Press release
Global Market for Crustaceans is projected to expand at a value CAGR of 4.5% throughout the forecast period 2017-2025
Global Crustaceans Market: Forecast Highlights
According to the research report on crustaceans market, the global market is expected to witness a 1.4 times increase in revenue from 2017 till 2025. In 2017, the global crustaceans market was valued at about US$ 104 Bn and it is anticipated to touch a valuation of more than US$ 147 Bn by the end of the year of assessment (2025). The global market for crustaceans is projected to expand at a value CAGR of 4.5% throughout the forecast period.
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Increasing Consumer Demand for Frozen and Fresh Food Products to Positively Influence Global Market Growth
Population worldwide is more inclined towards fresh and frozen food products. Owing to the fast pace in life, several individuals prefer frozen products as they are convenient to carry and eat and do not take much time for preparation. Additionally, the preference of sea food is increasing across the globe. For instance, about three fourth of the US population consumes sea food products that are fresh and frozen and over 50 percent of fresh and frozen products are finfish in this region. The demand for crustaceans across the globe is the highest. The availability of fresh and frozen crustaceans is contributing to the growth of the global crustaceans market.
Growing Per Capita Consumption of Fish and Seafood to be Observed Worldwide
The increasing preference for healthy diet is being witnessed across the globe. The rising inclination towards animal protein is observed, especially among youngsters due to the awareness regarding the benefits they provide. Moreover, easy availability of animal proteins coupled with rising per capita income and expenditure have a positive impact on the growth of the animal proteins market, especially seafood.
Population Explosion in Asia Pacific to Drive Revenue Growth of the Global Market
Asia Pacific region is expected to show high growth potential in the global crustaceans market. The demand for seafood products in Asia Pacific has risen owing to increasing urban population, especially in emerging economies of India and China. According to our research, increasing expenditure on seafood products is expected grow in the coming years, thus largely contributing to the growth of the global crustaceans market. Also, increasing per capita household consumption and expenditure in India and China is expected further push the growth of the crustaceans market in Asia Pacific. In addition, higher production at lower cost in Asia Pacific is driving the market’s growth. Over 70 percent of shrimp’s production in the global market is from Asia Pacific. Ease of availability, higher nutritional content and lower product price are the key factors driving demand for Crustaceans in developing countries of Asia Pacific. According to the research, crustaceans market in Asia Pacific is expected to touch a valuation of more than US$ 60 Bn by the end of the year of assessment.
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Competitive Landscape
The research report includes analysis of the companies that are operating the global crustaceans market. The companies profiled in this report include Charoen Pokphand Food PCL, High Liner Foods Inc., Royal Greenland A/S, The Clover Leaf Seafoods Family, Ocean America Food SA, Rich Products Corporation, Trident Seafoods Corporation, International Fishing Farming Holding Company PJSC-Asmak, DNI Group LLC, Surapon Foods Public Company Limited, Siam Canadian Group Limited, Sirena A/S, Morubel, Blue Star Seafood Co. Ltd., and Maruha Nichiro Corporation.
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