U.S. Crustacean Market Size

U.S. Crustacean Market Size

U.S. Crustacean Market size exceeded USD 10.4 billion in 2019 and will grow at a CAGR of 5.4% from 2020 to 2026. The demand for crustaceans is increasing among consumers owing to its 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.

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Crustacean belongs to 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.

There is a higher demand for fresh & frozen seafood from Americans due to appealing taste and rich nutritional value such as proteins and minerals. Even though the per capita seafood consumption is increasing year-on-year, the U.S. consumers according to “USDA Dietary Guidelines for Americans” haven’t met the recommended level of seafood consumption.

This suggests that there is a huge potential for crustacean farmers, processors, and distributors operating in the industry. The fresh product consumption will increase with rise in logistics and supply chain efficiencies.

Surge in COVID-19 pandemic across the country has severely hit the tourism sector, leading to shut down of restaurant and hotels serving premium seafood. Covid-19 Impact can be witnessed more on demand side of crustacean’s value chain with ripple effects on supply side. Therefore, a number of fisheries that supplies restaurants with seafood faces difficulty to sustain.

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 product in the market.