Seafood is fast becoming a consumer favorite across the world, which is projected to have a positive impact on the growth of the global crustaceans market. Crustaceans include shrimp, lobster, crabs, and others. These species are among the most consumed seafood products across the globe, and the consumption of seafood-based products is projected to witness substantial growth in the foreseeable future. Rising demand for crustacean products from the thriving foodservice industry in emerging markets, and growing consumer awareness regarding the health benefits of consuming seafood products, are some of the other main factors contributing to market growth.
The global crustaceans market has witnessed substantial growth in the past few years, and this growth is expected to continue increasing throughout the forecast period of 2019-2029. The global crustaceans market is estimated to witness a steady CAGR of 4.7% during the forecast period.
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Key Takeaways of Crustaceans Market Study
- Crab and shrimp segments are projected to register substantial growth rates in the global crustaceans market, attributable to the higher consumption rate of both species, especially in North America.
- The foodservice industry holds the largest share in global crustaceans market among all segments by end use, owing to the higher utilization of crustaceans in multiple foodservice restaurants.
- In terms of origin, aquaculture is expected to register a higher CAGR as compared to capture, on the back of the growing aquaculture industry in Asia, which ensures a steady supply of crustaceans.
“Manufacturers in the crustaceans market can gain significant profits by focusing on increasing their production capacity for different crustaceans, with special focus on shrimp and crabs. Growing demand for seafood in the food and beverage industry offers lucrative opportunities for manufacturers that aim to make the shift toward offering crustacean products directly to customers,” says a PMR analyst.
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Crustaceans Market: Competitive Landscape
Players in the crustaceans market are adapting their market strategies in accordance with the current trends in the market. Leading manufacturers are using strategies such as acquisitions and strategic collaborations, and are strengthening their supply chain with focus on global expansion. Additionally, these companies are also focusing on the development of new crustacean-based food products to further increase their consumer base.
- In May 2017, High Liner Foods Inc. acquired Rubicon Resources LLC, which is engaged in the import and distribution of frozen shrimp products in the U.S. retail market. With this acquisition, High Liner Foods is expanding through diversification into aquaculture species such as shrimp, which has been witnessing higher demand in North America.
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