Global Crustaceans Market to Grow at 4.5% CAGR and Reach US$ 147 Bn by 2025

Growing applications of crustaceans, especially in pharmaceutical and cosmetics industry are likely to provide an impetus to the growth of the market during the assessment period 2017-2025, according to a research study added to the comprehensive repository of Market Research Reports Search Engine (MRRSE). According to the study, the global crustaceans market is likely to grow at a CAGR of 4.5% during the assessment period, and reach a valuation of nearly US$ 147 Bn by 2025.

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According to the report, although demand for crustaceans is growing in pharmaceuticals and cosmetics industry, the food industry remains the mainstay of demand. The demand for crustaceans in the food industry is driven by the growing popularity of frozen food products. The increasing popularity of seafood in the US and European countries is also leading to a spike in demand. These factors are likely to play a key role in the growth of the market during the assessment period.

In addition to the popularity of frozen food, demand for crustaceans is also influenced by increase in the per capita income of seafood and fish. Increasing awareness on the importance of healthy food, combined with rising per capita expenditure on healthy products is likely to provide an impetus to growth during the assessment period. Easy availability of animal proteins is another key factor promoting the increasing consumption of crustaceans.

Asia Pacific remains central to the prospects of crustaceans, and it is highly likely that demand will witness an increase at a robust pace in the region during the assessment period. Rising population, urbanization, and decreasing yield per hectare have meant that consumers are looking for new food products to satisfy their dietary intake requirements. Based on these factors, the Asia Pacific crustaceans market is likely to grow at a steady pace, and reach nearly US$ 60 Bn by the end of the forecast period.

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The business intelligence study also offers an in-depth analysis and insights on the crustaceans market. According to the study, some of the leading companies in the crustaceans market include Charoen Pokphand Food PCL, Royal Greenland A/S, The Clover Leaf Seafoods Family, Trident Seafoods Corporation, Morubel, High Liner Foods Inc., DNI Group LLC, Ocean America Food SA, Rich Products Corporation, Siam Canadian Group Limited, International Fishing Farming Holding Company PJSC-Asmak, Blue Star Seafood Co. Ltd., Sirena A/S, Surapon Foods Public Company Limited, and Maruha Nichiro Corporation.

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This release was published on openPR.