Crustacean Market to Achieve Robust Growth, Reaching US$ 32.78 Billion by 2034

The global Crustacean Market (Margadh Crústaigh) is estimated to be valued at US$ 19.26 billion in 2024 and is projected to grow at a CAGR of 5.5% through 2034. This demand is driven by increasing consumer preference for protein-rich diets, advancements in aquaculture technology, and a rise in global seafood consumption. Market growth has been bolstered by rising disposable incomes, urbanization, and greater awareness of the health benefits of seafood. Shrimps significantly contribute to overall market revenue due to their widespread consumption and versatile culinary applications. Additionally, crabs and lobsters are in high demand, given their premium status in the seafood market. Increasing adoption of aquaculture practices, especially in developing nations, has played a significant role in meeting the growing demand for crustaceans. Aquaculture technology and technique innovation have streamlined production, increasing yields and satisfying the demands of the market.

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Key Takeaways from Market Study

The global crustacean market (Kräftdjursmarknad) is estimated to be valued at US$ 19.26 billion in 2024, with a forecasted growth to US$ 32.78 billion by the end of 2034. This represents a projected CAGR of 5.5% from 2024 to 2034. The market in East Asia is expected to experience a slightly higher growth rate, expanding at a CAGR of 5.7% over the next decade. In terms of distribution channels, the business-to-consumer segment is anticipated to dominate, accounting for 59.8% of the market share in 2024.

Shrimp is predicted to be a significant contributor to the market, holding 34.2% of the market share in 2024. North America is set to represent a substantial portion of the global market, accounting for 21.7% of the market share in 2024. These figures underscore the growing demand for crustaceans driven by factors such as rising consumer preference for protein-rich diets and increasing seafood consumption worldwide.

List of Key Companies Profiled in The Report

Nippon Suisan Kaisha, Ltd.
High Liner Foods Inc.
Ocean America Food SA
Morubel Maruha Nichiro Corporation
DNI Group LLC
Surapon Foods Public Company Limited
Siam Canadian Group Limited
Sirena A/S
RDM Aquaculture
Seaview Crab Company
The Crab Company
Others

Health Benefits Associated with Crustaceans Driving Consumption

Rising demand for crustaceans (Krebsdyr) can be attributed in large part to the growing recognition of the health benefits associated with consuming seafood. The increasing consumer awareness of the positive health impacts of seafood, including its abundance of protein and omega-3 fatty acids, is a major factor behind the surging demand for crustaceans worldwide. Crustaceans like shrimps, crabs, lobsters, and crayfish are renowned for their nutrient-rich qualities, containing vital minerals and vitamins like vitamin D and B12, zinc, iron, and selenium.

Growing recognition among consumers of these diverse health benefits has steered a trend toward seafood-based diets, driving global demand for crustaceans. The crustacean market is experiencing significant growth due to the increasing popularity of seafood-based diets, which are recognized for their several health benefits and adaptable nutritional options. This increased demand influences consumer preferences and drives innovation and sustainability in crab cultivation and harvesting operations, cementing their status as a critical element within the larger seafood business.

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The Rise of Crustaceans in the U.S. Dietary Landscape: A Nutritional and Sustainable Choice

The evolving dietary habits and heightened focus on healthy eating in the United States have fueled a growing preference for low-fat, high-protein meals, making crustaceans an optimal nutritional addition. The country's advanced seafood processing and distribution infrastructure ensures streamlined handling and logistics, contributing to the widespread availability of crustaceans.

In response to changing taste preferences, restaurants and foodservice establishments continually introduce innovative dishes featuring crustaceans. This culinary evolution caters to a diverse population with varying taste preferences.

Concurrently, strict adherence to food safety regulations and increasing consumer awareness of sustainable sourcing and aquaculture practices aligns with the global trend toward responsible consumption within the crustacean market. This surge in awareness fosters a demand for crustaceans that are responsibly harvested and environmentally friendly.

Competitive Landscape

The crustacean industry is fiercely competitive, spanning large-scale producers to small-scale players, encompassing seafood processors, aquaculture farms, and distributors. Dominated by key players such as DNI Group LLC, Surapon Foods Public Company Limited, and High Liner Foods, the industry is characterized by a spectrum of activities, from harvesting and processing to packaging and distribution of various crustacean species. These leaders prioritize product innovation, sustainable practices, and strategic collaborations for a competitive edge. Notably, High Liner Foods expanded its reach with the acquisition of Rubicon Resources, LLC, a move finalized in November 2021.

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This release was published on openPR.