Crustacean Market Trends, Demand & Growth Opportunities by Fact MR

The global crustacean market (Margadh Crústaigh) is projected to be valued at USD 19.26 billion in 2024 and is expected to expand at a CAGR of 5.5% through 2034. The increasing demand for crustaceans is driven by rising consumer preference for protein-rich diets, technological advancements in aquaculture, and a surge in global seafood consumption. Rising disposable incomes, urbanization, and more awareness of the health benefits of eating seafood have all aided in market expansion. Shrimps have been a prominent contributor to overall market income, owing to their extensive consumption across countries and multiple culinary uses. The market witnesses a substantial demand for crabs and lobsters owing to their premium positioning in the seafood market. Increasing adoption of aquaculture practices, especially in developing nations, has played a significant role in meeting the growing demand for crustaceans. Aquaculture technology and technique innovation have streamlined production, increasing yields and satisfying the demands of the market.

Key Takeaways from Market Study

The global crustacean market is projected to be valued at USD 19.26 billion in 2024 and is expected to grow to USD 32.78 billion by 2034, reflecting a compound annual growth rate (CAGR) of 5.5% from 2024 to 2034. This growth is driven by a rising demand for crustaceans, fueled by increasing consumer preference for protein-rich diets and advancements in aquaculture technology. The East Asian market is anticipated to expand at a slightly higher CAGR of 5.7% over the next decade, indicating strong regional growth prospects.

In 2024, the business-to-consumer distribution channel is forecasted to dominate the market with a 59.8% share. Among different types of crustaceans, shrimp is expected to account for the largest share, making up 34.2% of the market. North America holds a significant portion of the global market, with a 21.7% share in 2024. These figures highlight the diverse growth opportunities and regional variations within the global crustacean market.

Health Benefits Associated with Crustaceans Driving Consumption

Rising demand for crustaceans can be attributed in large part to the growing recognition of the health benefits associated with consuming seafood. The increasing consumer awareness of the positive health impacts of seafood, including its abundance of protein and omega-3 fatty acids, is a major factor behind the surging demand for crustaceans worldwide. Crustaceans like shrimps, crabs, lobsters, and crayfish are renowned for their nutrient-rich qualities, containing vital minerals and vitamins like vitamin D and B12, zinc, iron, and selenium.

Growing recognition among consumers of these diverse health benefits has steered a trend toward seafood-based diets, driving global demand for crustaceans. The crustacean market is experiencing significant growth due to the increasing popularity of seafood-based diets, which are recognized for their several health benefits and adaptable nutritional options. This increased demand influences consumer preferences and drives innovation and sustainability in crab cultivation and harvesting operations, cementing their status as a critical element within the larger seafood business.

List of Key Companies Profiled in The Report

• 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
• Others

The Rise of Crustaceans in the U.S. Dietary Landscape: A Nutritional and Sustainable Choice

The evolving dietary habits and heightened focus on healthy eating in the United States have fueled a growing preference for low-fat, high-protein meals, making crustaceans an optimal nutritional addition. The country's advanced seafood processing and distribution infrastructure ensures streamlined handling and logistics, contributing to the widespread availability of crustaceans.

In response to changing taste preferences, restaurants and foodservice establishments continually introduce innovative dishes featuring crustaceans. This culinary evolution caters to a diverse population with varying taste preferences.

Concurrently, strict adherence to food safety regulations and increasing consumer awareness of sustainable sourcing and aquaculture practices aligns with the global trend toward responsible consumption within the crustacean market. This surge in awareness fosters a demand for crustaceans that are responsibly harvested and environmentally friendly.

Competitive Landscape

The crustacean industry is fiercely competitive, spanning large-scale producers to small-scale players, encompassing seafood processors, aquaculture farms, and distributors. Dominated by key players such as DNI Group LLC, Surapon Foods Public Company Limited, and High Liner Foods, the industry is characterized by a spectrum of activities, from harvesting and processing to packaging and distribution of various crustacean species. These leaders prioritize product innovation, sustainable practices, and strategic collaborations for a competitive edge. Notably, High Liner Foods expanded its reach with the acquisition of Rubicon Resources, LLC, a move finalized in November 2021.