Global Shellfish Market Size, Share, Growth Analysis, By Product Type(Crustaceans, Molluscs.), By Distribution Channel(Online Sales, Offline Sales) - Industry Forecast 2022-2028

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.

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.

Driver

• The market has grown as a result of the shellfish's general health benefits. In addition to other nutrients, shellfish are very high in lean protein, healthy fats, and a range of minerals. Additionally, studies have demonstrated that regularly consuming shellfish can boost immunity, promote weight loss, and improve health. Shellfish are rich sources of zinc, magnesium, and vitamin B12. Additionally, shellfish is a fantastic food to include in your diet to prevent obesity because it is low in calories and high in protein. The CDC estimates that in 2018, the prevalence of obesity was close to 42.4%. Additionally, India's obesity prevalence by 2020 was close to 40.3%. Omega-3 fatty acids, which are also prevalent in shellfish, help people feel full for a longer period of time. Finally, eating different shellfish has a significant impact on one's heart health. Due to its high omega-3 fatty acid content, a study found that among 18,244 Chinese males, those who consumed more than 200 grams of shellfish had a 59% lower risk of dying from a heart attack.
• The combination of technological advancements and rising demand has been a major market driver. The processing power has made it possible for the market as a whole to develop significantly. Additionally, supply networks that include cold storage have advanced, enabling improved demand fulfillment and closing the supply-demand gap. Additionally, governments in nations like India have increased their spending on cold chain warehouses, logistics, and other important areas. Additionally, a wide range of applications for AI exists in the seafood business, where it has completely taken over the market. Aqua Byte, for instance, enables measuring salmon development rates and the number of sea lice present. Additionally, Xpert Sea counts shrimp using picture recognition technology and can even forecast their growth rates. Last but not least, Aquaconnect and Aquaponics use AI to improve shrimp farm management and productivity.

Restraint

• Shellfishes have a reputation for being one of the top food allergies, which hinders market expansion as a whole. A huge portion of the world's demand for shellfish is in Asia-Pacific. However, the area also has severe shellfish allergies. Tropomyosin is the protein that is in charge of triggering acute anaphylaxis. The aforementioned chemical triggers the body's immune system, which then releases histamines into the blood, causing mild to severe allergies. According to a study, 3% of the adult population has a shellfish allergy, which is 2% more common than a fish allergy. Furthermore, in Hong Kong, Singapore, and the Philippines, adults, and adolescents with shellfish allergies ranged in prevalence from 5.12 percent to 7.71%. The meal that caused allergies in most of the people (3.8%) was a crustacean, followed by fin fish (1.2%) and mollusks (1.0%) in a study population of more than 8600 participants such reasons are hindering the market growth.

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.

Top Player's Company Profiles

• Wellfleet Shellfeet Company (US)
• East Coast Shellfish Growers Association (US)
• The Van Cleve Seafood Company (US)
• Young’s Seafood Limited (UK)
• Maruho Nichiro Corporation (US)
• Thai Union Group Co (Thailand)
• Mowi Harvest ASA (Norway)
• Mitsubishi Corporations (Japan)
• Dongwon F&B Co (South Korea)
• Domstein AS (Norway)

Recent Developments

• In May 2022, The National Aquaculture Group, the largest aquaculture operation of shrimp farming, fish farming, and feed business in Saudi Arabia, received the Aquaculture Stewardship Council’s shrimp farm certification, making it the first shrimp farm in the Middle East and North Africa region to be awarded this distinction. This in turn places Saudi Arabia among the top 15 countries to have the ASC certification for shrimp.
• In January 2022, Young’s Seafood Limited expands the Gastro range with new Iceland and Food Warehouse listings. The seafood supplier has added four new SKUs to its range in retailers.

• Food producers have been forced to develop novel plant-based seafood substitutes as a result of the growing trend toward plant-based cuisine as consumers gravitate toward sustainable and healthful food options. Growing worries about animal welfare are another factor driving the vegan and vegetarian trends. But customers seek out meals that satisfy their desires for seafood.
• Pescetarian inclination and the presence of foods with higher nutritional value are expected to flourish the growth of the market. Some of the main drivers of the market's expansion include variables like high per capita consumption, expanding edible seafood imports, strong organized retail food service industry penetration, and rising consumer spending on sushi and other seafood dishes. Pescetarianism, which is the term for people who eat vegetarian meals together with seafood but don't eat any form of red meat, is being steadily embraced by many non-vegetarian consumers. Additionally, according to the US Commercial Fisheries and Seafood Industry, roughly 80% of all seafood catch—both fresh and frozen—is consumed as human food, demonstrating that there is substantial demand for seafood throughout the nation. Additionally, due to the high need for seafood across the world, apart from manufacturers, now retailers are adapting to the use of seafood brands as a part of their strategic expansion. For instance, Walmart Inc.

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.

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.