USD 557.38 million
Report ID: SQMG30I2009 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Shellfish Market was valued at USD 557.38 million in 2021 and it is expected to grow to USD 694.88 million by 2028 at a CAGR of 3.2% over the forecast period (2022-2028).
Restaurants, vacation spots, shops, culinary services, and hotels all place a high value on shellfish. Shellfish is a rich source of significant amounts of digestible proteins, necessary amino acids, bioactive peptides, long-chain polyunsaturated fatty acids, astaxanthin, and other carotenoids, vitamin B12, and minerals (including copper, zinc, inorganic phosphate, sodium, potassium, selenium, iodine). The population's growing health consciousness will likely fuel the shellfish business during the projected time, according to predictions.
Between 2014 and 2019 the average annual per capita consumption of seafood worldwide increased slightly from 19.9 kilograms to 20.5 kilograms. However, in 2020 seafood consumption fell to multiyear lows at 19.8 kg per capita. The most consumed type of shellfish worldwide is shrimp with 84.6% and it tops the list of the most consumed types of seafood as well which is then followed by crab with 25.3% followed by other types of shellfish. Consumer demand for shellfish and other seafood is one of the critical drivers of the current expansion of the shellfish market. Although it is estimated that shellfish prices would rise in tandem with rising demand, efforts must be made to make them reasonable; otherwise, low-income households may encounter financial difficulties in purchasing these goods. To materialize these goods as future food, removing the barriers to getting them is crucial.
Global Market Size
USD 557.38 million
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The global shellfish market is segmented by Product Type, Distribution Channel, and Region. On the basis of Product Type, the market is segmented into crustaceans and molluscs. On the basis of Distribution channels, the market is segmented into online sales and offline sales. On the basis of Region, the Global Shellfish market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Product Type
On the basis of Product Type, the global shellfish market is segmented into crustaceans and molluscs. Crustaceans and molluscs are two more types of shellfish that can be used to further categorize the global market. In 2021, molluscs held a large portion of the market. One of the most common types of shellfish is mussels, although there are also clams, scallops, and oysters. For instance, oysters have a number of health advantages. A half-dozen oysters supply the equivalent of 2 ounces of meat since each oyster has 2 grams of protein. Oysters contain vitamin D, copper, zinc, iron, and vitamin B-12, all of which have been linked to assisting and avoiding macular degeneration, according to scientific studies. According to a study, age-related macular degeneration causes 8.7% of all blindness in the world. aging of the people would further push the people over the edge, thereby helping them in matters more than one. However, the Crustaceans segment is estimated to be the fastest-growing, with a CAGR of 3.2% over the forecast period of 2022-2028. Crustaceans include shrimps, crayfish, crab, and lobster. Since the cold storage and logistics facilities are improving so is the fulfillment attained of ready-to-eat food of this category.
Analysis by Distribution Channel
On the basis of Distribution channels, the global shellfish market is segmented into Online sales and Offline sales. On-sales channels and offline-sales channels are additional divisions of the worldwide shellfish market depending on the distribution channel. In 2021, the on-sales channel dominated the market. In 2021, lockdowns were under control, which made room for a sharp increase in disposable income. According to studies, there has been an increase in purchasing power of about 3% from the pre-pandemic level, which is 2019. Additionally, the channels were opened up to hotels, restaurants, and a variety of other merchants, which had a good impact on the on-sales channel.
However, it is anticipated that the offline sales channel would expand the fastest, with a significant CAGR over the projected period of 2022–2028. A significant majority of people have adjusted their taste preferences to reflect the pandemic-related environment. Recent research revealed that people were now much more likely to stay at home and order ready-to-eat to eat food owing to comfort and safety profiles. Additionally, online vendors are offering deep discounts which allow the off-sales channel to grow rampantly. For example, lobster meat lobster meat (tail meat) is available for a deep discount of 71% from MRP. Cost points allow for better sales expression and wider market penetration.
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North America dominates the Global Shellfish Market followed by Europe, Asia Pacific, South America, and Africa. Due to the rising acceptance of diets high in protein throughout the continent, North America is predicted to experience significant growth. The East Coast Shellfish Grower's Association reported in February 2020 that over the previous five years, oyster output on the US East coast had doubled. The growing popularity of ready-to-cook foods has fueled the expansion of the frozen seafood and shellfish industries. The expansion of the market in the area is greatly attributed to well-established distribution channels and the rise of internet sales.
Due to the region's thriving foodservice industry, Asia Pacific is predicted to experience promising growth. The popularity of eating in cafés, bars, and restaurants has sparked the introduction of new products including shrimp cocktails and shellfish appetizers. The region's expanding supply network also supports the growth of the shellfish market in the Asia Pacific region.
Europe is predicted to experience positive growth because of increasing seafood intake to lower the risk of cardiovascular disease Shellfish are more popular with consumers due to their high polyunsaturated fatty acid content. Shellfish make up almost half of the value of all seafood landed in the UK, according to the Shellfish Association Great Britain. Shellfish snacks that can be enjoyed on the go have been added to the product line by producers in response to the demand for healthy snacking.
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The Global Shellfish Market is highly fragmented due to the strong presence of a large number of players. As a result, the global Shellfish market has been witnessing the constant entry of new players over the years. In order to sustain the highly competitive environment, existing players differentiate themselves through innovation, quality, and product development strategies.
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According to our analysis, the region of North America has a lead over other regions, dominance of North America can be attributed to North America being by far the market leader due to the rising acceptance of diets high in protein throughout the continent, North America is predicted to experience significant growth. Companies are focusing on Supply chain management, building logistics, and cold storage for such perishable food products. The segment Crustaceans are the fastest-growing segment. People prefer online food delivery over offline serving due to the adaptation of lockdown and pandemics.
|Market size value in 2021||USD 557.38 million|
|Market size value in 2028||USD 694.88 million|
|Forecast Unit (Value)||USD Million|
|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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For the Global Shellfish 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 Shellfish 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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Product ID: SQMG30I2009