Global Shellfish Market

Shellfish Market Size, Share, Growth Analysis, By Product Type(Crustaceans, Molluscs.), By Distribution Channel(Online Sales, Offline Sales) - Industry Forecast 2024-2031

Report ID: SQMIG30I2163 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 61 | Figures: 77

Shellfish Market Insights

Global Shellfish Market size was valued at USD 59670 million in 2019 and is poised to grow from USD 61447.1 million in 2023 to USD 73430 million by 2031, growing at a CAGR of 3% in the forecast period (2024-2031).

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 2019 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.

US Shellfish Market is poised to grow at a sustainable CAGR for the next forecast year.

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Shellfish Market size was valued at USD 59670 million in 2019 and is poised to grow from USD 61447.1 million in 2023 to USD 73430 million by 2031, growing at a CAGR of 3% in the forecast period (2024-2031).

The Shellfish Market is highly fragmented due to the strong presence of a large number of players. As a result, the 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. 'Clearwater Seafoods', 'Mazzetta Company, LLC', 'High Liner Foods', 'Maruha Nichiro Corporation', 'Thai Union Group', 'Pacific Seafood Group', 'DNI Group LLC', 'Trident Seafoods Corporation', 'Nippon Suisan Kaisha, Ltd. (Nissui)', 'Lerøy Seafood Group', 'Macduff Shellfish Group', 'Cooke Aquaculture', 'Cargill Aqua Nutrition', 'Blue Star Foods Corp', 'Austevoll Seafood ASA', 'Kyokuyo Co., Ltd.', 'North Atlantic, Inc.', 'Eastern Fish Company', 'Echebastar Fleet', 'SeaPak Shrimp & Seafood Co.', '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.'

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.

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.

North America dominates the 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.

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Global Shellfish Market

Product ID: SQMIG30I2163