Shellfish Market - Forecast(2023 - 2028)

Shellfish Market Overview

The Shellfish Market size is estimated to reach $58.2 Billion by 2027. Furthermore, it is poised to grow at a CAGR of 2.1% over the forecast period of 2022-2027. Shellfish’s demand have been soaring throughout the world owing to their properties of being rich in lean protein, micronutrients, healthy fats, and minerals. Additionally, shellfish are rich in Omega-3 fatty acids, which are polyunsaturated fatty acids. The following nutrient profile aids in various health benefits. Owing to such profiles, they can readily aid the immunity, promote brain health, and weight loss aspects. Broad categories of shellfish can be demarcated into crustaceans and molluscs. Within the former segment, species such as shrimp, crayfish, crab, and lobster are covered. In the latter segment, which is molluscs, clams, oysters, and various other form of fisheries are covered. The rising opportunities within the developing countries along with the functional properties of the shellfishes along with better technological expressions and use of AI and IoT in various cold chains and supply chain metrics have allowed the Global shellfish industry to offer lucrative opportunities in the projected period of 2022-2027.

Shellfish Market Report Coverage

The report: “Shellfish Market Forecast (2022-2027)”, by Industry ARC covers an in-depth analysis of the following segments of the Shellfish Market.

Key Takeaways

• Geographically, Asia-Pacific held a dominant market share in the year 2021. It is owing to the widespread availability of varieties within the shellfish, which are available near the coastline of countries such as India, China, Thailand, Sri Lanka, and various others. Additionally, eating seafood has been associated with various cultural norms and nutritional capabilities. However, North America is expected to offer lucrative growth opportunities over the forecast period of 2022-2027. It is owing to a rapid increase in the consumption of shellfishes within the region owing to functional properties.
• The rising opportunities within the developing countries along with the functional properties of the shellfishes have been a key driver. Additionally, technological developments in processing, cold chain, shipping and distribution; rising incomes worldwide, which strongly correlate with increased demand for fish and fish products; reductions in loss and waste; and increased awareness of the health benefits of fish among consumers are the other coherent market driving factors. However, trade challenges and other counterfeit good sales impedes the overall market growth.
  
• A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Shellfish Market Report.
  

Shellfish Market- By Type (%) for 2021.

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Shellfish Market Segmentation Analysis- By Type

The Shellfish Market based on type can be further segmented into Crustaceans and Molluscs. Molluscs held a dominant market share in the year 2021. Clams, scallops, and oysters along with mussels are some of the predominant examples of shellfish. Oysters, for example provide a range of health benefits. An oyster is capable of providing 2 grams of protein, thereby half a dozen of oysters provides an equivalency of 2 oz of meat. Further, scientific studies have demonstrated that oysters can help in aiding and preventing macular degeneration owing to the presence of Vitamin-D, copper, zinc, iron, and Vitamin B-12. As per a research, age related macular degeneration accounts for 8.7% of all blindness worldwide. The ageing population would further push the people over edge, thereby helping them in matters more than one. However, Crustacean’s segment is estimated to be the fastest-growing, with a CAGR of 3.2% over the forecast period of 2022-2027. Crustaceans include shrimps, crayfish, crab, and lobster. The demand has seen a recent soar since the cold-chains have been ramped up and modified, which is now allowing for delivery fulfilment and ready to eat food categories now allow for the use of this category.

Shellfish Market Segmentation Analysis- By Distribution Channel

The Shellfish Market based on distribution channel can be further segmented into on-sales channel and offline-sales channel. On-sales channel held a dominant market share in the year 2021. Lockdowns were controlled in 2021, which allowed for a rapid surge in the spending power. As per research, around 3% increment in spending power has been noticed from pre-pandemic level, which is 2019. Additionally, hotels-restaurants-and various other vendors were allowed to sell through the channels, which positively affected the on-sales channel. However, offline sales channel is estimated to be the fastest-growing, with a CAGR of 3.4% over the forecast period of 2022-2027. A major proportion of people have re-aligned their taste-buds to work according to the situation around, viz, the pandemic. A latest survey reported that people were now much likely to stay at home and order ready to eat food owing to comfort and safety profiles. Additionally, online vendors are offering deep discounts which allows the off-sales channel to grow rampantly. For example, a lobster meat (tail meat) is available for a deep discount of 71% from MRP. Cost points allow for better sales expression and wider market penetration.

Shellfish Market Segmentation Analysis- By Geography

The Shellfish Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of the World. Asia-Pacific held a dominant market share of 39% in the year 2021. It is owing to a vast array of production capabilities owing to presence of Indian Ocean and other backwaters. A predominant portion of developing countries is located in Asia-Pacific, which as per reports from FAO suggest that consumption has increased from 5.2 kgs in 1961 to 19.4 kgs in 2018. In Lower developed countries of Asia-Pacific, fish protein accounted from 29% of protein intake. However, North America is expected to offer lucrative growth opportunities over the forecast period of 2022-2027. North American region accounts for a growing per capita consumption of sea food, and as per global estimates is the second highest fish food related consumption, with average looming around 22.4 kg/ year. Additionally, cold chains are being robustly developed and better trade relations with China and other Asian countries would allow the demand to space.

Shellfish Market Drivers

The overall health benefits provided by the shellfish have aided the overall market growth.

Shellfish are packed with various nutrients such as being extremely rich in lean protein, healthy fats, and various minerals. Additionally, researchers have provided that regularly eating shellfish can help in aiding and boosting immunity and weight loss. Additionally, shellfish are also rich in zinc, magnesium, and vitamin B12. Moreover, shellfish are low in calories and extremely rich in proteins, thereby making it an excellent food for obesity. As per CDC, the obesity prevalence is close to 42.4% in 2018. Additionally, prevalence of obesity in India is close to 40.3% in 2020. As the shellfish are also rich in omega-3 fatty acids, it makes one feel satiated for longer period of time. Lastly, eating varieties of shellfish have had a pronounced effect on one’s heart health. Owing to being rich in omega-3 fatty acids, a study concluded that out of 18,244 Chinese men, participants who ate more than 200 grams of shellfish were 59% less likely to die from heart attack. Additionally, vitamin B12 has been linked to high blood levels of homocysteine, a protein that can increase risk of heart disease. Therefore, eating foods rich in vitamin B12 may protect against heart disease. Owing to such reasons, the market’s growth is positioned at a steadfast pace.

Technological developments supplemented by growing demand has been a key market driver.

The processing capabilities have allowed the overall market to take a substantial shape. Further, supply chains with cold-storage have been advancing, which allows for better demand fulfilment, and lessens the gap between demand and supply. Additionally, countries such as India has seen newer investments by the government bodies to boost the cold chain warehousing, logistics, and other crucial factors. Moreover, AI has taken the market by storm, within the seafood industry a vide array of application exist. For example, Aqua Byte allows for counting sea lice and growth rates in Salmon. Further, Xpert Sea uses image recognition to count shrimp and even predict the growth rates. Lastly, Aquaconnect and Aquaponics uses AI to improve shrimp farm management and productivity. As per Aqua Connect company claims, their AI powered app allows for farm advisory which in turn helps the farmers to improve their farm productivity by up to 15%, while substantially reducing costs. Lastly, transparency can be achieved in sales channels by adopting AI and IoT. As per FAO, around 11.3 kgs increment has been observed in fish food consumption between 1961 and 2018. Owing to such reasons, the overall demand would continue to grow.

Shellfish Market Challenges

Shellfishes have been considered as one of the prime food allergens, which impedes the overall market growth.

Asia-Pacific takes a mammoth share for the shellfish demand. However, the region is extremely allergic to shellfish as well. The protein which is responsible for causing acute anaphylaxis are tropomyosin. The body’s immune gets alerted by the said chemical, thereby releasing histamines in blood, resulting in mild to severe allergy. As per research, the prevalence of shellfish allergy was 2% higher than fish allergy, and stands at 3% of the adult population. Furthermore, the prevalence of shellfish allergy was between 5.12% to 7.71% in adolescents and adults in Hong Kong, Singapore, and Philippines. Crustacean was the predominant allergy-inducing food (3.8%), followed by fin fish (1.2%) and mollusk (1.0%) in a study population of more than 8600 participants. Owing to such reasons, the overall market’s growth is hindered.

Shellfish Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Shellfish Market. Shellfish Market key companies include:

1. Wellfleet Shellfeet Company
2. East Coast Shellfish Growers Association
3. The Van Cleve Seafood Company
4. Young’s Seafood Limited
5. Maruho Nichiro Corporation
6. Thai Union Group Co
7. Mowi Harvest ASA
8. Mitsubishi Corporations
9. Dongwon F&B Co
10. Others.

Recent Developments

• In January 2022, Maine’s state government might set up a $30 million annual fund, which would aid lobster harvesters and other commercial fisherman who have had been hit by new rules to protect rare whales. New federal rules make an approximately 950-square-mile (2,460-square-kilometer) area of the Gulf of Maine essentially off limits to lobster fishing from October to January. Federal authorities implemented the rules to try to help save North Atlantic right whales, which are vulnerable to entanglement in fishing gear and number less than 340.
• In January 2022, Upside food has acquired cell-based lobster company Cultured Decadence. The purchase would allow the Wisconsin form to bring more scientists and technology to the cultivated meat maker, while also making them an expert in crustaceans and other forms of sea food. With the acquisition, all of the Cultured Decadence employees, IP and technology will become part of Upside Foods. Valeti said Cultured Decadence's current workspace will soon be expanding and be augmented with Upside's equipment and team.

Relevant Titles

Seafood Market- Forecast (2022-2027)
Report Code- FBR 0196

Cold Chain Market- Forecast (2022-2027)
Report Code- FBR 0105 

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