Overview of the Market

The global crustaceans market is witnessing consistent growth, projected to expand at a value-based CAGR of 4.8% between 2022 and 2032. During this period, the market is expected to increase in revenue from US$ 19 Bn in 2022 to around US$ 26.3 Bn by 2032. The rising demand for seafood worldwide, coupled with an expanding global population and changing dietary preferences, has positioned crustaceans such as shrimp, crab, and lobster as key protein-rich food sources. Consumers are increasingly leaning towards healthier and more sustainable diets, where crustaceans play a significant role given their nutritional value and versatile culinary applications.

The shrimp segment dominates the market as the leading product category, primarily due to its affordability, widespread consumption, and use in both household and commercial food service sectors. In terms of geography, the Asia-Pacific region is the clear leader in the crustaceans market. This dominance is attributed to strong aquaculture practices, a high seafood consumption culture, and favorable climatic conditions that make the region the hub of global seafood production and exports. Countries like China, India, Vietnam, and Thailand have established themselves as global suppliers of crustaceans, ensuring the region’s strong market position.

Key Highlights from the Report

• The global crustaceans market is projected to grow from US$ 19 Bn in 2022 to US$ 26.3 Bn by 2032.
• A CAGR of 4.8% is expected for the market during the forecast period.
• Shrimp remains the leading segment due to its large-scale consumption and affordability.
• Asia-Pacific leads the global market, supported by strong aquaculture production.
• Increasing consumer demand for protein-rich diets drives crustaceans’ popularity.
• Investments in sustainable aquaculture practices are reshaping market dynamics.

Market Segmentation

The crustaceans market can be segmented based on product type, end-user, and distribution channels. By product type, shrimp holds the largest market share, followed by crab and lobster. Shrimps’ relatively lower price point, faster production cycles, and global acceptance make them the most consumed crustacean worldwide. Crabs, especially soft-shell and blue crabs, are gaining popularity in North America and Europe, while lobsters maintain premium positioning in high-end food services.

In terms of end-users, the foodservice industry forms the largest segment, accounting for a significant portion of the demand. Restaurants, hotels, and catering businesses heavily rely on crustaceans to cater to growing consumer interest in seafood-based cuisines. Household consumption is also increasing, particularly in developed countries, where frozen and processed crustaceans are readily available through retail channels. Distribution channels are segmented into supermarkets and hypermarkets, specialty seafood stores, and online retail platforms. The surge in e-commerce has transformed seafood accessibility, with online channels experiencing rapid growth, particularly post-pandemic.

Regional Insights

Asia-Pacific dominates the global crustaceans market, accounting for the largest share in terms of both production and consumption. Nations like China, India, Vietnam, and Thailand have advanced aquaculture systems, favorable climatic conditions, and government support for seafood exports, which boost the region’s dominance. Furthermore, a strong seafood-eating culture ensures steady domestic consumption in these countries.

North America and Europe represent significant markets, primarily driven by rising consumer demand for protein-rich diets and premium seafood. The United States remains one of the largest importers of shrimp, with growing retail availability and expanding restaurant menus featuring crustaceans. In Europe, nations such as Spain, France, and Italy lead in crustacean consumption, with demand driven by traditional seafood-centric diets. Meanwhile, the Middle East and Africa are emerging as niche markets, with rising imports due to growing expatriate populations and increasing interest in global cuisines.

Market Drivers

Several factors drive the crustaceans market’s steady growth. Rising global seafood consumption, fueled by a growing population and health-conscious consumers seeking lean protein, stands as the primary driver. Aquaculture innovations, particularly in shrimp farming, have enhanced yields and reduced dependence on wild catch, ensuring stable supply chains. Additionally, increasing urbanization and disposable incomes in emerging economies have boosted demand for premium seafood products. Government initiatives supporting sustainable aquaculture practices and seafood exports are also contributing to the market’s upward trajectory.

Market Restraints

Despite strong growth, the market faces notable restraints. Environmental challenges such as water pollution, disease outbreaks in aquaculture farms, and overfishing practices impact the supply of crustaceans. Regulatory restrictions regarding sustainability and seafood imports can also hinder market expansion. High costs associated with premium crustaceans like lobsters restrict their availability to niche consumers. Furthermore, fluctuating feed prices and rising transportation costs can increase production expenses, reducing profitability for farmers and exporters.

Market Opportunities

The future of the crustaceans market presents ample opportunities. Growing awareness of sustainable seafood practices is encouraging investment in eco-friendly aquaculture systems, which are expected to attract conscious consumers. Expansion of online retail platforms offers producers and distributors new avenues for reaching global markets. Premiumization of seafood, particularly in developed economies, opens opportunities for high-value crustacean products such as organic shrimp or sustainably farmed lobsters. Additionally, advancements in cold-chain logistics and processing technologies will enable longer shelf life and improved distribution efficiency.

Reasons to Buy the Report

1. Comprehensive insights into market size, trends, and growth projections through 2032.
2. Detailed analysis of key drivers, restraints, and opportunities shaping the industry.
3. In-depth segmentation covering product type, end-users, and regional markets.
4. Competitive landscape profiling major players and recent market developments.
5. Forward-looking insights into sustainability trends and aquaculture innovations.

Frequently Asked Questions (FAQs)

How Big is the Market?

Who are the Key Players in the Global Market for Crustaceans?

What is the Projected Growth Rate of the Market?

What is the Market Forecast for Crustaceans for 2032?

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Company Insights

• Thai Union Group PCL
• Nippon Suisan Kaisha Ltd.
• Royal Greenland A/S
• Clearwater Seafoods Inc.
• High Liner Foods Inc.
• Surapon Foods Public Company Limited
• Pacific Seafood Group
• Maruha Nichiro Corporation
• Mazzetta Company LLC
• Ocean Seafood Group

Recent Developments:

• In 2024, Thai Union Group announced increased investment in sustainable shrimp farming practices to strengthen its global supply chain.
• Royal Greenland introduced a new line of responsibly sourced crab products targeting the European market in 2023.

Conclusion

The global crustaceans market is poised for steady growth, with revenue projected to reach US$ 26.3 Bn by 2032 at a CAGR of 4.8%. Rising demand for protein-rich seafood, strong aquaculture practices, and growing consumer interest in sustainable diets are reshaping the industry. While challenges such as environmental risks and regulatory pressures remain, opportunities in premiumization, sustainable farming, and e-commerce distribution highlight a promising future. Stakeholders, including producers, retailers, and investors, can capitalize on these opportunities to strengthen their positions in the evolving seafood market.