Crustaceans Market Segmented By Lobsters, Shrimp, Crabs Type with Capture, Aquaculture Origin
Industry: Food and Beverages
Published Date: January-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 333
Report ID: PMRREP14143
The market for crustaceans can be expected to expand at a value based CAGR of 5.0% and show an increase in revenue from US$ 116.4 Mn to around US$ 170.1 Mn by 2033.
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Crustaceans Market Size (2023E) |
US$ 116.4 Mn |
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Projected Sales of Crustaceans (2033F) |
US$ 170.1 Mn |
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Value CAGR (2023-2033) |
5.0% |
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Value Share of Top 4 Countries (2022E) |
58.5% |
The global crustaceans market has witnessed significant growth in the historical period registering a CAGR of 5.4% in the historical period and was valued at US$ 116.4 Mn in 2023. The market is expected to grow steadily with increasing awareness about nutritional benefits with crustacean consumption.
Shrimp is highly nutritious food, which is low in fat, high in protein, and a moderate source of omega-3 fatty acids. Shrimp is also a low-cost seafood, attributable to its higher production volume as compared to other types of crustaceans. Moreover, shrimp is also a consumer favourite among all other seafood products in countries such as the U.S., and higher demand for fresh and frozen shrimp products has been witnessed over the past few years. Multiple frequently available species of shrimp, including giant tiger shrimp and royal red shrimp, are gaining rapid traction, globally. This is boosting the overall growth of the global crustaceans market.
As the health and nutrition factor would continue to dominate consumer food preferences, rising crustaceans consumption is expected to drive the market over the coming years. The global market for crustaceans is estimated to reach an approximate valuation of US$ 170.1 Mn in the forecast period.
“Increase in Aquaculture Production to Support Growth of Crustaceans Market”
The aquaculture industry has been witnessing exponential growth from the past few years, on the back of rising consumption of seafood products at the international level. Farming fishery products have become a profitable business, attributable to the availability of technological advancements in the aquaculture business. Countries in Asia dominate in terms of aqua farming of various species, including crustaceans, on the global level. The farming process of crustaceans includes stocking, feeding, and protection of crustaceans from predatory species. As the demand for seafood is rising, especially in South Asian countries, business opportunities for players involved with aquaculture have increased significantly in the region. This growth of aquaculture production boosts the production of crustaceans, and is expected to contribute significantly to the growth of the crustaceans market.
“Growing Preference for Fresh and Frozen Sea Food”
The easy availability of fresh and frozen sea food products is increasing demand for fresh shrimp, lobster, crab, and other crustaceans. To avoid any negative health effects, consumers have become more particular about consuming fresh sea food. This has increased global demand for fresh and frozen sea food products. Consumers associate fresh and frozen sea food with a healthy lifestyle. More than three-fourths of all seafood consumed in the United States is fresh or frozen, with finfish accounting for slightly more than half of all fresh and frozen products. Less than half are shellfish, with crustaceans being the most in demand.
“Regional Seafood Cuisines Gaining Significant Global Traction”
The ongoing trend of consuming regional seafood cuisines is anticipated to boost demand for crustacean-based dishes in restaurants. Regional cuisines that include various types of shrimp, crab, and other seafood are becoming popular in numerous countries, which is expected to boost market revenue further.
“Foodservice and Hotel Restaurant and Cafeteria (HoReCa) Culture to Drive Market Growth”
The number of foodservice and quick chain restaurants worldwide is growing, with developing countries expanding at a faster rate, increasing demand for seafood. This is also due to rising consumer demand for seafood in restaurants and quick service restaurants. Protein-rich food products are preferred by health-conscious consumers over high-calorie products. This is another trend that is expected to continue in developing countries over the forecast period. As a result of rapid urbanisation and rising per capita income, the HoReCa culture is thriving, particularly in South Asia. This has created a number of opportunities for restaurants to provide more crustacean products to customers.
“Ready-to-eat Food Consumption Boosting Use of Crustaceans”
Ready-to-eat foods are the result of consumers' on-the-go lifestyles, in which they seek food products in less time. Manufacturers are influencing consumers by producing a variety of convenience food products, which has created a lot of buzz around the world. Consumers' primary goal is to save time, so they are increasingly turning to ready-to-eat food and beverage products.
Sea food manufacturers are creating shrimp and crab-based and ready-to-eat food products that are extremely convenient for today's growing working population. Products such as canned shrimp, canned crab, and ready-to-eat crab are becoming increasingly popular among consumers. Ready-to-eat seafood also assists consumers in meeting their nutrient needs.
“Adulteration in Crustaceans Hampering Demand”
Adulteration in crustaceans is currently a significant factor, hampering their demand. Shrimp has the highest adulteration rate among other crustaceans as the demand for shrimp is high in western countries. Adulteration practices include, injecting crustaceans with prohibited antibiotics and other compounds. The U.S. is witnessing increasing cases of adulterated shrimp, especially in case of imports from South Asia.
What is the global crustaceans market expected to look like in the upcoming years?
Latin America and South Asia are projected to witness high growth rates in the global crustaceans market during the forecast period of 2023-2033, attributable to increasing per-capita food expenditure coupled with rapid urbanization in these two regions. Substantial growth of the seafood industry in both regions also contributes to the growth of the crustaceans market.
Growing meat consumption in South Asia & Pacific also means increased demand for different crustacean products such as shrimp and crabs. The Middle East and Africa is also projected to witness a significant growth rate in the global crustaceans market during the forecast period, attributable to the growing consumption of seafood in this region over the past few years.
What is the Outlook for Asian Crustaceans market?
East Asia accounts for a significant market share in the crustaceans market, owing to the traditional consumption of crustacean products in the region. China is importing a large quantity of crustaceans such as shrimp and lobsters due to growing consumer demand for crustacean products. South Asia is also a promising region.
The major contributing factor to the growth of the crustaceans market in this region is the high per-capita consumption of seafood products in countries such as Indonesia and Thailand.
What Does the Type Segmentation among Crustaceans Account for?
By type, the global crustacean market is segmented as lobster, shrimps and prawns, crabs and others. Among both of the segments, lobster segment is estimated to account for 19.3% of market share by value, in the overall global Crustacean market, in 2023.
The increasing concern about heath and fast-paced lifestyle in the global food industry is driving consumers towards seafood-related snacks on a regular basis. Traditional fish and chips shops are experiencing larger footfall on a daily basis, and this is anticipated to boost the growth of the seafood market, as the demand for seafood snacks is expected to increases over the forecast period.
Which Origin of Crustaceans Accounts for Higher Revenue Generation in the Market?
In terms of origin, aquaculture is expected to register a higher CAGR, and currently holds a value of US$ 65.4 Mn as compared to capture which is expected to register a value of US$ 51.0 Mn in 2023. This is on the back of the growing aquaculture industry in Asia, which ensures a steady supply of crustaceans. The increasing benefits of aquaculture as compared to its counterpart has resulted in an increased push towards rapid development and hence is expected to register higher figures over the forecast period.
The global crustacean market is characterized primarily by a large number of regional players. Companies with a global presence hold approximately 30-45% of the market. Manufacturers of crustaceans are focusing their product offerings specifically on foodservice manufacturers and growing seafood consumers. Some of the major players in the global crustaceans market include Nippon Suisan Kaisha, Ltd., Maruha Nichiro Corporation., Royal Greenland A/S LLC., and others. Multinational players account for 15-20% of the market, while local players account for 20-35%. These businesses provide crustaceans such as shrimp, crab, and others, operate on a small scale, and are more export-oriented.
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Details |
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Forecast period |
2023-2033 |
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Historical data available for |
2018-2022 |
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Market analysis |
USD million for value |
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Key regions covered |
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Key countries covered |
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Key market segments covered |
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Key companies profiled |
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Report coverage |
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Customization & pricing |
Available upon request |
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The global market for crustaceans has a value of US$ 116.4 Mn in 2023.
The global market for crustaceans has a value CAGR of 5.4% from 2018-2022.
The global market for crustaceans has a value of US$ 170.1 Mn in 2033.
The global market for crustaceans has a value CAGR of 5.0% from 2023-2033.
The top players hold more than 10-15% of the market share. They include Nippon Suisan Kaisha, Ltd., Maruha Nichiro Corporation, Trident Seafoods Corporation, Royal Greenland A/S.
