Crustaceans Market Size, Share, Industry Trends and Forecast to 2033
This market report provides a comprehensive analysis of the crustaceans market, covering insights into market size, segmentation, regional analysis, and future forecasts from 2023 to 2033.
| Metric | Value |
|---|---|
| Study Period | 2023 - 2033 |
| 2023 Market Size | $45.60 Billion |
| CAGR (2023-2033) | 5.8% |
| 2033 Market Size | $81.22 Billion |
| Top Companies | Marine Harvest ASA, Thai Union Group, Wanchai Ferry, Maruha Nichiro Corporation |
| Last Modified Date | 15 Nov 2024 |
Crustaceans Market Report (2023 - 2033)
Crustaceans Market Overview
What is the Market Size & CAGR of Crustaceans market in 2023?
Crustaceans Industry Analysis
Crustaceans Market Segmentation and Scope
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Crustaceans Market Analysis Report by Region
Europe Crustaceans Market Report:
Europe's crustaceans market will grow from $15.29 billion in 2023 to $27.23 billion by 2033. This growth is contingent on the increasing health awareness among consumers alongside rising demand for sustainably sourced seafood. Countries such as Spain, Italy, and France are significant markets for shellfish and crustaceans.Asia Pacific Crustaceans Market Report:
The Asia Pacific region is witnessing robust growth in the crustaceans market, projected to reach $14.68 billion by 2033 from $8.24 billion in 2023. The region remains a global leader in shrimp production and exports, aided by advancements in aquaculture technologies. Consumer appetite for seafood, along with rising disposable incomes, drives market demand, particularly in countries like China, India, and Vietnam.North America Crustaceans Market Report:
The North American crustaceans market, projected at $27.26 billion by 2033 from $15.30 billion in 2023, is driven by an increasing preference for high-quality seafood. The health consciousness among consumers in the US, combined with a strong food service sector, supports the robust demand for lobster and shrimp products, leading to innovative seafood trends.South America Crustaceans Market Report:
In South America, the crustaceans market is expected to grow from $3.99 billion in 2023 to $7.11 billion by 2033. This growth is supported by increasing exports, particularly of shrimp from countries like Ecuador and Brazil, which have strong fishing industries. Sustainability practices are becoming more prominent as environmental concerns influence consumer choices.Middle East & Africa Crustaceans Market Report:
The Middle East and Africa crustaceans market is expected to expand from $2.77 billion in 2023 to $4.93 billion by 2033. Sector growth in the region is propelled by increasing seafood consumption paired with diversifying culinary preferences. The rising importance of aquaculture is also noted as countries seek to improve seafood sustainability and availability.Request a custom research report for industry.
Crustaceans Market Analysis By Type
Global Crustaceans Market, By Type Market Analysis (2023 - 2033)
The crustaceans market is dominated by shrimp, which holds a market size of $30.54 billion in 2023, projected to reach $54.39 billion by 2033. Crab and lobster segments also show potential growth, with crabs reaching $18.10 billion and lobsters hitting $8.73 billion by 2033.
Crustaceans Market Analysis By Application
Global Crustaceans Market, By Application Market Analysis (2023 - 2033)
The food service application accounts for a significant segment of the crustaceans market, with an expected increase from $30.54 billion in 2023 to $54.39 billion by 2033. Retail and food processing applications are also notable, with market sizes of $10.16 billion and $4.90 billion, respectively, anticipated to increase as consumer demand rises.
Crustaceans Market Analysis By Channel
Global Crustaceans Market, By Distribution Channel Market Analysis (2023 - 2033)
The distribution channels for crustaceans are primarily bifurcated into direct and indirect sales. Direct sales are projected to amount to $67.03 billion by 2033, showing a strong dominance in market share, while indirect sales will also see growth, reaching approximately $14.19 billion in the same period.
Crustaceans Market Analysis By Form
Global Crustaceans Market, By Form Market Analysis (2023 - 2033)
In terms of product forms, fresh crustaceans lead the market, with a size of $30.54 billion in 2023, maintaining a share of 66.97%. Frozen varieties account for $10.16 billion, while processed forms constitute $4.90 billion, with expectations of growth mirroring shifting consumer preferences towards convenience.
Crustaceans Market Analysis By Sourcing
Global Crustaceans Market, By Sourcing Method Market Analysis (2023 - 2033)
The sourcing methods are notable in the crustaceans market, where wild capture remains significant. It is estimated to account for a size of $37.63 billion with a corresponding share of 82.53% in 2023. Meanwhile, aquaculture is poised for growth, enhancing market sustainability and addressing food security challenges.
Crustaceans Market Trends and Future Forecast
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Global Market Leaders and Top Companies in Crustaceans Industry
Marine Harvest ASA:
A prominent player in aquaculture and seafood processing, Marine Harvest is known for its commitment to sustainable practices in shrimp and salmon production.Thai Union Group:
Based in Thailand, this company is a major exporter of canned and frozen seafood products, leading the global market with shrimp and tuna offerings.Wanchai Ferry:
A key player in the frozen food sector, Wanchai Ferry specializes in manufacturing a variety of frozen crustacean products, catering to both retail and food service markets.Maruha Nichiro Corporation:
A Japanese conglomerate, Maruha Nichiro holds a strong portfolio in seafood, focusing on both wild-caught and farmed products.We're grateful to work with incredible clients.
Related Industries
FAQs
What is the market size of crustaceans?
The global crustaceans market is valued at approximately $45.6 billion in 2023, with a projected CAGR of 5.8% over the next decade, indicating robust growth and increased demand for various crustacean products in the coming years.
What are the key market players or companies in the crustaceans industry?
Key players in the crustaceans industry include prominent seafood companies, aquaculture firms, and exporters. Their positions in the market are bolstered by robust supply chains and innovative aquaculture practices, which ensure sustainability and quality.
What are the primary factors driving the growth in the crustaceans industry?
Growth is driven by rising consumer demand for seafood, health-conscious eating habits, and growing aquaculture. Sustainability initiatives and technological advancements in farming and processing are supporting this trend.
Which region is the fastest-growing in the crustaceans market?
North America is the fastest-growing region in the crustaceans market, with a projected market size of $27.26 billion by 2033, up from $15.30 billion in 2023, indicating significant growth opportunities and demand.
Does ConsInsights provide customized market report data for the crustaceans industry?
Yes, ConsInsights offers customized market report data tailored to specific needs within the crustaceans industry, providing insights relevant to individual business strategies and market dynamics for stakeholders.
What deliverables can I expect from this crustaceans market research project?
Deliverables include comprehensive market analysis reports, segmented data by various factors like region and type, competitive landscapes, future growth forecasts, and actionable insights for strategic decision-making.
What are the market trends of crustaceans?
Key trends include increased consumer preference for fresh and organic crustaceans, growth in sustainable aquaculture, advancements in processing technology, and the rising importance of e-commerce in seafood sales.