Rockville, Dec. 14, 2023 (GLOBE NEWSWIRE) -- As per a new study published by Fact.MR, a market research and competitive intelligence provider, the global Crustacean Market is estimated to be valued at US$ 19.26 billion in 2024 and is projected to expand at a CAGR of 5.5% through 2034. Demand for crustaceans is being driven by rising consumer preference for protein-rich diets, technological advancements in aquaculture, and a rise 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.
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Key Segments of Crustacean Industry Research Report
| By Type | By Origin | End Use | By Distribution Channel |
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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 estimated at US$ 19.26 billion in 2024.
- The market is forecasted to reach US$ 32.78 billion by 2034-end.
- Demand for crustaceans is projected to rise at a CAGR of 5.5% from 2024 to 2034.
- The market in East Asia is predicted to expand at 5.7% CAGR over the next 10 years.
- The business-to-consumer distribution channel is set to account for 59.8% market share in 2024.
- Based on type, shrimp is projected to account for 34.2% market share in 2024.
- North America accounts for 21.7% of the global market share in 2024.
"Health-conscious consumer preferences, technological advancements, and strategic market expansion drive the crustacean market. It is a promising avenue for stakeholders, investors, and businesses looking to capitalize on the increasing demand for premium seafood products," says a Fact.MR analyst.
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.
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| Report Attribute | Details |
| Value Projection (2034) | USD 32.78 Billion |
| Growth Rate (2024-2034) | 5.5% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 80 Tables |
| No. of Figures | 219 Figures |
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.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the crustacean market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on type (lobsters, crabs, shrimp, others), origin (capture, aquaculture), end use (retail, foodservice industry, commercial, others), and distribution channel (business-to-business, business-to-consumer), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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Fish Oil Products Market: The valuation of the global fish oil products market is set at US$ 2.6 billion for 2023 and is estimated to reach US$ 4.3 billion by 2033-end.
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Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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