Rise in meat consumption and growth in urbanization serve as potential opportunities for the expansion of the global crustaceans market. The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global crustaceans market. Based on application, the retail segment accounted for the highest share in 2021. Based on region, Asia-Pacific held the largest share in 2021, contributing to around two-third of the global crustaceans market share.
Portland, OR, Nov. 30, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global crustaceans market garnered $16.4 billion in 2021, and is estimated to generate $25.3 billion by 2031, manifesting a CAGR of 4.5% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
|Market Size in 2021||$16.4 billion|
|Market Size in 2031||$25.3 billion|
|No. of Pages in Report||250|
|Segments covered||Type, application, distribution channel, and region|
|Drivers||The growth in demand for frozen food products in developing nations|
|Surge in consumption of seafood around the world|
|Rise in meat consumption|
|Protein, minerals, and vitamins, which are abundant in crustaceans, are known to have a variety of health benefits|
|Opportunities||Growth in urbanization|
|Increase in the number of restaurants around the world|
|Restraints||High cost of processing|
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global crustaceans market, owing to implementation of global lockdown which resulted to temporary closure of crustaceans processing factories.
- Curfew practices globally affected the domestic as well as international production of crustaceans products, which, in turn, hampered the growth of the overall market.
- Supply chain was disrupted due to import & export restrictions. Manufacturers faced shortage of labor and unavailability of raw materials.
- Local shops and restaurants were closed, especially in the initial period, which is why, sales were hampered.
- However, with ease in restrictions, the demand for crustaceans is likely to increase in the post-pandemic.
The research provides detailed segmentation of the global crustaceans market based on type, application, distribution channel, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on type, the shrimps segment held the highest share in 2021, accounting for nearly half of the global crustaceans market, and is expected to continue its leadership status during the forecast period. However, the lobsters segment is expected to register the highest CAGR of 5.2% from 2022 to 2031.
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Based on application, the retail segment accounted for the highest share in 2021, contributing to more than two-thirds of the global crustaceans market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the food service segment is expected to manifest the highest CAGR of 4.8% from 2022 to 2031.
Based on distribution channel, the business to business segment accounted for the highest share in 2021, holding more than two-thirds of the global crustaceans market, and is expected to continue its leadership status during the forecast period. However, the business to consumer segment is estimated to grow at the highest CAGR of 5.3% during the forecast period.
Based on region, Asia-Pacific held the largest share in 2021, contributing to around two-third of the global crustaceans market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 4.7% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
Leading market players of the global crustaceans market analyzed in the research include International Fish Farming and Holding Company, RDM Aquaculture, Seaview Crab Company, Surapon Foods, The Crab Company, Findus Group, Mogster Group, Nireus Aquaculture, Russian Aquaculture, Selonda Aquaculture.
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The report provides a detailed analysis of these key players of the global crustaceans market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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