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U.S. Crustacean Market Size
- Report ID: GMI4766
- Published Date: Aug 2024
- Report Format: PDF
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.
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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| U.S. Crustacean Market Size in 2023: | USD 5.7 Billion |
| Forecast Period: | 2024-2032 |
| Forecast Period 2024-2032 CAGR: | 3.9% |
| 2032 Value Projection: | USD 8.3 Billion |
| Historical Data for: | 2021-2023 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 172 |
| Segments covered: | By Product, By Culture Area and By Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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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.
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U.S. Crustacean Market Scope
