Crab Market Size
|Market Size (2023)||USD 11.21 Billion|
|Market Size (2028)||USD 14.81 Billion|
|CAGR (2023 - 2028)||5.72 %|
|Fastest Growing Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Crab Market Analysis
The Crab Market size is estimated at USD 11.21 billion in 2023, and is expected to reach USD 14.81 billion by 2028, growing at a CAGR of 5.72% during the forecast period (2023-2028).
The growing awareness of the nutritional benefits of crab, per capita seafood consumption, rising incomes, and increased urbanization underpinning seafood consumption, along with the inelastic nature of demand relative to prices, are expected to drive the overall demand for crabs. Crab meat contains significant protein, vitamin, and mineral content. It also has anti-inflammatory properties to reduce blood pressure and enhance both bone and mental health. Such factors and the growing awareness about the health benefits of crab meat are expected to encourage its consumption in the coming years.
Mud crabs are known for their high flesh content and rapid growth rate in captivity. A fully grown mud crab weighs about 1,200 grams. Live mud crabs are in demand in the global market. The prices vary depending on the size (500 grams, 1000 grams, and above 1000 grams).
The food service industry is the major end user of crabs. The rise of the food service industry directly affects the global crab market. The food service industry across the world is multiplying because of new technology and innovations, as well as customizations in menus. Additionally, the inclination toward healthy and nutritious foods and increasing demand for the gluten-free diet are expected to support the market growth.
Crab Industry Segmentation
A crab is a decapod crustacean that has a hard shell; the meat of a crab is eaten as food.
The crab market is segmented into types (blue crab, Chinese mitten crab, gazami crab, and other types) and form (frozen, canned, and other forms). The market is also segmented by geography, covering more than 16 countries across the world. The report offers market estimation and forecast in value (in USD thousand) and volume (in metric tons).
|Other Crab Types|
Crab Market Trends
This section covers the major market trends shaping the Crab Market according to our research experts:
Increasing Awareness About the Health Benefits of Crabs
Growing consumer awareness about the health benefits of crabs is a key factor driving the growth of the crab market. Significant amounts of proteins, minerals, and nutrients can be found in crabs. It has little saturated fat and is an important source of the omega-3 unsaturated fats docosahexaenoic acid (DHA) and eicosapentaenoic acid (ECA) (EPA). Crab also contains soothing qualities that can be helpful for people with joint pain. Additionally, it decreases vascular stress.
Crab has numerous other health benefits, some of which include improving bone and heart health and promoting emotional well-being. Owing to such health benefits and demand, consumption is increasing globally, leading to an increase in production across the globe as well. For instance, according to Federal Agency for Fishery, the production volume of crab in Russia increased from 86.3 thousand metric tons in 2017 to 93.3 thousand metric tons in 2020.
According to MPEDA, in 2021, the area under mud crab cultivation in Andhra Pradesh, India, was over 5000 hectares. MPEDA also claimed that it had identified several areas in four to five districts with the potential to cultivate mud crabs, scientifically known as Scylla Serrata. The state produced over 2000 tons of mud crabs in 2021. Moreover, changing lifestyles and an increasing working population have paved the way for foods like crabs that require less preparation time and have high nutritious value. All these factors collectively are expected to drive the demand for crabs across the globe.
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North America in the Fastest Growing Region
North America is the fastest-growing region in the market for crabs globally; it is one of the major contributors to the total share of the crab market globally. According to a report by the National Oceanic and Atmospheric Administration (NOAA), increases in seafood landings, as well as rising demand for imported crabs and other seafood from health-conscious consumers, have raised the share of seafood in the American diet in recent years. The annual fisheries report published by the NOAA revealed that in 2020, crabs were the highest-value species in the United States, with a value of USD 584 million, and Alaska accounted for 60% of seafood landings, the highest in the country. Historically, in the United States, Jonah crabs were harvested as an incidental catch by fishermen targeting lobsters in the northwest Atlantic Ocean. But commercial interest in the species as a targeted catch has grown in recent years.
Additionally, according to the Bureau of Labour Statistics, the average expenditure on fish and seafood per consumer unit in the United States in 2021 accounted for USD 729. Similarly, according to Progressive Grocer, the share of seafood shoppers looking for sustainable seafood products in the United States has increased from 2019 to 2021. In 2019, only 29% of seafood shoppers were sustainable. This figure was at 41% in 2021. Moreover, according to the government of Canada, the Total Allowable Catch (TAC) available for the 2022 SGSL Snow crab fishery is 32,519 tons given to strengthen the domestic supply and push down the prices. This increase in seafood consumption is expected to boost the growth of the crab market at a faster pace during the forecast period.
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Crab Industry Overview
The crab market is highly fragmented, with the presence of international players as well as regional companies intensifying the competition for a higher market share and an extended consumer outreach. Some of the major companies indulged in the supply and trade of frozen as well as canned crabs include Bumble Bee Foods, LLC, Supreme Crab & Seafood, Inc., Maine Lobster Now, Millennium Ocean Star Corporation, and Phil-Union Frozen Foods Inc., among others.
Crab Market Leaders
Bumble Bee Foods, LLC
Supreme Crab and Seafood, Inc.
Maine Lobster Now
Millennium Ocean Star Corporation
Phil-Union Frozen Foods, Inc.
*Disclaimer: Major Players sorted in no particular order
Crab Market News
October 2022: Pescafresh, an Indian seafood supplier supplying mud crabs, opened a new processing and distribution hub in Mumbai.
January 2022: A new crabbing vessel was launched for the Russian Crab Group at the Onega shipbuilding plant in Petrozadovsk. It is the first of a series that is under construction.
January 2022: Handy Seafood (North America's oldest seafood processor) partnered with Old Bay seasoning for the launch of seafood products, mainly focusing on crab cakes featuring wild-caught blue swimming crab from fresh crabs.
Crab Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Blue Crab
5.1.2 Chinese Mitten
5.1.3 Gazami Crab
5.1.4 Other Crab Types
5.2.3 Other Forms
5.3.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 Rest of Asia-Pacific
5.3.4 South America
18.104.22.168 Rest of South America
5.3.5 Middle East and Africa
22.214.171.124 South Africa
126.96.36.199 United Arab Emirates
188.8.131.52 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Bumble Bee Foods LLC
6.3.2 Supreme Crab & Seafood Inc.
6.3.3 Maine Lobster Now
6.3.4 Millennium Ocean Star Corporation
6.3.5 Phil-Union Frozen Foods Inc.
6.3.6 JM Clayton Seafood Company
6.3.7 RGE Agridev Corporation
6.3.8 Siam Canadian Group Limited
6.3.9 Handy Seafood
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Crab Market Research FAQs
How big is the Crab Market?
The Crab Market size is expected to reach USD 11.21 billion in 2023 and grow at a CAGR of 5.72% to reach USD 14.81 billion by 2028.
What is the current Crab Market size?
In 2023, the Crab Market size is expected to reach USD 11.21 billion.
Who are the key players in Crab Market?
Bumble Bee Foods, LLC, Supreme Crab and Seafood, Inc., Maine Lobster Now, Millennium Ocean Star Corporation and Phil-Union Frozen Foods, Inc. are the major companies operating in the Crab Market.
Which is the fastest growing region in Crab Market?
North America is estimated to grow at the highest CAGR over the forecast period (2023-2027).
Which region has the biggest share in Crab Market?
In 2023, the Asia-Pacific accounts for the largest market share in the Crab Market.
Crab Industry Report
Statistics for the 2023 Crab market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Crab analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.