Crustacean Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1552
Global Crustacean Market size is likely to expand at promising CAGR in the forecast period. Crustacean is huge family of arthropods which includes animals such as lobsters, prawns, crabs and other distinct species of sea animals. Most of the crustaceans are aquatic animals, while some are parasitic, sessile and terrestrial. Every year, almost 11 million tons of the product is cultured in aquatic farming or fisheries, across the globe, for human consumption.
Crustacean market is one of the rapidly growing animal production industries across the globe. The prime factor responsible for crustacean market size growth in future is the growing demand for seafood globally. The rising product demand is due to the awareness created among consumers about the health benefits related to product consumption. For example, crabs contain omega-3 fatty acids and proteins, which have anti-inflammatory characteristics useful for treatment of arthritis.
Moreover, amplified consumer spending is being observed in recent years on food products. This is due to the changing lifestyle patterns, that can be attributed to increased disposable income of consumers. This change in consumer behavior is expected to drive the seafood and frozen food industry growth considerably, which in turn, will be propelling the crustacean market size across the globe by 2024.
Furthermore, e-commerce and online channels have boosted the seafood market considerably through both platforms, business-to-customer (B2C) and business-to-business (B2B) operations. For instance, big chain retailers such as Target and Walmart offer in-store pick up and home delivery of seafood after order placement by customer. The major challenge for crustacean market is to compete with other aqua farming and agro industries. The crustacean market is still lagging others in terms of advanced biotechnologies which can enhance production output and value.
Based on product, the crustacean market can be divided into crabs, lobsters, shrimps and prawns. Other species in product family include woodlice, barnacles, crayfish and several diverse types of species. The product contains vital nutrients such as minerals, vitamins and proteins and can prevent numerous diseases.
Based on the culture area, the crustacean market can be segmented into inland waters and marine waters. The marine waters segment accounted for largest share in global crustacean market in 2016. The natural ocean conditions in marine areas are conducive for product growth. Countries including Australia and Thailand are home for shrimp and crab farming. However, periodic high currents affect product population in marine environment. Accordingly, aquaculture farms use drugs for preventing diseases and algae growth in the culture areas, which also affects the product population considerably. Thus, government agencies such as MAFW (Ministry of Agriculture and Farmers Welfare) in India and FAF (Federal Agency for Fishery) in Russia are trying to promote sustainable farming practices in these areas.
In 2016, Asia Pacific, led the global crustacean market in terms of production and consumption. China is likely to lead the regional crustacean market by 2024, as the product is one of the most valued species family preferred in Asia Pacific, for consumption. Countries such as India, South Korea, China, Bangladesh, Malaysia, Singapore and Sri Lanka are biggest consumers of seafood in Asia Pacific, thus, anticipated to contribute in crustacean market growth. Asia Pacific is full of small scale product vendors, as they receive full support from government pertaining to aquaculture and fish farming. Due to drift in consumer preference for rich in quality seafood, domestic consumption is likely to witness a prominent growth over the forecast period.
The prominent market share contributors functional in industry are Seaview Crab Company, The Crab Company, Asmak, RDM Aquaculture, Ichiboshi, International Fish Farming and Holding Company and Surapon Foods, Normad Foods, Norway Royal Salmon, AquaChile, Russian Aquaculture, Findus Group, Nireus Aquaculture, Beijing Princess Seafood and Mogster Group.
The product vendors, both international and regional, are intensifying the competition, by competing on the basis of portfolio, pricing and product differentiation. For instance, Normad Foods acquired Iglo Foods in 2015, to solidify their position in frozen foods segment. Small crab farmers, medium level domestic crab farmers & fisheries are also trying to enter the crustacean market.
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