U.S. Crustacean Market size to exceed $10.2bn by 2026
Published Date: July 3, 2020 Authors: Kiran Pulidindi, Hemant Pandey
U.S. crustacean Market size is set to exceed USD 10.2 Billion by 2026, according to a new research report by Global Market Insights, Inc.
Shift in consumer preference and lifestyle will result in an increased demand of U.S. crustaceans
Fish and crustaceans have become an integral part of a healthy diet since seafood is more nutritious compared to other meat products. The U.S. has witnessed a rise in the consumption of seafood over the last few decades. The increasing population, higher living standards, along with change in socioeconomic factors, general food consumption patterns, personal health status are the possible reasons influencing growth. Moreover, the vast coastal and inland water resources have supported the domestic demand.
Sustainable harvesting of crustaceans and the increasing crustacean farms shall drive the U.S. crustacean market in the coming years. Majority people in the country rely on seafood and fishing industry as a source of protein for their survival and livelihood. Nutritional standards along with rise in per capita food consumption will witness positive long-term growth with the worldwide increase in average quantity of protein intake and calorie supply per person in the last few decades, thereby escalating crustacean demand in the U.S.
Browse key industry insights spread across 284 pages with 280 market data tables & 35 figures & charts from the report, “U.S. Crustacean Market Outlook By Product (Shrimps, Prawns, Crabs, Lobster, Crawfish), By Culture Area (Marine Waters, Inland Waters), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
With surge in COVID-19 pandemic, fresh crustaceans demand has been plummeted as restaurants, catering business, canteens, food services shut down causing rippled effects across the fishing industry. Furthermore, closure of international borders, trade and transportation restrictions are hindering the supply chain network. As a result, being a perishable product prices of crustaceans plummeted, thus putting small business and fisheries at a risk of bankruptcy. All these factors will collectively affect the overall crustacean market during forecast period.
Crabs consumption to attain high growth
Crabs segment of U.S. crustacean market is poised to surpass USD 780 Million by 2026. During the past decade the U.S. aggregate commercial landings of all species of crabs held between 275 to 350 million pounds per year with a dockside value of USD 400 to 550 million. Crab are available in the market as either fresh cooked whole crabs, live whole crabs, or frozen cooked whole crabs, single legs or sections. They can be found in the marketplace throughout the year due to advanced storage techniques of freezing. Crabs are imported from different countries in the U.S., they generally comes in metal or plastic containers and traded in the form of fresh, refrigerated, pasteurized or canned crab meat, frozen meat for end-use.
Inland Waters culture area will generate promising revenue growth
Inland waters culture area segment of U.S. crustacean market will grow at a decent growth rate of 5.9% during the forecast period. Inland aquaculture production mainly include farming of white-leg shrimp species, that can grow and acclimatize in both saline-alkaline water and fresh water. Inland waters involves reservoirs, rivers, wetlands, lakes, floodplains etc. Earthen ponds occurs to be the most preferred inland aquaculture production facility. Inland saline systems are permanent inshore water bodies away from the coastal zone whose culture area is affected by seasonal, permanent, or intermittent events of flooded conditions.
U.S. to provide lucrative growth opportunities in seafood markets
The largest seafood consuming states on the basis of per capita consumption in U.S. include Texas, New York, California, Florida, Pennsylvania etc. Texas will account for close to 8% of the overall consumption in the U.S. by 2026. The U.S. citizens enjoy a variety of seafood varying from fishes such as tuna, salmon, and crustaceans such as shrimps and crabs. Although a small producer, the marine aquaculture production in U.S. has escalated at an average rate of 3.3 percent per year. In addition, the U.S. predominantly investment capital to other producers around the world and the country is a major supplier of advanced technology, feed, equipment etc.
American lobsters is an integral part of American seafood trade and accounted for the highest-value species of seafood generally caught in the U.S. Maine dominates lobster catching along the Atlantic. In 2018, this U.S. state brought in 54.88 kilo tons of American lobster, amounting to 491 million dollars. Improvement in economic condition and growth in disposable income shall propel the market growth.
Production rate expansion among industry players will increase market competitiveness
U.S. crustacean market share is highly fragmented due to presence of number of industry participants across the globe. U.S. imports a large proportion of crustaceans from other countries such as India, Thailand, China, Indonesia, Mexico, Chile, Canada, etc. for consumption. Some of the prominent players engaged in the industry trade are Zhanjiang Guolian Aquatic Products Co., Ltd, Zoneco Group Co., Ltd. etc. Significant investments have been made by large players to increase their foothold. For instance, In June 2019, Ready Seafood Co. donated USD 50,000 to the Maine Sea Grant project for the evaluation of temperature effects on larval lobsters and their nursery potential of seabed.