Shellfish Market by Type (Oysters, Crabs, Prawns, Lobsters, Shrimp), End-User (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retail) & Region for 2024-2031
Published on: 2024-08-03 | No of Pages : 320 | Industry : latest updates trending Report
Publisher : MIR | Format : PDF&Excel
Shellfish Market by Type (Oysters, Crabs, Prawns, Lobsters, Shrimp), End-User (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retail) & Region for 2024-2031
Shellfish Market Valuation – 2024-2031
The shellfish market includes a wide variety of aquatic species valued for its culinary and economic worth. This market often contains molluscs like clams, mussels, oysters and scallops, as well as crustaceans like shrimp, crabs, and lobsters. Demand is driven by global seafood consumption trends, health benefits of shellfish consumption and regional cultural preferences. This is likely to enable the market size surpass USD 118 Billion valued in 2024 to reach a valuation of around USD 159 Billion by 2031.
In recent years, sustainability concerns have altered harvesting procedures, with a greater emphasis on responsible aquaculture and wild capture techniques. Asia-Pacific, Europe and North America are important consumers and producers, with their own unique preferences and market dynamics. Technological improvements in aquaculture and processing processes continue to influence the sector, ensuring that shellfish remains a key player in the global seafood market. The rising demand for Shellfish is enabling the market grow at a CAGR of 3.81% from 2024 to 2031.
Shellfish MarketDefinition/ Overview
Shellfish are aquatic invertebrates like shrimp, lobster, crab and mollusks such as oysters, clams and mussels. They lack a backbone, have a hard outer shell and are valued as seafood due to their flavor and nutritional content.
Shellfish are utilized in a variety of culinary dishes around the world, praised for their delicate flavors and nutritional value. They are high in protein, vitamins and minerals and are widely used in seafood dishes such as sushi and seafood pasta.
Shellfish may serve in sophisticated biotechnological applications for sustainable food production, medications based on unique chemicals, and environmental solutions such as water quality control and coastal resilience through shellfish aquaculture.
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Will Growth of the Global Seafood Industry Boost the Shellfish Market Growth?
The global seafood business is predicted to increase greatly, which will benefit the shellfish market. As global demand for seafood rises due to population expansion, a growing awareness of health advantages, and preferences for sustainable food sources, shellfish, with its nutritional content and environmentally friendly agricultural practices, stands to profit.
Advances in aquaculture technology and methods increase shellfish production efficiency, assuring a consistent supply to meet rising demand. Furthermore, globalization and trade liberalization make it easier for shellfish farmers to enter foreign markets, extending their opportunities. Regulatory support for sustainable fishing and aquaculture methods promotes market growth by addressing environmental issues while maintaining long-term sustainability. As a result, the overall expansion of the global seafood business not only supports but accelerates the spread of the shellfish market, driven by evolving consumer preferences and industry innovation.
Will Changing Consumer Preferences Hamper the Shellfish Market?
Changing customer preferences both difficulties and opportunities for the shellfish industry. While there is an increasing trend towards healthier and more sustainable food options, consumer preferences may vary, affecting specific segments of the industry. Some consumers may be put off by preferences for plant-based diets or allergies to shellfish. In addition, fluctuations in consumer income and economic uncertainty can have an impact on discretionary spending on luxury seafood goods such as shellfish.
These problems, however, can be reduced through clever marketing campaigns emphasizing shellfish’s nutritional benefits, culinary flexibility, and sustainability. Product innovation, such as value-added shellfish or allergen-free choices, can help to broaden market appeal. Furthermore, proactive efforts can create consumer trust by ensuring openness in sourcing, quality assurance and responsibility for the environment. Overall, while changing consumer preferences present challenges, they also present opportunities for the shellfish market to innovate and adapt to evolving market dynamics.
Category-Wise Acumens
Will Increasing Consumer Preference for Its Taste and Texture Drive the Shrimp Segment?
The growing customer preference for the taste and texture of shrimp is likely to fuel significant expansion in this section of the seafood market. Shrimp’s popularity originates from its mild flavor, numerous culinary uses and rapid cooking time, making it suitable for a wide range of cuisines.
As consumers become more experimental in their culinary selections and seek healthier protein sources, shrimp emerges as a popular choice due to its lean protein composition and low-calorie count.
Furthermore, advancements in shrimp cultivation and processing processes improve product quality and availability, hence fulfilling rising demand. With its universal appeal and excellent consumer views, the shrimp industry is well-positioned to capitalize on these trends, driving continuing development in both traditional retail and online marketplaces around the world.
Will Increasing Ensuring Convenience and Accessibility for Consumers Drive the End-User Segment?
Ensuring consumer ease and accessibility is critical for fostering growth in various end-user areas of the shellfish market. Supermarkets and hypermarkets cater to people looking for one-stop shopping experiences by offering a diverse selection of seafood goods at handy locations. Convenience stores benefit from their accessibility, offering quick and simple access to shellfish goods for customers looking to make immediate purchases. Specialty stores survive by providing unique and premium shellfish species that cater to certain markets and culinary tastes. The emergence of online retail boosted convenience by allowing consumers to explore, compare, and buy shellfish from the comfort of their own homes, frequently with home delivery possibilities.
As consumers’ lifestyles grow increasingly fast-paced and digital, delivering ease across multiple retail channels will be crucial in driving the end-user segment’s growth in the shellfish market, meeting diverse consumer needs and preferences effectively.
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Country/Region-wise Acumens
Will Strong Consumption and Sustainable Aquaculture Practices Drive the Market in North America?
Strong consumption habits and sustainable aquaculture practices are projected to considerably drive North America’s shellfish sector. Consumers in the region are increasingly choosing seafood for its health benefits and sustainability over other protein sources. This demand is boosted by measures supporting responsible fishing and aquaculture practices, which ensure the long-term viability of shellfish populations.
Furthermore, developments in aquaculture technology and techniques improve production efficiency and environmental stewardship, which contributes to market growth. Regulatory frameworks that encourage sustainable practices also play an important role in influencing the industry’s future path. Overall, these characteristics position North America as a prominent player in the global shellfish market, set for future growth owing to strong consumer preferences and sustainable production practices.
Will Increasing Seafood Demand and Expanding Aquaculture Operations Drive the Market in Asia Pacific Region?
Rising seafood demand and expanded aquaculture operations are likely to create significant expansion in the Asia-Pacific shellfish market. Countries such as China, Japan, and Southeast Asia are seeing expanding consumer prosperity and a shift toward healthier nutritional choices, resulting in increased seafood consumption.
The region’s large coastline and ideal environmental circumstances also encourage the rise of shellfish aquaculture, which meets both domestic and international demand. Government actions promoting aquaculture development and sustainability contribute to industry growth. Furthermore, technological advances in aquaculture techniques improve production efficiency and product quality, increasing competitiveness in worldwide markets. With Asia-Pacific already a major participant in seafood production and consumption, these characteristics position the area as a critical hub for the shellfish market’s expansion, which is driven by both domestic demand and export potential.
Competitive Landscape
The shellfish market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support. The organizations are focusing on innovating their product line to serve the vast population in diverse regions.
Some of the prominent players operating in the shellfish market include
- Asian Seafood Corporation
- Sunnyvale Seafood
- Northeast Seafood
- Domstein AS
- Thai Union Group PLC
- Young’s Seafood Limited
- East Coast Shellfish Growers Association
- Mowi ASA
- Wellfleet Shellfish Company
- Sirena
- ZONECO
- LiaoYu Group
Latest Developments
- In February 2018, Van Cleve Seafood Company introduced a heat-and-pour crab product. The spiced crab product allows the company to meet the increased demand for ready-to-eat seafood.
- In November 2017, Young’s Seafood Ltd. expanded into the frozen seafood market by launching three new shellfish lines in the United Kingdom.
Report Scope
REPORT ATTRIBUTES | DETAILS |
---|---|
Study Period | 2021-2031 |
Growth Rate | CAGR of ~3.81% from 2024 to 2031 |
Base Year for Valuation | 2024 |
Historical Period | 2021-2023 |
Forecast Period | 2024-2031 |
Quantitative Units | Value in USD Billion |
Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
Segments Covered |
|
Regions Covered |
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Key Players | Asian Seafood Corporation, Sunnyvale Seafood, Northeast Seafood, Domstein AS, Thai Union Group PLC, Young’s Seafood Limited, East Coast Shellfish Growers Association, Mowi ASA, Wellfleet Shellfish Company, Sirena, ZONECO, LiaoYu Group |
Customization | Report customization along with purchase available upon request |
Shellfish Market, By Category
Type
- Oysters
- Crabs
- Prawns
- Lobsters
- Shrimp
Distribution Channel
- Supermarkets/Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Retail
Region
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Conclusion
In conclusion, the Shellfish Market continues to exhibit steady growth driven by increasing consumer demand for healthy and sustainable protein sources, rising disposable incomes, and expanding seafood trade networks. Despite challenges posed by environmental concerns, regulatory compliance, and supply chain disruptions, the market is poised for further expansion, particularly in emerging economies with growing seafood consumption. To capitalize on opportunities in this dynamic market landscape, industry stakeholders are encouraged to invest in technological advancements, sustainable aquaculture practices, product innovation, and strategic partnerships to enhance competitiveness and meet evolving consumer preferences.
Research Methodology of Market Research
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support
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