Crustacean Market Foreseen to Grow Exponentially Over 2017 - 2025 : Persistence Market Research

Crustacean is a term used for seafood like crab, shrimp, krill, lobster, and barnacles. In addition to these, the group also includes the enormous variety of other forms. These are found in seawater, freshwater, and some even in inland brines. Many other free-swimming species occupies in open waters of oceans and lakes. Some species are also found in sandy, rocky, and muddy areas. The crustacean is rich source of vitamins, proteins, minerals, and omega -3 fatty acids, and are becoming increasingly popular. In many developing countries like India, Shri Lanka, Ghana, and Brazil seafood is an important part of the daily meal and this food is also cheaper than other animal protein available in the market. More than 60% of the total consumption of crustacean are shrimp and prawns.

Crustacean Market: Drivers and Restraints

The rising global population and increase in the consumption of seafood worldwide are driving the global crustacean market. Even though the global crustacean market is very fragmented, many factors such as improved farming methods, globalization, and logistics have provided favorable conditions for the growth of global crustacean market. The e-commerce market has supported the growth of crustacean market by connecting the seafood companies across the supply chain from fishermen, processors, wholesalers to stores at various levels and large restraint chains. The increasing awareness about the health benefits of seafood and particularly crustacean is expected to drive the demand for crustacean over the forecast period. The decline in the arable land in developed as well as developing countries have resulted in the increase in the consumption of seafood in diet much more than the past.

Rising sea levels, global warming, increased emission of greenhouse gasses, and abrupt changes in weather pattern have significantly affected the marine ecosystem globally. These factors may limit the aquaculture and farming activities. However, some improved aquaculture activities in some developed countries and higher purchasing power are expected to propel the global crustacean market towards the steady growth. New and advanced aquaculture opportunities are expected to gain traction in global crustacean market over the forecast period.

Crustacean Market: Segmentation

On the basis of Category,

Frozen
Preserved
Others
On the basis of Application,

Food
Non-food
On the basis of Source,

Marine
Inland
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Crustacean Market: Region Wise Outlook

The global Crustacean Market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). The top crustacean consuming countries include U.S., Spain, China, Canada, Vietnam, India, and Japan. The Latin America and North America are the top regions for the high consumption of crustacean, especially shrimp. The U.S. hold the largest seafood market followed by China and Japan. In some countries like Japan and China, crustaceans are the major part of the diet. In Western Europe, Spain holds the largest fish processing industry and seafood market. In APEJ region, the steady demand in the population of China and India and improved economic conditions is expected to escalate the demand for crustacean over the forecast period.

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