PUBLISHER: Allied Market Research | PRODUCT CODE: 1193346
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193346
The global crustaceans market was valued at $16.4 billion in 2021, and is projected to reach $25.3 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031.Crustaceans are used in a variety of industries including cosmetics, pharmaceuticals, and food. They are available as fresh food, frozen food, and even snacks because of their multiple health benefits. Crustaceans are also important in the cosmetic business because some natural components, such as zinc, are good for enhancing skin tissues. Prawns are rich in zinc, which help alleviate skin inflammation. Crustaceans supply essential elements such as proteins, minerals, and vitamins to the human body, as well as boost the immune system. In the coming years, the demand for crustaceans is expected to be fueled by rise in disposable income, a supportive culinary culture, and a thriving local aquaculture industry.
The crustaceans market is segmented into type, application, distribution channel, and region. On the basis of type, the market is classified into lobsters, shrimps, crabs, and others. On the basis of application, it is categorized into retail, institutions, and food service. On the basis of distribution channel, it is segregated into business to business (B2B) and business to consumer (B2C). Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, United Arab Emirates, and Rest of LAMEA).
The tourism sector has been severely impacted by the COVID-19 outbreak, which has resulted in the closure of restaurants and hotels that serve premium seafood. COVID-19 pandemic has a greater impact on the demand side of the crustacean value chain, with downstream impacts on the supply side. A number of fisheries that provide restaurants with seafood suffer financially for this reason.
There is high penetration of seafood products in the U.S. This trend is expected to continue in the future years, due to rise in demand for fresh and frozen seafood, with shrimp being one of the most popular products imported into the U.S.. Nonetheless, according to NOAA Fisheries data, the majority of imported seafood is initially collected by American fisherman, then transported overseas for processing and preparation in canned and frozen goods, before being imported back as finished commodities in the form of fresh or frozen seafood items.
Key Benefits For Stakeholders
By Type
By Application
By Distribution Channel
By Region