Crustaceans Market - Forecasts from 2023 to 2028

The crustaceans market is estimated to grow at a CAGR of 4.82% during the forecast period.

Crabs, lobsters, crawfish, prawns, krill, and barnacles are examples of crustaceans. They include large amounts of protein, omega-3 fatty acids, vitamin B12, vital lipids, and minerals, all of which assist in avoiding several health issues.

When consumed regularly, crustacean cuisine promotes weight loss, immune enhancement, and the betterment of the heart and brain's general health. The demand for processed and frozen crustaceans has increased on a global scale, and the production of crustacean food has expanded, both of which have contributed to the crustacean industry's significant rise.

Import and export of crustaceans globally

According to the Observatory of Economic Complexity, crustaceans ranked 137th in terms of global commerce in 2021, with $33.2 billion in total trade. Crustacean exports increased by 35.3% between 2020 and 2021, from $24.5 billion to $33.2 billion. Crustacea trade accounts for 0.16% of global commerce. Ecuador ($5.33B), India ($5.29B), Canada ($3.94B), Russia ($2.83B), and Vietnam ($2.32B) were the largest exporters of crustaceans in 2021. United States ($10.7B), China ($5.78B), Japan ($1.84B), Spain ($1.62B), and the Netherlands ($1.52B) were the major importers of crustaceans in 2021.

Market Drivers:

Booming frozen food items demand globally

The global crustacean industry is predicted to increase significantly as a result of the rising demand for frozen food items in developing countries. The current crustacean market growth is a result of increased global seafood consumption. Crustaceans are rich in protein, minerals, and vitamins, all of which are known to provide several health advantages. They have a lot of omega-3 fatty acids and little saturated fat. Increased meat consumption and urbanization are boosting aquaculture production. Despite the high cost of processing, market consumption has little impact on supply in the global crustacean market.

Increased awareness of health benefits

As people became more aware of the health advantages of eating crustaceans, their consumption swiftly grew. The risk of cancer, hypertension, diabetes, obesity, osteoporosis, cardiovascular disease, and osteoporosis is also decreased by eating crustaceans. Additionally, those who are worried about their health are eating more crustaceans since they are one of the primary sources of important micro and macronutrients. The most widely consumed animal protein in the world right now is crustaceans, and it's predicted that this trend will continue in the years to come, boosting the worldwide crustacean market growth.

Growing consumption of ready-to-eat foods

It is not necessary to pre-cook or prepare extra food if it has already been cleaned, cooked, and packed as a ready-to-eat product. People's lives are evolving which has resulted in adopting new eating habits including consuming packaged or ready-to-eat foods. The rising demand for canned and frozen crustaceans, both of which fall under the category of processed foods, is thus expected to lead to crustacean market growth. It is projected that the market for processed crustaceans will expand as the demand for ready-to-eat meals increases.

Growing foodservice and hotel restaurant culture to drive market growth

The demand for seafood is rising as a result of the expansion of fast food chains and other food service establishments in emerging nations. This is also a result of increased consumer demand for seafood in quick-service restaurants. Health-conscious customers choose protein-rich foods. Throughout the prediction, it is anticipated that this tendency will also endure in emerging nations. The HoReCa culture is growing, especially in South Asia, as a result of increased urbanization and rising per capita wealth. Restaurants now have several chances to offer clients additional crustacean items as a result, which helps in expanding the crustacean market size.

Asia Pacific dominates the crustacean market

Asia-Pacific is anticipated to account for a major crustacean market share. One of the key factors influencing the expansion of the Indian market during the projection period is the adoption of Pacific white prawns as the dominant species by India's expanding aquaculture industry, particularly in the contract farming sector. Since fresh and frozen crustaceans are readily available, there is a significant demand for them throughout the world, which is helping the crustacean market expand. Due to their low cost and excellent nutritional value, crabs are increasingly in demand from customers in the Asia-Pacific region for eating at home or in restaurants.

Europe and North America are expected to show significant growth

While the Asia Pacific region is seeing the quickest growth, Europe and North America remains one of the major crustacean markets globally.. Prawn consumption has increased consistently and dramatically, particularly in nations in North America, and Europe due to the expansion of organized retail chains in these regions. Additionally, as consumer demand for fish items is income elastic, the industry is anticipated to rise favorably as more people with more disposable money become available. Furthermore, tiger prawn sales are anticipated to increase as well due to Western consumers' strong fondness for glaze and sweet flavors, which is further fueling the crustacean market size.

Major companies dominating the market

Manufacturers of crustaceans are concentrating their product lines on the food service market. seafood producers and rising seafood demand.., Nissui Corporation, Maruha Nichiro Corporation, Royal Greenland A/S LLC, and other market leaders for crustaceans are listed below.

Market Key Developments

• In February 2023, to encourage exports, the Indian finance minister proposed a reduction in the customs tariff on prawn feed, due to a decrease in the key input cost, aquaculture firms, prawn farmers, and other farmers would gain from it.

Segmentation:

By Type

• Lobsters
• Shrimps
• Crabs
• Others

By Application

• Retail
• Institutions
• Food Service

By Distribution Channel

• Business to Business
• Business to Consumer

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others