
Opportunities in the crustacean market lie in the exploration of new species and value-added products. Niche markets for eco-friendly and sustainable crustacean products are also emerging.
Additionally, technological advancements in processing and packaging are expected to enhance the shelf life and quality of crustaceans.
Recent trends in the crustacean market include the increasing popularity of value-added products, such as pre-cooked, breaded, and ready-to-eat options. Consumers are also showing a preference for sustainably sourced and traceable crustaceans.
Furthermore, the adoption of smart technologies in aquaculture, such as automated feeding systems and remote monitoring, is improving efficiency and reducing costs, thus making crustaceans more accessible to consumers.
Consumers are becoming increasingly aware of the health benefits associated with crustaceans, such as their high protein content, omega-3 fatty acids, and antioxidants. This is leading to a growing demand for crustaceans, particularly among health-conscious consumers.
The Crustacean Market is expected to grow due to the increasing health consciousness among consumers. Consumers are becoming more aware of the health benefits of consuming crustaceans, such as their high protein content, omega-3 fatty acids, and antioxidants.
This has led to a growing demand for crustaceans, particularly among health-conscious consumers. In addition, the rising popularity of healthy eating trends, such as the paleo diet and the Mediterranean diet, has also contributed to the growth of the crustacean market.
These diets emphasize the consumption of whole, unprocessed foods, including seafood. As a result, consumers are increasingly turning to crustaceans as a healthy and nutritious food choice.
The growing health consciousness among consumers is expected to continue to drive the growth of the Crustacean Market in the coming years.
The expansion of aquaculture is another key driver of the crustacean market. Aquaculture involves the farming of aquatic organisms, including crustaceans.
The expansion of aquaculture has helped to increase the supply of crustaceans, making them more affordable and accessible to consumers.
In addition, aquaculture practices are becoming more sustainable, which is helping to reduce the environmental impact of crustacean production.
The expansion of aquaculture is expected to continue to drive the growth of the crustacean market in the coming years.
Another factor that is propelling the growth of the Crustacean Market is the rising disposable income.
As the disposable income of the consumers is rising, they can spend more on luxury goods, such as seafood.
Crustaceans are mostly considered to be a luxury good, and therefore, the rising disposable income of consumers is fuelling the demand for crustaceans.
The rising disposable income is expected to drive the growth of the Crustacean Market in the foreseeable future.
The Crustacean Market has been segmented based on Species and the market comprises Shrimp, Crab, Lobster, and Crayfish.
The Shrimp segment accounted for the largest market share in 2023, and it was approximately over 55% of the revenue. The increase in the demand for shrimp is due to low cost, versatility, and the health benefits that shrimp offers.
Moreover, the consumers prefer shrimp, as it is a popular and healthy convenient food option, which drives the consumption of this species. The Crab segment is anticipated to grow at a substantial rate in the estimated period.
The increasing trend for crab meat in cooperated with the cuisines across the world that drives the growth of the market. The popular crab dishes such as crab cakes, soups, and salads are also fueling the growth of the market.
Furthermore, the rising adoption of crab meat in the food service industry will boost the demand for the market. The growth of the Lobster segment is anticipated to rise at a moderate rate in the estimated period.
Lobster is also popular in most parts of developed countries, and the other countries is precisely limited owing to the high cost of lobster, which impedes seafood consumption in some parts of the world.
Lobster is a luxury item and is also particularly eaten in special occasions, and this is the factor expected to limit the growth of the segment. However, it is expected that the growth of lobster in high-range restaurants and popularizing among the rich people will boost the segment.
The Crayfish segment is anticipated to grow at a moderate rate in the estimated period. The popularity of crayfish in US and UK is high and it is also rising in other parts of the world as well. This is a major factor for the growth of the segment.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
The Crustacean Market segmented, by form, into live, frozen, canned, and processed. The live segment is estimated to account for the larger market share in 2023, with a market value of USD 40.98 billion.
The live segment is expected to retain dominance as the most popular form of crustaceans in the market due to the increasing demand for fresh and high-quality seafood products.
The frozen segment is expected to register the highest CAGR of 5.2% during the forecast period to reach a market value of USD 52.67 billion by 2032.
The demand for frozen seafood products is increasing as they have a longer shelf life and are more convenient to stock than fresh seafood products.
The canned segment is expected to register a CAGR of 4.8% during the forecast period to reach a market value of USD 22.34 billion by 2032.
The demand for canned seafood products is increasing as they are convenient, cost-effective, and have a longer shelf life. The processed segment is expected to register a CAGR of 5.1% during the forecast period, to reach a market value of USD 41.67 billion by 2032.
The application segment of the Crustacean Market holds significant importance, influencing market growth and trends. In 2023, the market was segmented into Foodservice, Retail, and Seafood Processing, each with unique characteristics and growth prospects.
The food service segment accounted for a notable share of the Crustacean Market revenue in 2023 and is projected to maintain its dominance throughout the forecast period.
The increasing popularity of seafood dishes in restaurants and hotels, along with the growing demand for convenience and variety among consumers, drives the growth of this segment.
The Retail segment is another major contributor to the Crustacean Market segmentation. The rising consumer preference for fresh and frozen crustaceans at supermarkets and grocery stores is fueling the growth of this segment.
The availability of a wide range of crustacean products, including live, frozen, and value-added products, caters to the diverse needs of consumers. The Seafood Processing segment plays a crucial role in the Crustacean Market.
This segment involves the processing and value addition of crustaceans into various products, such as canned seafood, frozen meals, and shellfish extracts.
The growing demand for processed crustacean products, driven by the convenience and extended shelf life they offer, is expected to drive the growth of this segment.
The 'Wild-Caught' segment held a larger market share in the Crustacean Market in 2023, and it is projected to continue its dominance throughout the forecast period.
The segment's growth is attributed to the increasing demand for wild-caught crustaceans due to their perceived higher quality and taste.
However, due to concerns over sustainability and overfishing, the 'Farmed' segment is expected to witness a significant growth during the forecast period.
Governments and regulatory bodies are implementing regulations to ensure sustainable fishing practices, driving the growth of the 'Farmed' segment.
The regional segment of the Crustacean Market offers valuable insights into the geographical distribution of market growth.
North America is anticipated to retain its dominant position, accounting for a significant share of the market in 2023.
The region's well-established seafood industry and high demand for crustaceans, particularly shrimp and crab, contribute to its market leadership. Europe is another prominent region, driven by the popularity of crustaceans in various cuisines.
The market in APAC is projected to witness substantial growth, fueled by the rising consumption of crustaceans in countries like China, India, and Japan.
South America and MEA are emerging markets with growing demand for crustaceans, presenting opportunities for market expansion.
These regional dynamics provide crucial information for businesses seeking to optimize their strategies and capitalize on growth prospects in the Crustacean Market.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Leading players in the Crustacean Market are adopting multiple competitive strategies to consolidate their market and expand their market share. These strategies are product innovation, geographic expansion, merger and acquisition, and partnership.
Top Crustacean Market players are focused on introducing various products to meet consumers’ evolving preferences. In addition, major Crustacean Market players are expanding and entering new markets to increase customers.
Thailand’s seafood group, Thai Union Group PCL, is a leading player in the Crustacean Market. It is the group’s policy to venture across Asia, Europe, and North America on developing and implementing sustainable and innovative solutions.
The Thai Union Group PCL introduced the Shrimp-on-Shrimp Initiative as a product innovation program. The company has developed shrimp feeds through rigorous research and development that can significantly reduce the production time and reduce the resources used.
At the same time, Thai Union Group PCL is also highly concerned about society. The company upholds socially responsible attitudes and engages with communities and employees to achieve social prosperity.
Maruha Nichiro Corporation is another major player in the Crustacean Market.
The company has a variety of sea products, including crabs, fish, and shellfish. By consistently offering high-quality food products, Maruha Nichiro Corporation supports customers’ healthy lives. To provide fresh products, the company has technology for processing and packaging products.
In addition, Maruha Nichiro Corporation recognizes the importance of fostering and protecting the environment and striving to reduce its impact on the environment.
Increasing demand for crustaceans as a source of protein, rising disposable income, and growing awareness of the health benefits of seafood are driving the market growth. Asia-Pacific is the largest market for crustaceans, accounting for over 60% of consumption.
China is the leading producer and consumer of crustaceans, followed by India and Thailand. The market is also witnessing increasing demand for value-added products such as frozen and processed crustaceans, which is expected to drive growth in the coming years.
| Report Attribute/Metric | Details |
| Market Size 2022 | 96.47(USD Billion) |
| Market Size 2023 | 101.33(USD Billion) |
| Market Size 2032 | 157.66(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 5.04% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Lyons Seafoods, Dongwon Industries, Thai Union Group, Pacific Seafood, Cooke Aquaculture, SalMar, Maruha Nichiro Corporation, Grieg Seafood, Mowi, Nissui, Bakkafrost, Tri Marine International, Bumble Bee Seafoods, Pescanova |
| Segments Covered | Species, Form, Application, Production Method, Regional |
| Key Market Opportunities | Growing demand for protein-rich dietary sources Increasing health consciousness Rising disposable income in developing regions Expanding applications in the food processing industry Emerging e-commerce platforms for seafood distribution |
| Key Market Dynamics | Rising consumer demand, growth in aquaculture, health benefits awareness, innovative product development, and seasonal variations. |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Crustacean Market is expected to reach a valuation of 101.33 billion USD in 2023.
The Crustacean Market is projected to grow at a CAGR of 5.04% from 2024 to 2032.
The growth of the Crustacean Market is primarily driven by increasing demand for seafood, rising disposable income, and growing awareness of the health benefits associated with consuming crustaceans.
Crustaceans are primarily used for human consumption, either as food or as a source of supplements. They are also used in the production of pet food, fertilizer, and chitin, which is used in various industrial applications.
Major players in the Crustacean Market include Thai Union Group, Maruha Nichiro Corporation, Nippon Suisan Kaisha, Ltd., Pacific Andes International Holdings Limited, and Clearwater Seafoods Inc.
Asia-Pacific is the largest market for crustaceans, followed by Europe and North America. Growing populations and rising disposable income in Asia-Pacific are major factors driving the growth in this region.
Challenges faced by the Crustacean Market include overfishing, environmental concerns, and fluctuating prices. Sustainable fishing practices and aquaculture are becoming increasingly important to address these challenges.
Opportunities for growth in the Crustacean Market include the expansion of aquaculture, the development of new products and applications, and increasing demand for crustaceans in emerging markets.
Recent trends in the Crustacean Market include the growing popularity of value-added products, such as pre-cooked and frozen crustaceans, and the increasing demand for sustainable and eco-friendly seafood options.
The Crustacean Market is projected to reach a valuation of 157.66 billion USD by 2032.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
