Crustacean Market Industry Outlook, Analysis, Future Plans And Growth Factors

Crustacean Market is expected to grow by 5.5% from 2023 to 2029, reaching nearly USD 39.50 Bn.

Crustacean Market Report Scope and Research Methodology

The comprehensive analysis report offers valuable insights into the dynamics, trends, and future prospects of the Crustacean industry during the forecast period. It covers key market drivers, challenges, and recent developments, along with demand trends, growth stimulators, spending patterns, and modernization trends across different regions.

The research is based on extensive research and analysis, incorporating inputs from industry experts, government agencies, and market participants, providing a reliable and accurate assessment of the market dynamics and future trends.

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What are Crustacean Market Dynamics?

Drivers for Market Growth:

The market is driven by the adoption of precision-based fishing techniques.

Precision fishing involves the use of advanced tools and technology to optimize fishing operations and management, a process further enhanced by advanced analytics. Adoption of this strategy by large-scale fishing enterprises worldwide has the potential to yield annual operating cost savings of approximately $10.8 billion, consequently benefiting consumers through lower fish and seafood prices. Furthermore, precision-fishing methods hold the promise of improving marine resource utilization, potentially increasing industry revenues by up to $52.5 billion by 2050, while doubling overall seafood output compared to current levels.

Restraints:

Exhaustion of marine resources poses a significant threat to overall market growth.

Seafood companies, in their quest for expansion, are placing immense pressure on aquatic ecosystems. Currently, roughly half of the world's fish populations are classified as depleted, recovering, or overexploited, with declining wild-catch percentages in most regions. This depletion is particularly pronounced among apex predators at the top of the marine food chain, including sharks and billfish. The extinction of these apex predators triggers a chain reaction, disrupting marine habitats' ecological balance.

Accumulation of plastic pollution can also negatively impact fish survival rates, further contributing to declining stock levels. Climate change and associated deoxygenation processes are already affecting the world's oceans, leading to far-reaching consequences for aquatic ecosystems, such as reduced biodiversity and habitat alterations. Some projections indicate that these changes could reduce fishing revenue by 34.5% by 2050.

Crustacean Market Segmentation?

Segmented by Type, the crab segment is expected to grow at a CAGR of 4.3% during the forecast period. After a challenging year in 2022, the crab industry is showing signs of recovery, with trade numbers indicating growth in nearly every market. The demand for crabs is on the rise, driving prices upwards. A potential supply shortage may further boost prices. In the first quarter of 2022, global imports increased by 7.3% compared to the same period in 2022. Notably, imports in China surged by 59.5%, while the United States recorded an 11.2% increase. Conversely, Korean imports declined by 15.8%.

Crab seasons in various countries significantly influence this segment's growth. For example, the California Dungeness crab season in 2022 experienced a slow start and early end due to concerns about humpback whales becoming entangled in crab-trap lines. Despite lower yields, prices were relatively high, with an average landing price of USD 6 per pound, up from USD 3.6 per pound in the 2022 season. Additionally, the Alaska crab season concluded in early May of the same year, with substantial landings for snow crab, Tanner crab, and golden king crab, both in the eastern and western Aleutians.

Norway's snow crab and king crab sectors, while modest compared to the top three exporters (Canada, Russia, and the USA), are experiencing growth. In the first quarter of 2022, 695 tonnes of king crab were landed, with export volumes increasing by 65% and prices rising, resulting in a 74% increase in export value.

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Who are Crustacean Market Key Players?

1. Ichiboshi
2. International Fish Farming
3. RDM Aquaculture
4. Seaview Crab Company
5. Surapon Foods
6. The Crab Company
7. Findus Group
8. Mogster Group
9. Nireus Aquaculture
10. Russian Aquaculture
11. Selonda Aquaculture
12. Beijing Princess Seafood
13. Dong Won Fisheries
14. Faroe Seafood
15. Big Prawn

Table of content for the Crustacean Market includes:

Part 01: Executive Summary

Part 02: Scope of the Crustacean Market Report

Part 03: Global Crustacean Market Landscape

Part 04: Global Crustacean Market Sizing

Part 05: Global Crustacean Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Regional Insights:

In the first half of 2022, farmed shrimp production met international demand. Ecuador remained the leading provider of farmed shrimp, delivering a consistent supply. Indonesia and Vietnam reported increasing production, reflected in their exports. Despite ongoing challenges, India's output saw growth from January to April 2022. Nevertheless, the sector grappled with a loss of skilled labor in processing due to the pandemic.

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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