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Crustacean Market Overview
Crustacean Market size is estimated to reach $134.2 billion by 2027, growing at a CAGR of 5.2% during the forecast period 2022-2027. Crustaceans are a large and diverse group of arthropods that include crabs, lobsters, crawfish, shrimp, prawns, seafood, krill, and barnacles. A few crustaceans have closer affinities with insects and other hexapods than with other crustaceans. Protein, omega-3 fatty acids, docosahexaenoic acid, vitamin B12, good fats, and minerals are abundant in them, preventing a variety of health problems. Crustacean foods can help to lose weight, enhance immunity, and improve brain as well as heart health. A crustacean's body is divided into several segments, including the cephalon (head), thorax, and pleon (abdomen). A cephalothorax can be formed by joining the head and thorax and covering it with a single big carapace. A hard exoskeleton safeguards the crustacean body, which must be molted in order for the animal to grow. Various exoskeleton components could be fused together. According to Food and Agricultural Organization, about 5.7 million tonnes of crustaceans were produced in 2020. Crustaceans are available in more than 40,000 species. Crustaceans have also been used extensively in the pharmaceutical, cosmetics, and agricultural industries.
The soaring intake of seafood across the world is set to drive the Crustacean Market. Essential nutrients in crustaceans like protein, minerals, and vitamins are recognized to avert a host of ailments and this is set to propel the growth of the Crustacean Market during the forecast period 2022-2027. This represents the Global Crustacean Industry Outlook.
Crustacean Market Report Coverage
The report: “Crustacean Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Crustacean Market.
By Type- Shrimp, Lobsters, Barnacles, Crabs, Krill, and Others.
By Application- Food, Cosmetic, and Pharmaceutical.
By Geography- North America (U.S, Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia, Rest of South America), and Rest Of The World (Middle East, Africa).
Key Takeaways
- Geographically, Asia-Pacific (Crustacean Market) accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the soaring production of Shrimp in China in the Asia-Pacific region.
- Crustacean Market growth is being driven by the surging demand owing to the expanding health advantages and a boost in the acceptance of novel production methods that are environment-friendly. However, the Conservation Status of Crustaceans indicates that numerous crustaceans are extinct, extinct in the wild, or endangered or critical and this is one of the major factors hampering the growth of the Crustacean Market.
- Crustacean Market Detailed Analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Crustacean Market report.
Crustacean Market - Market Share (%) by Region, 2021
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Crustacean Market Segmentation Analysis - By Type
The Crustacean Market based on type can be further segmented into Shrimp, Lobsters, Barnacles, Crabs, Krill, and Others. The Shrimp Segment held the largest market share in 2021. This growth is owing to the shrimp being a nutrient-dense food that is reduced in fat, soaring in protein, and includes a modest quantity of omega-3 fatty acids. Shrimp is also low-cost seafood owing to its bigger manufacturing volume than other crustaceans. Currently, China is the largest exporter of fish in the world. As per Food and Agricultural Organization, in 2019, around 1 million tonnes of shrimp were produced in China, and around less than 20 percent of shrimp were exported. Numerous typically accessible shrimp varieties, like gigantic tiger shrimp and royal red shrimp, are acquiring recognition around the world and this is further propelling the growth of the Shrimp segment. Furthermore, the Lobsters segment is estimated to grow with the fastest CAGR of 6.1% during the forecast period 2022-2027 owing to lobsters being high in selenium and omega-3 fatty acids and being a good source of both with lobsters being helpful for thyroid issues, depression,and anemia and lobster being a principal protein source in a dish.
Crustacean Market Segmentation Analysis - By Application
The Crustacean Market based on Application can be further segmented into Food, Cosmetic, and Pharmaceutical. The Food segment held the largest market share in 2021. This growth is owing to the numerous health benefits of crustaceans resulting in extensive availability in the food industry. Crustaceans are also utilized in the form of fresh foods, frozen foods, and even snacks. Presently, people are inclined toward products including proteins that are healthy. Therefore, the surging intake of crustaceans among consumers owing to the inclusion of proteins and different health advantages offered is further propelling the growth of this segment. Furthermore, the Cosmetic segment is estimated to grow with the fastest CAGR of 6.7% during the forecast period 2022-2027 owing to the vital role of crustaceans in the cosmetic sector attributed to certain natural constituents, like zinc, being helpful for skin tissues and reducing skin inflammation with a constituent derived from the shells of different crustaceans being included in the ingredient list of most anti-aging cosmetics
Crustacean Market Segmentation Analysis - By Geography
The Crustacean Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. In 2021, Asia-Pacific (Crustacean Market) held the largest share with 41% of the overall market in 2021. The growth of this region is owing to the consumers becoming more health-conscious, which is driving them to eat healthier foods in their daily lives. Furthermore, as the demand for sea items grows, so does the demand for crustaceans. The total seafood production in China was 65.7 million metric tonnes (MT) in 2021, as per the Chinese Research Agency, and would rise to 66.1 million metric tonnes (MT) in 2022. Protein-based foods are becoming more popular among consumers as people prefer more healthy food. The soaring consumer inclination toward a healthy protein diet on an everyday basis is further propelling the growth of the Crustacean Market in the Asia-Pacific region.
Crustacean Market Drivers:
Increasing Consciousness Towards Health Has Readily Aided The Market Growth
As per the Data of the Observatory of Economic Complexity, the export of crustaceans increased by 1.74% in 2019 owing to the expanding demand for crustaceans. Crustaceans are becoming more recognized among customers owing to their high nutritional value and low-fat protein content. They have no carbohydrates and are greatly reduced in calories. These factors influence people's dietary selections. Crustaceans, like shrimp, crabs, and prawns, are also high in minerals and vitamins like iron, calcium, salt, phosphorus, zinc, magnesium, potassium, iodine, niacin, riboflavin, thiamin, vitamin A, vitamin E, vitamin B6, and vitamin B12. They are a healthy food owing to the inclusion of minerals, vitamins, and nutrients. They help in the prevention of an assortment of health issues. They help in the prevention of hair loss, the maintenance of healthy bones, the improvement of cognitive performance, the reduction of menstrual cramps, the elimination of bad cholesterol, and the reduction of the danger of lung and prostate cancer. The increasing health consciousness of consumers is therefore propelling the growth of the Crustacean Market during the forecast period 2022-2027.
Growing Demand For Aquaculture Industry Is Fuelling The Growth Of The Crustacean Market
The demand for aquaculture is surging owing to the growing consumption of seafood products. Owing to the accessibility of technological improvements in the aquaculture industry, farming fishery products have become a viable enterprise. Owing to the growing demand of the aquaculture industry, the production of crustaceans is increasing which is contributing to the market growth. As per the Food and Agricultural Organization, the production of aquaculture reached 82.1 million tonnes in 2020. Currently, novel technology is accepted in the aquaculture industry that assists to accumulate more data on seafood populations, better monitoring, enforcing, and analyzing the environmental repercussions of fisheries activities, and increasing the effectiveness of policies to sustainably manage fisheries. The growing demand for the aquaculture industry is therefore fuelling the growth of the Crustacean Market during the forecast period 2022-2027.
Crustacean Market Challenges:
Climate Change Reduces The Number of Marine Lives Hampering The Market Growth
As per the Intergovernmental Panel on Climate Change, around 15% of marine lives reduces every year. Owing to the negative effect on the environment, the population of aquatic life reduces, thereby hampering the aquaculture industry. Climate change is producing changes in rainfall patterns by warming the atmosphere and oceans. This has an impact on the water quality that sustains aquatic life, as well as increasing the frequency of extreme weather occurrences. Inland lakes and water bodies are drying up, while damaging floods are becoming more common in other locations. These occurrences have an impact on seasonal patterns of fish supply and fishing activity, as well as disrupting coastal people’s livelihoods. These issues are hampering the growth of the Crustacean Market.
Crustacean Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Crustacean Market. The Global Crustacean top 10 companies are:
- Shiok Meats
- Gulf Shrimp
- Cooke
- Nippon Ltd.
- High Liner Foods
- The Crab Company
- Selonda Aquaculture
- Findus Group
- Mogster Group
- Surapon Foods
Recent Developments
- In January 2022, Lake Charles, Louisiana, U.S.A.-based Gulf Island Shrimp and Seafood declared that it has gained Independence, Louisiana-based DoRan Seafood – a shrimp processor selling to the food service and retail industries. Gulf Island Shrimp and Seafood acquire Louisiana-style cuisine like gumbos, etouffee, boudin, and more under its Big Easy Foods brand. The firm currently markets and ships shrimp, catfish, and additional prepared foods to stores across the U.S. and has three plants in Lake Charles and Dulac, Louisiana.
- In November 2020, Shiok Meats, the world’s earliest cell-based crustacean meat firm based in Singapore, displayed the world’s earliest ever cell-based lobster meat. In a restricted tasting event held at Innovate 360, Shiok Meats introduced its’ first-ever cultured lobster meat in two dishes. Shiok Meats first introduced its shrimp prototype in March 2019, in the form of siu mai (Chinese steamed dumplings).
- In February 2019, Cooke Inc. (“Cooke”), a New Brunswick firm and parent of Cooke Aquaculture Inc. declared the finish of its acquisition of the business of the Seajoy Seafood Corporation group, one of the largest vertically integrated, premium shrimp farms in Latin America. Seajoy Seafood Corporation group has a focus on generating value-added and organic Pacific white shrimp (Litopenaeus vannamei) and marketing to consumers in Europe, the Americas, and Asia. The firm runs world-class operations from ‘egg to plate’ and plenty of its 1,400 employees have considerable long-term experience in the industry.
Related Reports:
Report Code- AGR 40114
Report Code- FBR 0248
Report Code- FBR 95198
For more Food and Beverage Market reports, please click here
1. Crustacean Market Overview
1.1 Definitions and Scope
2. Crustacean Market - Executive Summary
3. Crustacean Market – Market Landscape
3.1 Company Benchmarking- Key Companies
3.2 Key Company Financial Analysis
3.3 Market Share Analysis
3.4 Patent Analysis
3.5 Pricing Analysis (Comparison of General Price Offerings in the Market)
4. Crustacean Market – Startup Company Scenario (Premium)
4.1 Investment
4.2 Revenue
4.3 Venture Capital and Funding Scenario
5. Crustacean Market – Industry Market Entry Scenario Premium (Premium)
5.1 Regulatory Scenario
5.2 New Business and Ease of Doing business index
5.3 Case Studies of Successful Ventures
6. Crustacean Market - Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porters five force model
6.3.1 Bargaining power of suppliers
6.3.2 Bargaining powers of customers
6.3.3 Threat of new entrants
6.3.4 Rivalry among existing players
6.3.5 Threat of substitutes
7. Crustacean Market – By Strategic Analysis
7.1 Value Chain Analysis
7.2 Opportunities Analysis
7.3 Market Life Cycle Analysis
8. Crustacean Market – By Type (Market Size –$Million/$Billion)
8.1 Shrimp
8.2 Lobsters
8.3 Barnacles
8.4 Crabs
8.5 Krill
8.6 Others
9. Crustacean Market - By Application (Market Size –$Million/$Billion)
9.1 Food
9.2 Cosmetic
9.3 Pharmaceutical
10. Crustacean Market - By Geography (Market Size -$Million/Billion)
10.1 North America
10.1.1 U.S
10.1.2 Canada
10.1.3 Mexico
10.2 Europe
10.2.1 Germany
10.2.2 France
10.2.3 UK
10.2.4 Italy
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Asia-Pacific
10.3.1 China
10.3.2 Japan
10.3.3 South Korea
10.3.4 India
10.3.5 Australia & New Zealand
10.3.6 Rest of Asia-Pacific
10.4 South America
10.4.1 Brazil
10.4.2 Argentina
10.4.3 Chile
10.4.4 Colombia
10.4.5 Rest of South America
10.5 Rest Of The World
10.5.1 Middle East
10.5.2 Africa
11. Crustacean Market - Market Entropy
11.1 New product launches
11.2 M&A's, collaborations, JVs and partnerships
12. Crustacean Market – Industry Competition Landscape (Premium)
12.1 Market Share Analysis
12.1.1 Global Market Share – Key Companies
12.1.2 Market Share by Region – Key Companies
12.1.3 Market Share by Countries – Key Companies
12.2 Competition Matrix
12.3 Best Practices for Companies
13. Crustacean Market – Key Company List by Country Premium (Premium)
14. Crustacean Market - Company Analysis
14.1 Company 1
14.2 Company 2
14.3 Company 3
14.4 Company 4
14.5 Company 5
14.6 Company 6
14.7 Company 7
14.8 Company 8
14.9 Company 9
14.10 Company 10
"*Financials would be provided on a best-efforts basis for private companies*"
LIST OF TABLES
1.Global Crustacean MARKET, BY TYPE Market 2019-2024 ($M)1.1 Shrimp Market 2019-2024 ($M) - Global Industry Research
1.2 Lobsters Market 2019-2024 ($M) - Global Industry Research
1.3 Barnacles Market 2019-2024 ($M) - Global Industry Research
1.4 Crabs Market 2019-2024 ($M) - Global Industry Research
1.5 Krill Market 2019-2024 ($M) - Global Industry Research
2.Global Crustacean MARKET, BY TYPE Market 2019-2024 (Volume/Units)
2.1 Shrimp Market 2019-2024 (Volume/Units) - Global Industry Research
2.2 Lobsters Market 2019-2024 (Volume/Units) - Global Industry Research
2.3 Barnacles Market 2019-2024 (Volume/Units) - Global Industry Research
2.4 Crabs Market 2019-2024 (Volume/Units) - Global Industry Research
2.5 Krill Market 2019-2024 (Volume/Units) - Global Industry Research
3.North America Crustacean MARKET, BY TYPE Market 2019-2024 ($M)
3.1 Shrimp Market 2019-2024 ($M) - Regional Industry Research
3.2 Lobsters Market 2019-2024 ($M) - Regional Industry Research
3.3 Barnacles Market 2019-2024 ($M) - Regional Industry Research
3.4 Crabs Market 2019-2024 ($M) - Regional Industry Research
3.5 Krill Market 2019-2024 ($M) - Regional Industry Research
4.South America Crustacean MARKET, BY TYPE Market 2019-2024 ($M)
4.1 Shrimp Market 2019-2024 ($M) - Regional Industry Research
4.2 Lobsters Market 2019-2024 ($M) - Regional Industry Research
4.3 Barnacles Market 2019-2024 ($M) - Regional Industry Research
4.4 Crabs Market 2019-2024 ($M) - Regional Industry Research
4.5 Krill Market 2019-2024 ($M) - Regional Industry Research
5.Europe Crustacean MARKET, BY TYPE Market 2019-2024 ($M)
5.1 Shrimp Market 2019-2024 ($M) - Regional Industry Research
5.2 Lobsters Market 2019-2024 ($M) - Regional Industry Research
5.3 Barnacles Market 2019-2024 ($M) - Regional Industry Research
5.4 Crabs Market 2019-2024 ($M) - Regional Industry Research
5.5 Krill Market 2019-2024 ($M) - Regional Industry Research
6.APAC Crustacean MARKET, BY TYPE Market 2019-2024 ($M)
6.1 Shrimp Market 2019-2024 ($M) - Regional Industry Research
6.2 Lobsters Market 2019-2024 ($M) - Regional Industry Research
6.3 Barnacles Market 2019-2024 ($M) - Regional Industry Research
6.4 Crabs Market 2019-2024 ($M) - Regional Industry Research
6.5 Krill Market 2019-2024 ($M) - Regional Industry Research
7.MENA Crustacean MARKET, BY TYPE Market 2019-2024 ($M)
7.1 Shrimp Market 2019-2024 ($M) - Regional Industry Research
7.2 Lobsters Market 2019-2024 ($M) - Regional Industry Research
7.3 Barnacles Market 2019-2024 ($M) - Regional Industry Research
7.4 Crabs Market 2019-2024 ($M) - Regional Industry Research
7.5 Krill Market 2019-2024 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Crustacean Global Market Revenue, 2019-2024 ($M)2.Canada Crustacean Global Market Revenue, 2019-2024 ($M)
3.Mexico Crustacean Global Market Revenue, 2019-2024 ($M)
4.Brazil Crustacean Global Market Revenue, 2019-2024 ($M)
5.Argentina Crustacean Global Market Revenue, 2019-2024 ($M)
6.Peru Crustacean Global Market Revenue, 2019-2024 ($M)
7.Colombia Crustacean Global Market Revenue, 2019-2024 ($M)
8.Chile Crustacean Global Market Revenue, 2019-2024 ($M)
9.Rest of South America Crustacean Global Market Revenue, 2019-2024 ($M)
10.UK Crustacean Global Market Revenue, 2019-2024 ($M)
11.Germany Crustacean Global Market Revenue, 2019-2024 ($M)
12.France Crustacean Global Market Revenue, 2019-2024 ($M)
13.Italy Crustacean Global Market Revenue, 2019-2024 ($M)
14.Spain Crustacean Global Market Revenue, 2019-2024 ($M)
15.Rest of Europe Crustacean Global Market Revenue, 2019-2024 ($M)
16.China Crustacean Global Market Revenue, 2019-2024 ($M)
17.India Crustacean Global Market Revenue, 2019-2024 ($M)
18.Japan Crustacean Global Market Revenue, 2019-2024 ($M)
19.South Korea Crustacean Global Market Revenue, 2019-2024 ($M)
20.South Africa Crustacean Global Market Revenue, 2019-2024 ($M)
21.North America Crustacean Global By Application
22.South America Crustacean Global By Application
23.Europe Crustacean Global By Application
24.APAC Crustacean Global By Application
25.MENA Crustacean Global By Application