Global Shellfish Market is Segmented By Type (Crabs, Prawns, Shrimps, Oysters, Others), By Application (Restaurant, Supermarket, Others), and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Shellfish Market Size
The Global Shellfish Market reached USD 48.2 billion in 2022 and is expected to reach USD 61.5 billion by 2030 growing with a CAGR of 3.1% during the forecast period 2024-2031. Rising trends of value-added shellfish products, such as pre-cooked, seasoned, or marinated options, are gaining popularity.
The overall global consumption of seafood has been increasing, driven by factors such as population growth, rising disposable incomes, and changing dietary preferences. Shellfish, being a part of the broader seafood category, have benefited from this trend and have witnessed growing demand. Mussels are bivalve mollusks with tender meat and a slightly sweet flavor. Harvesting shellfish involves various methods and practices depending on the type of shellfish, local regulations, and sustainability considerations. The processing of shellfish typically includes cleaning, shucking, cooking, packaging, and sometimes value-added processing.
The shellfish market is witnessing innovation in product development, introducing new and unique shellfish-based products to attract consumer interest. Examples include value-added shellfish snacks, shellfish-based spreads and dips, and creative shellfish-based meal kits. These innovations aim to diversify the shellfish market and cater to changing consumer preferences.
Shellfish Market Scope
|
Metrics |
Details |
|
CAGR |
3.1% |
|
Size Available for Years |
2022-2031 |
|
Forecast Period |
2024-2031 |
|
Data Availability |
Value (US$) |
|
Segments Covered |
Type, Application and Region |
|
Regions Covered |
North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
|
Fastest Growing Region |
Asia-Pacific |
|
Largest Region |
North-America |
|
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other key Insights. |
To Know More Insights - Download Sample
Shellfish Market Dynamics
Increase in Consumer Awareness about Health Benefits Associated With the Consumption of Shellfish
Shellfish are an excellent source of high-quality protein. Protein is essential for tissue repair, muscle growth, and overall body maintenance. Shellfish, such as shrimp and mussels, provides a concentrated source of protein, making them beneficial for individuals looking to meet their protein needs. Some types of shellfish, including oysters, mussels, and certain species of shrimp, are good sources of omega-3 fatty acids.
Shellfish are a significant source of essential minerals. They are particularly rich in iron, zinc, copper, and selenium. Iron is important for oxygen transport in the body and plays a crucial role in preventing iron-deficiency anemia. Zinc supports immune function, wound healing, and cell growth. Copper is involved in the production of red blood cells and collagen synthesis. Selenium acts as an antioxidant and supports thyroid function.
Increase in the Consumer’s Demand for Sustainable Seafood Globally
Consumers are becoming more aware of the environmental impact of their food choices. Sustainable seafood practices, such as responsible fishing and aquaculture methods, prioritize minimizing the ecological footprint and preserving marine ecosystems. Shellfish, including oysters, mussels, and clams, are often cultivated through sustainable practices that have a minimal negative impact on the environment. The commitment to sustainability resonates with environmentally conscious consumers, leading to an increased demand for shellfish.
Shellfish, when produced sustainably, is generally considered a safe and healthy seafood choice. Sustainable shellfish farming often involves stringent quality control measures, such as regular water monitoring and strict harvesting regulations, which help ensure the safety of the final product. Consumers seeking healthy and safe seafood options are drawn to sustainably produced shellfish.
Competition from Alternative Shellfish Products is a Restraining Factor for the Growth of the Shellfish Market
Various seafood alternatives are available in the market that mimics the taste and texture of shellfish. These alternatives are typically plant-based and made from ingredients such as seaweed, soy protein, konjac, or mushrooms. Some examples include vegan shrimp, vegan scallops, and vegan crab cakes. These alternatives can be used in a variety of recipes that traditionally feature shellfish.
An increase in the shellfish alternative product launches by major key players restraints market growth. For instance, on April 04, 2023, the ISH Company launched Salmonish Burgers in the market. Salmonish Burgers are entirely vegan and manufactured from plant-based components. 300 milligrams of omega-3 fatty acids and 14 grams of protein are both included in each serving.
Shellfish Market Segment Analysis
The global shellfish market is segmented based on type, application and region.
Increase in the Production of Shrimp Helps to Boost Segment Growth
The global shellfish market has been segmented by crabs, prawns, shrimps, oysters, and others
High consumer demand for the protein-rich diet, rising disposal income, and increasing expenditure on nutrient-rich products are expected to drive market growth. Also, manufacturers are focused on developing new protein-rich products for consumers. Shrimps are a rich source of protein that attract consumers to the consumption of shrimps. Moreover, various health benefits drive the growth of the market. Shrimp is low in calories. It provides more than 9 different vitamins and minerals and is a rich source of iodine, which is good for proper thyroid function and brain health. Shrimp is one of the most popular crustaceans consumed worldwide.
According to the data given by seafood sources, experts predicted that global shrimp production will exceed 5 million metric tons for the first time in 2022. Global shrimp production was forecasted to jump 7 percent by the end of 2023 and reach 6 million metric tons for the first time ever, driven by a sharp expansion of Ecuador's shrimp farming industry, according to the Global Seafood Alliance's (GSA) annual production survey.
Source: DataM Intelligence Analysis (2023)
Global Shellfish Market Geographical Share
Increase in the Demand for Seafood in the North America Region
The North America shellfish market is substantial and continues to grow. Shellfish is widely consumed in North America, both in homes and in various food service establishments. It is a popular choice among seafood lovers due to its unique flavors, textures, and nutritional benefits. Oysters, clams, mussels, shrimp, and lobster are among the most prominent shellfish species consumed in North America.
An increase in the sales of seafood in the United States helps to boost regional growth. For instance, in 2022, according to the data given by seafood sources, shrimp sales rose by 1.5%. freshwater fish sales were down 2.1, groundfish sales were up 1.8 %, while flatfish sales declined 11.9 % in the United States.
Source: DataM Intelligence Analysis (2023)
Shellfish Market Companies
The major global players include Maruha Nichiro Corporation, Asian Seafood Corporation, Sunnyvale Seafood, Northeast Seafood, Domstein AS, Thai Union Group Co, Young’s Seafood Limited, East Coast Shellfish Growers Association, Mowi Harvest ASA, and Wellfleet Shellfeet Company.
COVID-19 Impact on Shellfish Market
COVID-19 Impact
The COVID-19 pandemic has had a significant impact on the shellfish industry worldwide. Restrictions on international travel and transportation, as well as lockdown measures in various countries, have disrupted global supply chains for shellfish. This has resulted in challenges in sourcing and distributing shellfish products to markets.
The closure of restaurants, hotels, and catering services, which are major consumers of shellfish, has led to a decrease in demand. With reduced dining-out options and a shift towards home-cooked meals, the consumption of shellfish has been significantly affected. Shellfish producers heavily reliant on export markets have faced difficulties due to reduced airfreight capacity, delays in customs clearance, and changing import regulations imposed by various countries. These challenges have impacted the ability to export shellfish products and maintain international trade.
Russia-Ukraine Impact Analysis
The conflict has had implications for both the production and trade of shellfish in the region. The conflict has disrupted shellfish production in both Russia and Ukraine. Shellfish farms and processing facilities in affected regions have faced challenges due to the conflict, leading to a decrease in production capacity. This disruption has affected the overall supply of shellfish in the market.
The conflict has resulted in trade restrictions and disruptions between Russia and Ukraine. Both countries have implemented trade barriers, including tariffs and import restrictions, which have hindered the flow of shellfish products between the two nations. This has impacted the export and import of shellfish, affecting market dynamics and supply chains.
Key Developments
- On October 22, 2022, the Ministry of Crab launched Crab Biryani in the market. Chef Dharshan Munidasa's exclusive recipe consists of 1.5 kg of the famous mud crab, which is de-shelled after cooking, and premium Basmati rice, both of which are prepared in a fragrant broth with local Sri Lankan spices.
- On July 16, 2020, Licious launched India's first prawn spread. The newly launched product is free from artificial preservatives, colors and zero trans-fat.
- On August 09, 2022, Shiok Meats, one of the first firms in Asia Pacific focused on research on cultivated seafood, confirmed that the commercial launch of cultivated shrimp reaches the USD 50/kg milestone.
Why Purchase the Report?
- To visualize the global shellfish market segmentation based on type, application, understanding key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous Shellfish market-level data points all for segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The Global Shellfish Market Report Would Provide Approximately 53 Tables, 49 Figures and 102 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
