Crustaceans Market

Introduction-

Crustaceans are a group of animals that include shrimps, lobsters, crabs, and crayfish. They are an important source of food and revenue for many countries around the world. The global crustaceans market has been growing steadily over the years, with an increasing demand for seafood and changing consumer preferences.

Current Market Size and Market Share-

The global crustaceans market is expected to grow at a CAGR of +7% from 2021 to 2028

according to a market is driven by increasing demand for seafood, rising disposable income, and changing consumer preferences. Asia Pacific is the largest market for crustaceans, accounting for more than 70% of the global market share in 2020, followed by North America and Europe.

Key Players-

• International Fish Farming and Holding Company
• RDM Aquaculture
• Seaview Crab Company
• Surapon Foods
• The Crab Company
• Findus Group
• Mogster Group
• Nireus Aquaculture
• Russian Aquaculture
• Selonda Aquaculture.

Segmentation-

By Type     

• Lobsters
• Shrimps
• Crabs
• Others

By Application       

• Retail
• Institutions
• Food Service

By Distribution Channel     

• Business to Business
• Business to Consumer

Major Trends and Drivers Affecting the Industry-

One of the major trends in the crustaceans market is the increasing demand for sustainably sourced seafood. Consumers are becoming more aware of the environmental impact of seafood production and are looking for products that are sustainably sourced and produced. This has led to the development of new fishing and aquaculture methods that are more environmentally friendly.

Another major trend in the market is the growing popularity of online sales channels. With the rise of e-commerce and online marketplaces, consumers can easily purchase crustaceans online, which has led to an increase in sales.

The major drivers of the crustaceans market include increasing demand for seafood, rising disposable income, and changing consumer preferences. Seafood is considered a healthy and nutritious food, and the growing awareness of the health benefits of seafood has led to an increase in demand. Rising disposable income has also led to an increase in demand for premium seafood products, such as lobsters and crabs. In addition, changing consumer preferences, such as a preference for convenience and easy-to-prepare foods, have also contributed to the growth of the crustaceans market.

Opportunities and Threats in the Industry-

One of the major opportunities in the crustaceans market is the growing demand for seafood in emerging economies. As the middle class in these economies grows, the demand for seafood is expected to increase, which presents an opportunity for companies to expand their operations in these regions.

However, the crustaceans market also faces several threats, such as overfishing and environmental concerns. Overfishing can lead to a decline in seafood stocks, which can have a negative impact on the industry. Environmental concerns, such as climate change and pollution, can also affect the industry, as they can impact the quality and quantity of seafood available.

Regulatory and Legal Issues Affecting the Industry-

The crustaceans market is subject to various regulatory and legal issues, such as fishing quotas, environmental regulations, and food safety regulations. These regulations can impact the industry by restricting fishing activities, imposing fines and penalties for non-compliance, and affecting the quality and safety of the products.

Target Demographics and Preferences-

The target demographics for the crustaceans market include consumers who are interested in seafood, health-conscious consumers, and consumers with high disposable incomes. These consumers are typically located in urban areas and are often younger and more educated than the general population.

Consumers who are interested in seafood tend to be more adventurous in their food choices and are often looking for new and exciting flavors. They may also be concerned with the sustainability and ethical sourcing of the seafood they consume.

Health-conscious consumers are looking for foods that are high in protein, low in fat, and free from additives and preservatives. They may also be interested in seafood because of its high levels of omega-3 fatty acids, which are believed to have numerous health benefits.

Consumers with high disposable incomes are often willing to pay a premium for high-quality, premium seafood products, such as lobsters and crabs. They may also be interested in unique and rare varieties of seafood that are not widely available.

Preferences and Behaviors-

Consumers who are interested in seafood tend to be more willing to try new and unique flavors and textures. They may also be interested in the origin and sourcing of the seafood they consume, and may prefer products that are sustainably sourced and ethically produced.

Health-conscious consumers are more likely to be interested in seafood because of its perceived health benefits, such as its high levels of omega-3 fatty acids. They may also be interested in seafood products that are low in fat and free from additives and preservatives.

Consumers with high disposable incomes are often looking for premium seafood products, such as lobsters and crabs. They may be willing to pay a premium for unique and rare varieties of seafood that are not widely available.

Pricing Trends-

The pricing of crustaceans can vary widely depending on the type of product, the origin, and the quality. In general, premium seafood products, such as lobsters and crabs, are more expensive than other types of seafood.

Pricing can also vary depending on the market segment. For example, high-end restaurants may charge significantly more for crustacean dishes than fast food restaurants or seafood markets.

In addition, pricing can be affected by supply and demand. If the supply of a particular type of crustacean is limited, prices may increase as demand exceeds supply. Conversely, if there is an oversupply of a particular type of crustacean, prices may decrease as suppliers try to clear their inventory.

Conclusion-

The crustaceans market is driven by increasing demand for seafood, rising disposable income, and changing consumer preferences. The target demographics for the market include consumers who are interested in seafood, health-conscious consumers, and consumers with high disposable incomes. These consumers are often looking for unique and high-quality seafood products that are sustainably sourced and ethically produced. Pricing in the market can vary widely depending on the type of product, the origin, and the quality, and can be affected by supply and demand. Overall, the crustaceans market is expected to continue to grow in the coming years, driven by these factors and others.