Crustaceans Market is projected to experience a CAGR of 4.82% throughout the forecast period

NOIDA, UTTAR PARDESH, INDIA, December 12, 2023 /EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the crustaceans market is projected to grow at a CAGR of 4.82% between 2021 and 2028.

The key driving force behind the rapid growth of the crustacean market is the increasing awareness of their health benefits coupled with booming restaurant culture and demand for frozen seafood items.

Crustaceans are an aquatic group that includes shrimps, prawns, crabs, lobsters, and crayfish. Crustaceans have a bilaterally symmetrical body and more than four pairs of connected appendages. Crustaceans are becoming more valuable to humans and their shells are used in medicine to treat and prevent diseases that are inflammatory. Likewise, crustaceans provide high protein and vitamins which improve heart health and immune systems. The growing consumption of lobsters, shrimps, crabs, and shellfish is positively impacting the crustacean market growth. For instance, according to the Observatory of Economic Complexity, Crustacean exports increased by 35.3% between 2020 and 2021, from $24.5 billion to $33.2 billion.

Numerous product launches and acquisitions are taking place in the market, increasing the crustacean market's growth. For instance, in August 2023, Yumbah Aquaculture acquired Eyre Peninsula Seafoods. Yumbah expands its shellfish portfolio by acquiring Australia's largest mussel farming and processing operation. The transaction accelerates Eyre Peninsula Seafoods' development while also establishing complementary capabilities and operational advantages with Yumbah.

Access sample report or view details: https://www.knowledge-sourcing.com/report/crustaceans-market

The crustacean market, based on type is segmented into four main categories namely lobster, shrimps, crabs, and others. Crabs are in high demand and account for a major share of the crustacean market.

The crustacean market, based on application is segmented into three main categories retail, institutions, and food service. The retail and food service sector is growing and accounts for a major share of the crustacean market.

The crustacean market, based on distribution is segmented into two main categories Business to Business, and Business to Consumer. The business-to-business segment is growing at the highest rate and accounts for a major share of the crustacean market.

Asia-Pacific is expected to account for a major crustacean market. Major APAC economies namely China is experiencing an increase crustacean production and consumption. For instance, according to the “2022 China Fishery Products Annual” issued by USDA, in 2021, China's crustacean production reached 6.4 MMT which represented a 6.6% increase 2020’s production of 6 MM. Furthermore, as per the same source marine-based crustacean production witnessed 5.5% growth and freshwater crustacean production experienced 6.9% increase over 2020’s production scale. The booming seafood culture in Asia Pacific has accelerated the demand of shrimps, lobsters, and shellfish which is also anticipated to drive the overall regional market growth.

The research includes coverage of RDM Aquaculture, Seaview Crab Company, Surapon Foods, The Crab Company, Nireus Aquaculture, DNI Group LLC, Austevoll Seafood ASA, Nissui Corporation, Maruha Nichiro Corporation, Royal Greenland A/S LLC as the significant market players in the crustacean’s market.

The market analytics report segments the crustacean market using the following criteria:

• By Type

o Lobsters
o Shrimps
o Crabs
o Others

• By Application

o Retail
o Institutions
o Food Service

• By Distribution Channel

o Business to Business
o Business to Consumer

• By Geography

o North America

• United States
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• United Kingdom
• Germany
• France
• Spain
• Others

o Middle East and Africa

• Saudi Arabia
• UAE
• Israel
• Others

o Asia Pacific

• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others

Companies Profiled:

• RDM Aquaculture
• Seaview Crab Company
• Surapon Foods
• The Crab Company
• Nireus Aquaculture
• DNI Group LLC
• Austevoll Seafood ASA
• Nissui Corporation
• Maruha Nichiro Corporation
• Royal Greenland A/S LLC

Explore More Reports:

• Meat Flavour Market: https://www.knowledge-sourcing.com/report/meat-flavour-market
• Frozen Food Market: https://www.knowledge-sourcing.com/report/frozen-food-market
• Frozen Fruit Market: https://www.knowledge-sourcing.com/report/frozen-fruit-market

Ankit Mishra
Knowledge Sourcing Intelligence LLP
+1 850-250-1698
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