Crustacean Market Set to Expand at 5.5% CAGR, Reaching US$ 32.78 Billion by 2034

The global crustacean market is expected to reach a value of US$ 19.26 billion in 2024 and is projected to grow at a CAGR of 5.5% through 2034. The increasing demand for crustaceans is driven by a growing consumer preference for protein-rich diets, advancements in aquaculture technology, and a rise in global seafood consumption. Factors such as rising disposable incomes, urbanization trends, and greater awareness of the health benefits associated with seafood consumption have all contributed to the market's expansion. Shrimps play a significant role in market revenue due to their widespread consumption and versatile culinary applications. Additionally, there is substantial demand for crabs and lobsters, which are positioned as premium seafood choices in the 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 is poised for significant growth, with an estimated value of US$ 19.26 billion in 2024 projected to reach US$ 32.78 billion by the end of 2034, reflecting a robust compound annual growth rate (CAGR) of 5.5%. This growth is driven by increasing global demand for crustaceans, fueled by rising consumer preference for protein-rich diets and the expanding seafood consumption worldwide. East Asia, specifically, is anticipated to lead in market expansion with a forecasted CAGR of 5.7% over the next decade, driven by high seafood consumption rates and technological advancements in aquaculture.

In terms of market dynamics, the business-to-consumer distribution channel is set to dominate, accounting for 59.8% market share in 2024, indicating a strong direct consumer market presence. Shrimp, as a popular crustacean type, is expected to hold a significant market share of 34.2% in 2024, underscoring its widespread consumption and culinary versatility. North America is identified as a key region, contributing 21.7% to the global market share in 2024, driven by robust seafood demand and a well-established market infrastructure for crustacean products. These trends highlight a promising outlook for the crustacean market, driven by both regional market expansions and evolving consumer preferences globally.

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 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.

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.

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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.