USD 60.72 billion
Report ID: SQMIG30I2316 | Region: Global | Published Date: July, 2023 | Pages: 157 | Tables: 88 | Figures: 76
Molluscs Market size was valued at USD 60.72 billion in 2021 and is poised to grow from USD 63.45 billion in 2022 to USD 90.24 billion by 2030, at a CAGR of 4.5% during the forecast period (2023-2030).
The global food industry has high demand for molluscs in the market. The growing consumer health concern has raised demand for nutritious food products and mollusk consumption. This lowers the risk of chronic diseases, which is projected to drive market growth during the forecast period. Furthermore, rising demand and consumption for protein-rich diets rather than high-calorie food products are moving the worldwide molluscs market forward. Seafood is a low-fat and high-protein source, and it also contains elements such as vitamins, iron, and omega-3 fatty acids, which are expected to drive market expansion. Furthermore, rising demand for processed seafood is propelling market expansion throughout the projection period.
The growing aquaculture fish output in developing economies such as China, India, and Japan are a major driving factor boosting the molluscs industry. Furthermore, increase in disposable income of consumers and rising inclination towards healthy lifestyle has contributed to an increase in the consumption of protein-rich food, have been important growth factors for the industry in recent years. In the forecasting period, market expansion is likely to be driven by the rising demand for high-quality food products due to freshness, product diversity, and convenience for food safety.
The COVID-19 pandemic-related lockdown disrupted transportation and temporarily halted the supply of fish food products. Measures resulting from COVID-19 regulations have the potential to disrupt or halt aquaculture and fishery supply networks. Unsold mollusk output has resulted in increased quantities of live fish stocks in the aquaculture business. Furthermore, it has increased the expense of feeding and increased the risk of fish mortality around the world.
US Molluscs Market is poised to grow at sustainable CAGR for the next forecast year.
Global Market Size
USD 60.72 billion
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The global Molluscs Market is segmented based on species, form, distribution channel and region. Based on species the market is segmented into crassostrea, ruditapes philippinarum, scallops, and others. Based on form, the market is segmented into frozen, and canned. Based on distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, online and others. Based on region, the global molluscs market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Global Molluscs Market Analysis by Form
The frozen segment accounted for more than 55% of worldwide molluscs market revenue in 2022 and is predicted to grow at a CAGR of 4.2% from 2022 to 2030. The consumer's preference for a balanced, nutritious, and protein-rich diet has greatly increased demand for frozen fish products. Furthermore, the increase in demand for processed and packaged fish products globally is expected to drive market expansion during the forecast period.
The canned segment is predicted to increase at a 5.0% CAGR from 2023 to 2030. Consumers' ever-changing lives and tight work schedules necessitate processed seafood, such as canned mollusks, which are becoming increasingly popular. The expansion of this category is also being fueled by rising molluscan product consumption because of its health advantages, such as a reduced chance of developing chronic diseases.
Global Molluscs Market Analysis by Distribution Channel
In 2022, the hypermarket and supermarket channels accounted for more than 40% of the worldwide molluscs market and emerged dominant. Mollusc suppliers employ the typical retail channel to sell their products through word of mouth, advertising, and marketing. Consumers choose hypermarkets and supermarkets to buy goods, groceries, and fish food products because they can physically inspect the product quality. Because of improved distribution channel networks around the world, hypermarkets and supermarket channels are likely to stay prominent during the forecast period.
The online segment is anticipated to grow at the fastest rate during the anticipated period, with a CAGR of 5.7% from 2023 to 2030. Due to increased consumer use of the internet for shopping, the e-commerce industry has seen profitable growth in recent years. Consumers are increasingly using it to buy food and other necessities. The fact that a number of mollusk suppliers have online stores is also anticipated to boost industry demand during the foreseeable period.
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In 2022, Asia Pacific contributed the most—more than 60%—to the global molluscs market. This can be due to consumers' increased predisposition for living healthy lifestyles and rising disposable money, which will in turn feed demand for meals that are nutritious and wholesome. Due to the expanding need for fish food products that are high in protein, nations like China, India, and Japan are consuming more fish food products, which is fueling industrial expansion in this area. This has further demonstrated an increase in the manufacturing of mollusk goods, particularly in China and India, which have sizable consumer bases for food products.
Europe is the region with the fastest-growing mollusk market, with a CAGR of 5.1% predicted between 2023 and 2030. The projection period is likely to see a rise in the demand for high-quality food items due to factors such as freshness, product variety, and ease of use for food safety. The increased understanding of the health benefits that are driving the market expansion is the reason why mollusk products are being consumed more frequently in nations like Germany, Spain, and Italy.
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Global Molluscs Market Drivers
Change in Dietary Preferences
Global Molluscs Market Restraints
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The global molluscs market is highly fragmented in nature owing to the presence of numerous small and large players operating in the market. These companies operate across the entire supply chain of the molluscs market, from farming and harvesting to processing and distribution, and compete based on factors such as product quality, price, distribution channels, and customer service.
Top Player’s Company Profiles in Global Molluscs Market
Global Molluscs Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Molluscs market is the global food industry that is anticipating growth in the market. In addition, growing consumer health concern has raised demand for nutritious food products and mollusk consumption. This lowers the risk of chronic diseases, which is projected to drive market growth during the forecast period. Furthermore, rising demand and consumption for protein-rich diets rather than high-calorie food products are moving the worldwide molluscs market forward.
|Market size value in 2021||USD 60.72 billion|
|Market size value in 2030||USD 90.24 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Molluscs Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Molluscs Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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