Market Size of Crustaceans Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.00 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
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Crustaceans Market Analysis
The Crustaceans market is projected to register a CAGR of 5% during the forecast period.
- Crustaceans are diverse arthropod taxons that include familiar species such as crayfish, shrimps, crabs, lobster, prawns, krill, woodlice, and barnacles. The crustacean market is driven by various factors such as the boosting demand due to the increasing health benefits and the adoption of environment-friendly production techniques. Other factors like contract farming & government policies drive the crustaceans market. Shrimp species, such as white leg shrimp, giant tiger shrimps, gulf shrimps, blue shrimps, and royal red shrimps are the most popular varieties consumed worldwide.
- Europe and North America hold a significant market share while the fastest growth can be observed in the Asia Pacific region.Shrimp consumption has been growing continuously and significantly since the last decade, especially in the Asia-Pacific, North American, and European countries on account of rising organized retail chains across the regions. In addition, since the demand for seafood products is income elastic, a continuous increase in the number of consumers, with higher disposable incomes, is expected to have a positive impact on the growth of the market.
- Adoption of Pacific white shrimp as the prominent species by India's growing aquaculture industry, especially in the contract farming sector, is one of the main factors that helps India to expand more into the shrimp market in the United States. Sales of tiger shrimp are also expected to rise, driven by a high preference for glaze and sweet taste by Western consumers.
