Shrimp is highly nutritious food, which is low in fat, high in protein, and a moderate source of omega-3 fatty acids. Shrimp is also a low-cost seafood, attributable to its higher production volume as compared to other types of crustaceans.
Moreover, shrimp is also a consumer favorite among all other seafood products in countries such as the U.S., and higher demand for fresh and frozen shrimp products has been witnessed over the past few years. Multiple frequently available species of shrimp, including giant tiger shrimp and royal red shrimp, are gaining rapid traction, globally. This is boosting the overall growth of the global crustaceans market.
- In the U.S., the import of frozen shrimp was 451,019 tons in 2015, and reached 534,483 in 2018, an increase of approximately 19%. This was attributable to the rising demand for shrimp products across the country.
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- Nippon Suisan Kaisha, Ltd.
- High Liner Foods Inc.
- Royal Greenland A/S
- The Clover Leaf Seafoods Family
- Ocean America Food SA
- Rich Products Corporation
- DNI Group LLC
- Surapon Foods Public Company Limited
- Siam Canadian Group Limited
- Sirena A/S
- Trident Seafoods Corporation
- International fishing farming holding company PJSC-Asmak
- Maruha Nichiro Corporation
- August Seafood
Increase in Aquaculture Production to Support Growth of Crustaceans Market
The aquaculture industry has been witnessing exponential growth from the past few years, on the back of rising consumption of seafood products at the international level. Farming fishery products have become a profitable business, attributable to the availability of technological advancements in the aquaculture business.
Countries in Asia dominate in terms of aqua farming of various species, including crustaceans, on the global level. The farming process of crustaceans includes stocking, feeding, and protection of crustaceans from predatory species. As the demand for seafood is rising, especially in South Asian countries, business opportunities for players involved with aquaculture have increased significantly in the region.
This growth of aquaculture production boosts the production of crustaceans, and is expected to contribute significantly to the growth of the crustaceans market over the forecast period.
- According to the United Nations Food and Agriculture Organization (FAO), aquaculture production has been witnessing a CAGR of 5.8% since 2010. Global crustacean production was 5.4 million tons in 2010, and reached 8.4 million tons in 2017.
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?Regional Landscape of Global Crustaceans Market
Latin America and South Asia are projected to witness high growth rates in the global crustaceans market during the forecast period of 2019-2029, attributable to increasing per-capita food expenditure coupled with rapid urbanization in these two regions. Substantial growth of the seafood industry in both regions also contributes to the growth of the crustaceans market.
Growing meat consumption in South Asia also means increased demand for different crustacean products such as shrimp and crabs. The Middle East and Africa is also projected to witness a significant growth rate in the global crustaceans market during the forecast period, attributable to the growing consumption of seafood in this region over the past few years.
East Asia accounts for a significant market share in the crustaceans market, owing to the traditional consumption of crustacean products in the region. China is importing a large quantity of crustaceans such as shrimp and lobsters due to growing consumer demand for crustacean products. South Asia is also a promising region.
The major contributing factor to the growth of the crustaceans market in this region is the high per-capita consumption of seafood products in countries such as Indonesia and Thailand.
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The global crustaceans market is experiencing a significant growth rate, with Latin America and South Asia anticipated to show substantial growth during the forecast period of 2019-2029. Increasing consumption of major crustacean species, such as shrimp, across the globe, is expected to contribute to the growth of global crustaceans market in the foreseeable future.
Leading market players such as Nippon Suisan Kaisha, Ltd. and High Liner Foods Inc. are strategically focusing on business expansion in various overseas territories to strengthen their position in the global crustaceans market. Increasing production capacity and improvement of supply-chain are other strategies being adopted by key players in the crustaceans market.
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Key Segments of Global Crustaceans Market
PMR’s report on the global crustaceans market offers information divided into five segments - type, origin, end use, distribution channel, and region.
Key Questions Answered in PMR’s Global Crustaceans Market Report
- Which region will hold the highest market share in the global crustaceans market during the forecast period?
- Which region is experiencing the highest growth (CAGR)?
- Which factors are impacting the global crustaceans market?
- Which are the global trends impacting the crustaceans market?
- What strategies must emerging players adopt to capture opportunities in various regions in the crustaceans market?
- What is the market structure of the global crustaceans market?