Shellfish Market Size was estimated at 72.53 (USD Billion) in 2022. The Shellfish Market Industry is expected to grow from 75.31(USD Billion) in 2023 to 105.6 (USD Billion) by 2032. The Shellfish Market CAGR (growth rate) is expected to be around 3.83% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
The global shellfish market is experiencing significant growth due to increasing consumer demand for seafood and a growing emphasis on sustainability. The rising popularity of shellfish as a healthy and environmentally friendly protein source is fueling demand. Additionally, the expansion of aquaculture and improved farming practices are contributing to the increased availability and affordability of shellfish.
Key market drivers include growing health consciousness among consumers, increasing demand for premium seafood products and rising disposable incomes. Opportunities to be explored include the development of innovative shellfish products, expansion into emerging markets and research into sustainable farming practices. Notable trends include the growing popularity of online seafood retailers, the rise of meal kits featuring shellfish and the increasing use of shellfish in restaurants and food service establishments.
Consumers are getting more and more concerned with the state of their health and try to include food high in protein and low in fat in their diets. Since shellfish is a rich source of protein, omega-3 and other nutrients necessary for our health nowadays, it has become popular, and the growth of its demand is predicted to increase. The Global Shellfish Market Industry is expected to record large growth due to the increase in consumer health awareness and the growing demand for protein-rich diets. Moreover, geometricarchitech is also dependent on the level of urbanization and modernization of the population. The changes are happening rapidly, and more and more people in big cities prefer fast food meals and processed nutrition. The frequency of fast and processed foods is directly proportional to the demand for shellfish. Another reason that makes shellfish so popular nowadays is that people have recently become fond of Sushi and other Japanese dishes.Sushi is made from vinegared rice combined with other ingredients and contains raw fish or other seafood. Shellfish is one of the main ingredients used to prepare sushi, and therefore, it is very popular all over the world. The third reason is that due to the improving economic situation in developing countries, the population has more money at their disposal and can afford to spend that money on food. As soon as the population becomes well-off, it prefers to facilitate work and begins to purchase shelf fish and other fish more and more frequently.Due to the increased demand for shelf fish, the shelf market is growing, and the demand for it in developing countries is likely to keep increasing in the near future.
The next factor, popularizing the demand for shellfish and underlying its positive perspective, is the growth of seafood restaurants. Today, they have become a more and more popular culinary format internationally due to the increased requirements from people related to the quality of food they get in restaurants. Seafood, including shellfish, is one of the most demanded types of meals when it comes to food, so they are getting more frequently used in restaurants all over the world.Additionally, it gets incorporated into various meals, such as soups, salads, stews, and so on. Naturally, this factor will keep increasing the number of restaurants and, therefore, the demand for shellfish.
Here is another missed point in the case of the shellfish market. Technological advancements in aquaculture should also have an impact on the growth of the shellfish market in the near future. Aquaculture is the farming of fish and seafood, and it is a fast-growing industry. Technological advancements have made it possible to produce shellfish in a more efficient and sustainable way. Increased production will eventually result in a growing supply of the product and, thus, cheaper prices.
The Global Shellfish Market is segmented by species into clams, oysters, scallops, mussels, and shrimp. Clams held the largest market share in 2023, as they accounted for more than 30% of the overall market. Oysters are expected to be the fastest-growing species, with a CAGR of 4.5% from 2023 to 2032. Clams are one of the most popular species of seafood, as they are versatile and affordable. They can be fried, steamed, grilled, or baked and are frequently included in dishes such as soups, stews, and chowders. This type of seafood is food right at Bill’s by the Burner.
Oysters are also popular types of seafood, whether raw, in half shell, or cooked. However, they tend to be more expensive, so not as many people eat them. Nevertheless, people eat pescatarian dishes. In addition, scallops are another, more expensive type of seafood, but they are loved by many for their subtle taste and gentle texture. Mussels are a particularly good source of protein and iron. At the same time, they are usually included in soups and stews. Finally, shrimp is the top type of seafood in the world they are versatile and frequently found in salads, stir fry or cocktails.The Global Shellfish Market is growing due to the increasing number of people who want seafood, higher levels of disposable income, and an increase in the number of people who are aware of seafood benefits. The market is growing quickly because technological advances make it easier to catch and process this supplement. Seafood is particularly beneficial for one’s health. The Global Shellfish Market is a sizeable industry that shows a lot of promise, as it is expected to grow in the future.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
The Global Shellfish Market segmentation by size is offered in Small, Medium, Large, and Jumbo. The Medium segment accounted for the largest market share of 45.6% in 2023. The reason is attributed to the fact that Medium-sized shellfish is the most consumed size by the consumers. So these sizes are large enough to seem considerable, although not overly large that they can be a bother to eat. The Small segment is anticipated to be the fastest-growing segment as most of the consumers gravitate toward smaller and more sustainable seafood. By 2032, the market size will increase to reach USD 105.6 billion.
Market Channel Segment Insights and Overview The Global Shellfish Market is segmented based on market channels into wholesale, retail, online, and foodservice. In 2023, the wholesale segment accounted for the largest share of the market, followed by retail. The online segment is expected to grow at the fastest CAGR during the forecast period. The wholesale segment is dominated by large-scale distributors who supply shellfish to restaurants, supermarkets, and other foodservice establishments. Wholesale channels offer bulk discounts and reliable supply chains, making them a preferred choice for businesses.The retail segment includes supermarkets, hypermarkets, and specialty seafood stores. Retail channels cater to individual consumers who purchase shellfish for home consumption. The growing popularity of home cooking and the increasing availability of fresh and frozen shellfish in retail stores are driving the growth of this segment. The online segment is gaining traction due to the convenience and wide selection of shellfish products available online. E-commerce platforms allow consumers to purchase shellfish from anywhere, anytime, and have them delivered to their doorstep.The growth of online grocery shopping and the increasing penetration of smartphones and the internet are contributing to the expansion of this segment. The foodservice segment encompasses restaurants, hotels, and catering businesses. Foodservice establishments use shellfish in a variety of dishes, including appetizers, entrees, and salads. The increasing demand for seafood in restaurants and the growing popularity of shellfish-based cuisines are driving the growth of this segment. Overall, the Global Shellfish Market is expected to grow significantly over the forecast period.The rising demand for seafood, the increasing popularity of shellfish in various cuisines, and the expansion of distribution channels are key factors contributing to market growth.
The Global Shellfish Market is segmented into Fresh, Frozen, Canned, and Smoked, based on Processing Method. The Fresh segment held the largest market share in 2023, accounting for over 50% of the Global Shellfish Market revenue. The Frozen segment is projected to grow at the highest CAGR during the forecast period, owing to the increasing demand for frozen seafood products and the growing popularity of e-commerce platforms for seafood sales. The Canned segment is expected to witness a steady growth rate due to the convenience and affordability of canned shellfish products.
The Smoked segment is projected to grow at a moderate pace, driven by the increasing demand for smoked seafood products in various cuisines.
The Global Shellfish Market is experiencing steady growth, driven by increasing demand for seafood and rising disposable income in emerging economies. Regionally, North America and Europe dominate the market, accounting for a significant share of the global revenue. However, APAC is expected to witness the fastest growth over the forecast period, owing to increasing consumption of shellfish in countries like China and India. South America and MEA are also expected to contribute to the market growth, albeit at a slower pace. The market is highly fragmented, with a large number of small and medium-sized players operating in the industry. Key market participants are focusing on product innovation and expansion into new markets to gain a competitive edge.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
The shellfish market is privileged by the fact that some of the industry’s major players have been making use of both organic as well as inorganic strategies that concern growth. This strategy has helped the leading players in the shellfish market sector to achieve a global reach. The shellfish market industry has also witnessed that there are a considerable number of strategic partnerships and collaborations that big companies are engaged in. Together, these have helped the market players to be able to cement their position in the global markets. Not only that, but the stakeholders have observed the fact that the shellfish market has seen drastically increased spending on the research development departments throughout the duration.
This particular factor has allowed considerable room for opportunities to be explored by the market players to be able to cater to the demands as demanded with the evolution of the target audiences. Charoen Pokphand Foods Charoen Pokphand Foods is one of the major shellfish market industry players of the modern-day era. The company boasts a strong presence in both the prominent markets of Asia and Europe.
The organisation’s operations are somewhat on a vertically integrated basis which gives them the competitive edge over other market competitors. Charoen Pokphand Foods has been witnessed to have been substantially spending in the number of research and development activities. This has allowed the players to come up with innovative new offerings in the market sectors. The company is also committed to the sustainability sector which has helped the company in the stature of their operations to the customers with environmental concerns.
Thai Union Group Another major modern-day shellfish market industry player is the Thai Union Group. The company has a strong presence in the modern-day markets of both Asia and North America. On the forefront, the company is known for maintaining a concentration on the sustainable seafood sectors. This has not only enabled the company to attract consumers but also the unobservable environmental concerns. Similar to the early mentioned company, Thai Union Group is also observed to be spending substantially in the number of research and development activities in the nature of operations. Another major aspect of the company is committed to being able to provide customers with high seafood quality. This further helps the company in the stature of operations in the industry.
Shellfish Market Industry Developments
The global shellfish market is expected to reach a value of USD 105.6 billion by 2032, growing at a CAGR of 3.83% over the forecast period. The market growth is attributed to factors such as increasing consumption of seafood, rising disposable income, and growing awareness about the health benefits of shellfish.In recent years, there has been a growing trend towards sustainable seafood consumption. This has led to an increased demand for shellfish, which are considered to be a more sustainable seafood option than many other types of seafood. Additionally, the growing popularity of shellfish in sushi and other ethnic cuisines has also contributed to the growth of the market.Some of the key recent developments in the global shellfish market include In 2023, the global shellfish market was valued at USD 75.31 billion.The Asia-Pacific region is the largest market for shellfish, accounting for over 60% of the global market share.
The United States is the second-largest market for shellfish, followed by Europe.The increasing popularity of shellfish in sushi and other ethnic cuisines has contributed to the growth of the market. The growing trend towards sustainable seafood consumption has also led to an increased demand for shellfish.
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Medium
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Europe
South America
Asia Pacific
Middle East and Africa
| Report Attribute/Metric | Details |
| Market Size 2022 | 72.53 (USD Billion) |
| Market Size 2023 | 75.31 (USD Billion) |
| Market Size 2032 | 105.6 (USD Billion) |
| Compound Annual Growth Rate (CAGR) | 3.83% (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 | Fishin Ltd., Provisioner, Dongwon, Nippon Suisan Kaisha, Silla, Thai Union Group, Trident Seafoods, Sysco, Maruha Nichiro, Seafood Marketplace, Oceanbridge, Royal Greenland, Pacific Seafood, Clearwater Seafoods |
| Segments Covered | Species, Size, Market Channel, Processing Method, Regional |
| Key Market Opportunities | Growing demand from emerging markets Increasing consumption of seafood Rising health consciousness Technological advancements in aquaculture Product innovations |
| Key Market Dynamics | Rising demand for sustainable seafood Increasing health consciousness Technological advancements in aquaculture Growing popularity of shellfish in gourmet cuisine Expansion of ecommerce channels |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Global Shellfish Market was valued at USD 75.31 Billion in 2023 and is projected to reach USD 105.6 Billion by 2032, exhibiting a CAGR of 3.83% during the forecast period.
The major segments of the global shellfish market are Type (Clams, Oysters, Mussels, Scallops, Shrimps, Crabs, and Lobsters), Nature (Wild-caught and Farmed), and Distribution Channel (Supermarkets, Hypermarkets, Convenience Stores, Online Retailers, and Others).
The key regions in the global shellfish market are North America, Europe, Asia-Pacific, South America, and the Middle East Africa.
The key growth drivers of the global shellfish market are rising demand for seafood, increasing health consciousness, and the growing popularity of sustainable seafood options.
The major players in the global shellfish market include Pacific Seafood, Cooke Aquaculture, Mowi, Thai Union, and Maruha Nichiro.
The challenges faced by the global shellfish market include overfishing, climate change, and the spread of diseases.
The opportunities for the global shellfish market include the growing demand for high-quality seafood, the development of new technologies, and the expansion of aquaculture.
The key trends in the global shellfish market include the increasing popularity of value-added products, the growing demand for organic shellfish, and the rising awareness of the health benefits of shellfish.
The future outlook for the global shellfish market is positive, with the market expected to continue to grow in the coming years.
The major applications of shellfish include food, feed, and pharmaceuticals.
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