U.S. Crustacean Market to hit $10.2 billion by 2026, Says Global Market Insights, Inc.

U.S. Crustacean Industry is set to register over 5.4% CAGR between 2020 and 2026, driven by growing aquaculture industry in North America.


Selbyville, Delaware, July 07, 2020 (GLOBE NEWSWIRE) --

The U.S. Crustacean Market is projected to cross USD 10.2 billion by 2026, according to a new research report by Global Market Insights, Inc. Rising demand seafood industry owing to health benefits will increase product demand during the assessment period.

The U.S. is among the biggest markets for seafood & seafood-based products and it is ever-growing due to its inherent health benefits. The growth of the seafood demand is attributed to high disposable incomes and an exponential growth of omnichannel partners. E-commerce platforms and digital distribution channels have significantly escalated the seafood market in both formats including business-to-business as well as business-to-customer operations. Many retail giants such as Walmart and Target etc. engaged in the industry has been increasing the presence on these channels to reach out to more customers and deliver high-quality & fresh products. This trend is redefining the supply chain distribution of consumer products in the region. As a result of these marketing efforts, more people are buying or preferring seafood, which will support the growth of crustaceans.

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Rise in ocean temperatures and climate change over the years has adversely impacted coastal communities and the seafood market. For instance, American lobster, the most vulnerable species to environmental & habitat change majorly contributes towards total commercial value of all fisheries in U.S. Rise in ocean temperatures above an optimal thermal range can reduce lobster survival, growth, and reproduction. Moreover, global warming phenomenon and rise in the sea level has made as drastic impact on ocean bodies leading to decremental growth. The processing sector also faced closures due to decline in consumer demand from food service sector. This had significantly impacted majority of women workforce in post-harvest sector.

Some major findings of the U.S. Crustacean market report include:

  • Texas, New York, California, Florida and Pennsylvania accounted for the highest market share in U.S. in 2019, since the region is the largest consumer of seafood. The massive share is mainly attributed to rise in awareness regarding health benefits derived from crustacean.
  • Shrimps and prawns hold a significant revenue share in the base year and is forecast to follow the same trend till 2026. They are rich and affordable source of zinc, selenium, and other antioxidants that helps in development of healthy cells and boosts immunity.
  • Marine waters culture area found maximum utility in the overall market and contribute close to 90% in U.S. Crustacean demand by 2026
  • Industry participants are ramping up production capacities to enhance market competitiveness.
  • COVID19 has largely disrupted the wholesale supply chain as closures of food service sector (restaurants, hotels, canteens etc.) resulted in decreased sales. The pandemic has made a severe impact on crustacean prices as well due seizure of international trade.

Browse key industry insights spread across 284 pages with 280 market data tables & 35 figures & charts from the report, “U.S. Crustacean Market Statistics By Product (Shrimps, Prawns, Crabs, Lobster, Crawfish), By Culture Area (Marine Waters, Inland Waters), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/us-crustacean-market

U.S. crustacean market is categorized based on product into shrimps, prawns, crabs, lobster, crawfish, others such as krills, barnacles etc. Lobster segment will generate for a revenue of over USD 570 million by 2026. Most lobsters come from the northeastern coast of North America, with the Atlantic Provinces of Canada and the U.S. state of Maine being the largest producers. The annual export value of lobsters in U.S. is over 50 million pounds, with majority destinations being Spain, Canada, Italy, and France. Generally, the lobster market is considered competitive, thus explaining the oscillation of prices around equilibrium, which is determined by variations in supply and demand.

U.S. crustacean market is set to register over CAGR of 5.4% in the forecast time. About three fourths of the seafood products consumed in the U.S. are fresh or frozen, and consumption of these product forms has reached a plateau. Louisiana is the second largest seafood producing state after Alaska that fished about one million pounds of seafood in 2018, The source of these catches is the Gulf of Mexico. Fishermen aim to catch high yield seafoods such as lobsters, crab, shrimp, salmon, tuna, oysters, alligator etc. These quality catches boost Louisiana’s tourism experience because many local restaurants benefit from the fresh seafood. Rising per capita income, increasing demand for premium seafood outlets, and change in consumer preference towards seafood will propel regional demand thereby boosting market size.

Prominent industry players in U.S. crustacean market include  Seaview Crab Company, RDM Aquaculture, L.L.C, Louisiana Crawfish Company, Pacific Seafood, Cajun Crawfish Company, Riceland Crawfish, Santa Monica Seafood Company, Crawfish Town U.S.A., United Seafood Company, Eastern Fish Co., Ready Seafood Co., East Coast Seafood Group, The Fresh Lobster Company, Boston Lobster Company, Go Crawfish, Acadia Crawfish Co., Bayou Bounty Crawfish, Tangier Lobster Company Limited, Sogelco International. etc. Increased international trade, surging production and development of innovative technology for increased production are prominent strategies adopted by industry participants to gain competitive edge.      

Toc of this report @ https://www.gminsights.com/toc/detail/us-crustacean-market

Browse Related Reports:

Aquafeed Market By Application (Crustaceans, Mollusks, Carp, Salmon, Catfish, Tilapia), Aquaculture Additives Market Size By Product (Amino Acids, Antibiotics, Vitamins, Feed Acidifiers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2026

https://www.gminsights.com/industry-analysis/aquafeed-and-aquaculture-additives-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

 

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