U.S. Crustacean Market Size & Share 2024-2032
Market Size by Product (Shrimps, Prawns, Crabs, Lobster, Crawfish), by Culture Area (Marine Waters, Inland Waters) & Forecast.
Report ID: GMI4766
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Published Date: August 2024
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
U.S. Crustacean Market Size
U.S. Crustacean Market size was valued at USD 5.7 billion in 2023 and is projected to grow at 3.9% CAGR from 2024 to 2032, due to increasing consumer awareness of the health benefits associated with crustaceans, such as high protein content and omega-3 fatty acids, is a significant driver. Additionally, the rising popularity of seafood cuisines and the expansion of gourmet dining experiences contribute to market demand. Technological advancements in aquaculture and sustainable harvesting practices are enhancing supply chain efficiency and product quality.
U.S. Crustacean Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Moreover, the growth of online seafood retail and convenience-oriented food services is expanding market reach. These elements collectively foster a dynamic and expanding crustacean market landscape in the U.S. The demand for crustaceans is also increasing among consumers owing to their high nutritional value and low-fat protein. It contains zero carbs and is very low in calories. These factors make people include in their food diet.
Crustacean belongs to the family of arthropods that include crabs, crawfish, lobsters, prawns, shrimps and distinct species of sea animals. They are largely aquatic animals; however, some terrestrial, parasitic and sessile species also exist. Worldwide population is more inclined towards fresh and frozen food products. Shift in consumption pattern due to fast pace in lifestyle, individuals now prefer frozen food since they are more convenient to store, easy to prepare and provide high nutritional value.
On an average, Americans consumed 16.1 pounds of seafood in 2018, according to the NOAA Fisheries. The level of fresh and frozen seafood consumption reached 12.3 pounds in 2018. Hence, availability of fresh and frozen crustaceans is contributing to the growth of the U.S. Crustaceans market.
Hotel chains and restaurant industry are facing downturns and seeking relief as their profits have plunged during the crisis. Suppliers of fresh and premium seafood products have been hit hard due to lack of demand for products including lobster and crabs, thus triggering a decline in prices and fears for a glut of fresh products in the market.
U.S. Crustacean Market Trends
Market trends in the U.S. crustacean that there is a huge potential for crustacean farmers, processors, and distributors operating in the industry. Fresh product consumption will increase with a rise in logistics and supply chain efficiencies. Market trends include evolving consumer preferences and technological advancements. There is a growing demand for sustainably sourced and traceable seafood, aligning with increased environmental awareness.
Additionally, innovations in aquaculture and improved farming practices are enhancing product quality and consistency. The popularity of premium and specialty crustacean products, including live and fresh options, is on the rise, driven by the expanding gourmet and health-conscious consumer segments. Furthermore, the growth of e-commerce and direct-to-consumer sales channels are reshaping distribution dynamics, providing greater accessibility and convenience for consumers.
U.S. Crustacean Market Analysis
The shrimps segment will capture USD 4.62 billion and demonstrate a 4.2% CAGR through 2032, due to increasing consumer preference for versatile and high-protein seafood. Advances in aquaculture technology are improving shrimp farming efficiency and sustainability, addressing environmental concerns and boosting supply. The segment benefits from rising demand in both household and restaurant settings, with shrimp featured prominently in various cuisines. Innovations such as value-added products and convenient, ready-to-cook options are further enhancing market appeal. Additionally, the growth of online grocery shopping and direct-to-consumer channels is expanding market reach and accessibility for shrimp products across the U.S.
Crustacean provides vital nutrients to human body such as proteins, minerals and vitamins and boost the immune system. In 2017, U.S. shrimp consumption increased three-tenths of a pound per person. High disposable income, supportive food culture, and strong domestic aquaculture industry shall further proliferate the crustacean demand in the coming years.
The marine waters segment will account for the largest share of close to 89% of the overall U.S. crustacean market in 2023. The natural ocean conditions in marine areas are conducive for crustaceans growth. In addition, coastal aquaculture which is practiced in artificial structures in areas adjacent to the sea, such as gated lagoons and coastal ponds generates large volume of crustaceans at a commercial scale.
However, the salinity is not stable in these structures and depends upon rainfall or evaporation, season and location. Furthermore, periodic high currents also affects crustacean farming in marine environment. Governments, foundations, nongovernmental organizations (NGOs) and local communities around the world are channelling substantial interest, capacity and funding to the establishment of Marine Protected Areas (MPAs).
Majority of seafood landing in the U.S. is mainly imported from several countries. This trend will likely sustain in coming years on account of increasing consumption of fresh and frozen seafood with shrimps among the leading product imported into the U.S. Nevertheless, NOAA Fisheries data claims that most of the imported seafood is caught by American fishermen at the first place and then the landing is exported overseas for processing and preparation of canned and frozen goods, and they are imported back as finished goods in the form of fresh or frozen seafood products.
U.S. Crustacean Market Share
Companies include Seaview Crab Company, RDM Aquaculture, L.L.C., Louisiana Crawfish Company, Pacific Seafood, and Cajun Crawfish Company. Seaview Crab Company is renowned for its high-quality crab products and sustainable fishing practices, setting industry standards. RDM Aquaculture, L.L.C. excels in innovative aquaculture techniques, enhancing productivity and sustainability. Louisiana Crawfish Company is a leader in the production and distribution of premium crawfish, crucial to regional cuisine and economy.
Pacific Seafood provides a comprehensive range of seafood products, including crustaceans, leveraging extensive supply chains and processing expertise. Cajun Crawfish Company is recognized for its exceptional crawfish, contributing to both local and national markets. Collectively, these companies drive industry growth through innovation, quality, and sustainability, supporting a robust seafood supply chain and meeting increasing consumer demand.
U.S. Crustacean Market Companies
Top companies operating in the U.S. crustacean industry include:
U.S. Crustacean Industry News
The U.S. crustacean market research report includes in-depth coverage of the industry, with estimates and forecasts in terms of revenue and volume (USD Billion) (Tons) from 2021 to 2032, for the following segments:
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Market, By Product
Market, By Culture Area
The above information is provided for the following regions and countries:
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