Crustacean Market

Crustacean Market Outlook (2024 to 2034)

The global crustacean market size is calculated at a value of US$ 19.26 billion for 2024 and is forecasted to increase at a CAGR of 5.5% to reach a size of US$ 32.78 billion by 2034-end.

Within the broader seafood industry, the market is a dynamic and diverse segment that includes marine species such as crabs, lobsters, shrimp, and crayfish. Crustaceans have gained significant traction in the global market, meeting diverse consumer needs and finding applications in various industries, thanks to their appeal in gastronomy and their nutritional value.

The nutritional content, flavor, and variety of applications, principally driven by the culinary and pharmaceutical sectors, make the market appealing. Owing to their elevated protein composition, essential minerals, and omega-3 fatty acids, these marine creatures are highly favored by health-conscious consumers across the globe. The commercial attractiveness of crustaceans is increased by their taste, texture, and versatility in various culinary traditions.

Consumption of crustaceans is increasing as consumers shift toward healthy eating habits. This tendency is especially noticeable in areas where seafood is an important component of the local cuisine and where there is a growing awareness of the health advantages of these marine delicacies.

Key Market Growth Drivers

• Increasing awareness of the health benefits of seafood, such as its high protein content and omega-3 fatty acids, is driving global demand for crustaceans.
• Growing aquaculture practices contribute significantly to meeting the rising demand for crustaceans, particularly in developing nations.
• Innovations in seafood processing and preservation techniques, such as frozen seafood, extend the shelf life of crustaceans, enabling wider distribution and access to the global market.
• Beyond culinary uses, crustaceans find applications in aquaculture feed and pharmaceuticals, where compounds found in their shells and exoskeletons are utilized in drug development, fostering market growth.
• Sustainable fishing practices and eco-friendly aquaculture methods gain traction, addressing concerns about overfishing and environmental impact, thus supporting market expansion.

Report Attributes	Details
Crustacean Market Size (2023A)	US$ 18.26 Billion
Estimated Market Value (2024E)	US$ 19.26 Billion
Forecasted Market Value (2034F)	US$ 32.78 Billion
Global Market Growth Rate (2024 to 2034)	5.5% CAGR
North America Market Share (2034F)	21.1%
East Asia Market Growth Rate (2024 to 2034)	5.7% CAGR
Business-to-consumer Segment Share (2024E)	59.8%
Shrimp Segment Share (2024E)	34.2%
Key Companies Profiled	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 Trident Seafoods Corporation SeaPak Shrimp & Seafood Company Royal Greenland A/S The Clover Leaf Seafoods Family August Seafood Maruha Nichiro Corporation Sogelco International Louisiana Crawfish Co. Acadia Crawfish

What’s Contributing to Increasing Demand for Crustaceans?

“Technological Advancements and Expansion of Aquaculture”

As traditional fishing struggles to meet the soaring demand for seafood, aquaculture has emerged as a sustainable solution. This method involves controlled cultivation of crustaceans in ponds, tanks, or ocean enclosures, reducing pressure on wild populations. Developing economies, especially in Asia, have heavily invested in aquaculture, driving innovation in breeding techniques, feed formulations, and disease management.

By providing a consistent supply, aquaculture ensures stability in crustacean availability, fostering crustacean market growth and meeting consumer demands. Aquaculture also addresses environmental concerns by minimizing overfishing and habitat degradation. The scalability and adaptability of aquaculture practices enable producers to cater to diverse market demands, enhancing the accessibility of crustaceans globally.

“Focus on Facilitation of Smooth Cross-border Movement of Seafood Products”

The reduction of trade barriers, tariffs, and regulatory complexities has bolstered the demand for crustaceans by creating a more streamlined and efficient global crustacean market. This liberalization encourages increased import and export activities, benefiting both consumers and producers. Importing countries gain access to a wider variety of crustaceans, ensuring year-round availability and diversifying their seafood offerings, such as seafood powder.

Exporting nations, on the other hand, expand their market reach and capitalize on their crustacean resources. Trade liberalization encourages healthy competition among producers, prompting them to improve product quality and efficiency to remain competitive.

What Can Adversely Affect the Sales of Crustaceans?

“Supply Chain Disruptions and Regulatory Barriers and Trade Restrictions”

Natural calamities such as hurricanes, typhoons, or unexpected weather patterns can impact fishing and aquaculture activities, leading to reduced catches or even the destruction of aquaculture facilities. Such events directly affect the availability and quantity of crustaceans in the market, causing sudden shortages and price spikes. Logistical challenges such as transportation delays, inadequate infrastructure, or border restrictions can impede the timely delivery of crustaceans to their destinations.

These disruptions not only affect the immediate supply but also create uncertainties, making it challenging for businesses to plan and meet demand consistently. As the market relies heavily on freshness and quality, any interruption in the supply chain can lead to financial losses and damage to the reputation of suppliers and distributors.

What are the Key Success Factors for Start-ups Venturing into the Crustacean Distribution Business?

“Prioritizing Innovation, Diversification, Strategic Partnerships, and Commitment to Sustainability”

Innovative aquaculture methods that strengthen sustainability, lessen their negative effects on the environment, and increase yield are ways that start-ups can set themselves apart. Developing unique crustacean-based food products or utilizing by-products for pharmaceutical and cosmetic applications can create new revenue streams and capture niche markets. Leveraging digital platforms and e-commerce to directly reach consumers or businesses can streamline the supply chain, improve market reach, and enhance brand visibility.

Emphasizing sustainability and transparency in practices can resonate strongly with environmentally conscious consumers. By combining innovation, diversification, strategic partnerships, and a commitment to sustainability, start-ups can carve a successful path in the market, staying ahead amidst competition and industry shifts.

Country-wise Insights

East Asia leads the global market due to its strong presence in aquaculture, with China holding the majority of the crustacean market share in the region. The market in North America is driven by high consumption rates, which account for a significant portion of global demand.

Why is the United States a Key Crustacean Market?

“Advanced Seafood Processing and Distribution Infrastructure and Focus on Healthy Eating”

Attribute	United States
Market Value (2024E)	US$ 2.86 Billion
Growth Rate (2024 to 2034)	5.1% CAGR
Projected Value (2034F)	US$ 4.71 Billion

The increasing preference for low-fat and high-protein meals in the United States due to changing dietary habits and a greater focus on healthy eating have made crustaceans an excellent nutritional addition. Advanced seafood processing and distribution infrastructure in the country ensures efficient handling and supply chain logistics, facilitating the availability of crustaceans.

Restaurants and foodservice establishments continually introduce innovative crustacean-based dishes, catering to a populace with varied taste preferences. Stringent food safety regulations and increasing consumer awareness regarding sustainable sourcing and aquaculture practices align with the global crustacean market trend toward responsible consumption, encouraging the demand for responsibly harvested and environmentally friendly crustaceans.

Why Does China Serve as a Strong Base for East Asian Market Growth?

Attribute	China
Market Value (2024E)	US$ 3.4 Billion
Growth Rate (2024 to 2034)	5.6% CAGR
Projected Value (2034F)	US$ 5.89 Billion

“Prominence in Aquaculture and Seafood Production and Strong Global Trade Connections”

China holds a strong position as the leading producer of crustaceans in the world, particularly shrimp, accounting for a substantial portion of global aquaculture output and crustacean market size. The extensive coastal regions and favorable climatic conditions provide ideal breeding grounds for various crustacean species, facilitating large-scale farming operations. As the disposable income of the population rises and dietary patterns shift towards healthier options, there is a notable surge in seafood consumption, including shrimp, crab, and lobster.

Continuous innovation in breeding practices, feed formulations, and disease management protocols enhances yields and maintains product standards, meeting the stringent requirements of global markets. The country serves as a major exporter of crustaceans, capitalizing on its production capabilities and competitive pricing. Its extensive trade networks and collaborations with various countries strengthen its position as a key player in the global crustacean supply chain.

Category-wise Insights

Shrimp is the most consumed crustacean globally, with its popularity driven by its mild taste and versatile culinary applications. Lobster is considered a premium item, commands higher prices, and is predominantly consumed in North America and Europe.

Which Crustacean Type Accounts for High Revenue Share in the Global Market?

“Adaptability, Nutritional Benefits, and Economic Feasibility of Shrimp Driving its Sales”

Attribute	Shrimp
Segment Value (2024E)	US$ 6.58 Billion
Growth Rate (2024 to 2034)	5.3% CAGR
Projected Value (2034F)	US$ 11.08 Billion

Widespread popularity of shrimps stems from their adaptability in various cuisines worldwide. Their mild flavor and versatile nature make them a culinary favorite, easily incorporated into diverse dishes and forms, from traditional Asian cuisine to Western delicacies as well as frozen shrimp. Shrimps boast a robust nutritional profile, being low in fat and calories while rich in protein, vitamins, and minerals.

Health-conscious consumers seeking a lean protein source gravitate toward shrimp, aligning with the growing trend of healthier dietary choices. Economically, shrimps hold a prominent position due to their relatively lower production costs compared to other crustaceans such as lobsters. This cost-effectiveness allows for competitive pricing strategies, making shrimps more accessible to a broader consumer base across various socio-economic segments.

Competitive Landscape

The crustacean industry is highly competitive and fragmented, comprising both large-scale producers and small-scale players. Key market players in the industry include seafood processing companies, aquaculture farms, and distributors. Top companies in the crustacean market include DNI Group LLC, Surapon Foods Public Company Limited, and High Liner Foods. These industry leaders focus on a spectrum of activities, from harvesting and processing to packaging and distribution of various crustacean species. Companies focus on product innovation, sustainable practices, and strategic collaborations to gain a competitive edge.

• High Liner Foods announced in November 2021 that it completed the acquisition of Rubicon Resources, LLC.

Segmentation of Crustacean Market Research

• By Type:

  • Lobsters
  • Crabs
  • Shrimps
  • Others

• By Origin:

  • Capture
  • Aquaculture

• By End Use:

  • Retail
  • Foodservice Industry
  • Commercial
  • Others

• By Distribution Channel:

  • Business-to-Business
  • Business-to-Consumer

• By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa