Crustacean Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2024-2031- (By Derivatives Coverage, Geographic Coverage and By Company)

The global crustaceans market, driven by increasing aquaculture production and a strong preference for fresh and frozen seafood, is anticipated to expand at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031. The market is expected to grow from a value of USD 118 million to approximately USD 166 million by 2031, as per recent market research.

The crustaceans market has shown strong growth in recent years, primarily fueled by the aquaculture industry, which is experiencing exponential growth due to rising international demand for seafood products. Technological advancements in aquaculture are also contributing to the expansion of crustacean farming, particularly in Asian countries, which lead globally in aquaculture production. This development is expected to support the sustainable supply of crustaceans to meet increasing demand.

Key Market Drivers

1. Increased Aquaculture Production

Growing global demand for seafood has resulted in a rapid increase in aquaculture, which encompasses the farming of crustaceans such as shrimp, lobsters, and crabs. Key practices, including stocking, feeding, and protection from predators, are helping to maintain the quality and sustainability of these products, especially in South Asia.

2. Growing Preference for Fresh and Frozen Seafood

There is a rising consumer preference for fresh and frozen seafood, driven by the demand for nutrient-rich food and increased health consciousness. Approximately three-fourths of seafood consumed in the U.S. is fresh or frozen, with crustaceans accounting for a significant share of this demand.

3. Influence of Regional Seafood Cuisines

Regional seafood cuisines, such as Japanese dishes featuring cold water crustaceans, are increasingly popular across the globe, especially in countries like Japan, where the demand for sushi and sashimi has boosted imports of crustaceans.

4. Rising HoReCa Culture

The hotel, restaurant, and catering (HoReCa) sector is experiencing substantial growth due to urbanization and increased disposable incomes, especially in South Asian countries. This trend is creating additional opportunities for crustacean-based dishes to reach more consumers.

5. Demand for Ready-to-Eat Products

Ready-to-eat seafood products such as canned and pre-cooked shrimp and crab are gaining popularity among busy consumers looking for convenient yet nutritious food options.

6. Challenges from Adulteration

Adulteration of crustaceans, especially shrimp, remains a concern in certain regions due to issues like unauthorized additives, which has affected demand, particularly in the U.S., where imports from South Asia are scrutinized.

Business Opportunities

The crustaceans market is well-positioned to benefit from innovations in aquaculture and the rising popularity of ready-to-eat seafood products. With the foodservice industry, quick-service restaurants, and online retail platforms growing, companies in the crustaceans market have new avenues for expansion. Additionally, increasing per-capita food expenditure in Latin America, South Asia, and the Middle East provides new growth opportunities.

Regional Insights

• Latin America & South Asia:

These regions are projected to experience high growth rates, driven by urbanization and increased seafood consumption.

• East Asia:

A significant market share for crustaceans is held in East Asia, with China’s large-scale imports supporting the regional market. Traditional seafood consumption practices in countries like Japan, Indonesia, and Thailand also boost market growth.

• Middle East & Africa:

The Middle East and Africa are emerging as important markets due to a steady increase in seafood consumption.

Category Insights

The global crustaceans market is segmented into various types and origins:

• Type Segmentation:

Lobsters account for approximately 19.3% of the market by value, with significant demand for shrimp and crabs as seafood snacks and main dishes.

• Origin Segmentation:

Aquaculture crustaceans hold a significant value of USD 65.4 million compared to capture at USD 51.0 million in 2023, showing a trend towards sustainable aquaculture practices.

Key Players

The competitive landscape of the crustaceans market consists of both global and regional players, with global companies holding about 30-45% market share. These companies focus on expanding their offerings in the foodservice sector and targeting health-conscious consumers with fresh and frozen products. Notable key players include:

• Nippon Suisan Kaisha, Ltd.
• High Liner Foods Inc.
• Royal Greenland A/S
• The Clover Leaf Seafoods Family
• Ocean America Food SA
• SeaPak Shrimp & Seafood Company
• DNI Group LLC
• Surapon Foods Public Company Limited
• Siam Canadian Group Limited
• Sirena A/S
• Trident Seafoods Corporation
• International Fishing Farming Holding Company PJSC-Asmak
• Morubel Maruha Nichiro Corporation
• August Seafood

Crustaceans Market Segmentation

By Type:

• Lobsters
• Shrimp
• Crabs
• Others

By Origin:

• Capture
• Aquaculture

By End Use:

• Retail
• Foodservice Industry
• Commercial
• Food Industry
• Pharmaceutical Industry
• Cosmetic Industry
• Others

By Distribution Channel:

• Business to Business
• Business to Consumer
• Hypermarkets/Supermarkets
• Convenience Stores
• Fish Shops
• Online Retail
• Others

By Region:

• North America
• Latin America
• Europe
• South Asia & Pacific
• East Asia
• Middle East & Africa

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