The global crustacean market is poised for significant growth from 2025 to 2032, driven by increasing consumer demand for nutrient-rich seafood and advancements in aquaculture practices. The market is projected to expand at a Compound Annual Growth Rate (CAGR) of 5.0% during this period.
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In 2024, the global crustacean market was valued at approximately USD 18.8 billion. By 2030, this figure is expected to reach USD 24.51 billion, reflecting a steady CAGR of 5.0%.
Key Market Drivers
Health and Nutritional Benefits: Crustaceans are rich in protein, omega-3 fatty acids, and essential vitamins and minerals, making them a preferred choice among health-conscious consumers. This trend is particularly evident in markets like Europe and North America, where there is a growing shift towards healthier diets.
Culinary Integration: The incorporation of crustaceans into various cuisines worldwide has bolstered their demand. Dishes such as sushi, paella, and crab cakes have become staples in many cultures, further driving market growth.
Advancements in Aquaculture: Innovations in aquaculture techniques have led to increased production and availability of farmed crustaceans, meeting the rising global demand and ensuring sustainability.
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By Type:
Shrimp: Leading the segment due to its versatility and widespread consumption.
Crabs: Valued for their unique flavor and culinary applications.
Lobsters: Considered a premium seafood choice with significant demand in luxury dining.
Others: Includes crayfish and other less commonly consumed crustaceans.
By Form:
Live
Frozen
Canned
Processed
By Application:
Foodservice
Retail
Seafood Processing
By Production Method:
Wild-Caught
Farmed
Asia-Pacific: Holds the largest market share, driven by high consumption rates and established aquaculture industries.
North America: Experiencing growth due to increasing health awareness and demand for diverse culinary experiences.
Europe: Steady growth attributed to the popularity of seafood in Mediterranean diets and rising health consciousness.
Competitive Landscape
The market is characterized by the presence of key players such as Thai Union Group, Maruha Nichiro Corporation, and Nippon Suisan Kaisha, Ltd. These companies are focusing on sustainable practices, product innovation, and strategic partnerships to maintain their market positions.
Challenges and Opportunities
While the market is on an upward trajectory, challenges such as overfishing, environmental concerns, and fluctuating prices persist. However, opportunities lie in the expansion of aquaculture, development of new products, and increasing demand in emerging markets.