(MENAFN- EIN Presswire) Crustaceans Market
The rise in demand for seafood products is one of the primary factors that is driving the global crustaceans market growth.
Rise in meat consumption and growth in urbanization serve as potential opportunities for the expansion of the global crustaceans market.” - Allied Market ResearchPORTLAND, OR, US, September 9, 2023/EINPresswire/ -- The Crustaceans Market report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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The crustaceans market size was valued at $16.4 billion in 2021, and is estimated to reach $25.3 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031.
Crustaceans are a varied group of arthropods that include well-known species including crayfish, shrimp, crabs, lobster, prawns, krill, woodlice, and barnacles. China produces half of the crustacean production. The crustacean market is fueled by a number of factors, including rise in demand due to increased health advantages and a growth in the adoption of environment-friendly production practices. Other factors propelling the crustacean business include contract farming and government policies.
Leading Key Players:
The major players analyzed for global crustaceans industry are Ichiboshi, International Fish Farming and Holding Company, RDM Aquaculture, Seaview Crab Company, Surapon Foods, The Crab Company, FinGroup, Møgster Group, NirAquaculture, Russian Aquaculture and Selonda Aquaculture. These major crustaceans market players have adopted varistrategies such as product launch and acquisition to expand their market reach.
The research provides detailed segmentation of the global crustaceans market based on type, application, distribution channel, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on distribution channel, the business to business segment accounted for the highest share in 2021, holding more than two-thirds of the global crustaceans market, and is expected to continue its leadership staduring the forecast period. However, the business to consumer segment is estimated to grow at the highest CAGR of 5.3% during the forecast period.
On the basis of distribution channel, it is segregated into business to business (B2B) and business to consumer (B2C). The business to consumer (B2C) segment is anticipated to grow at highest CAGR during the forecast period, due to rise in consumption of crustaceans in the household sector.
In 2021, Asia-Pacific accounted for 66.10% in the global crustaceans market, and is expected to maintain its dominance during the forecast period. However, LAMEA and Europe are expected to possess the highest CAGRs, owing to rise in health concerns among people and increase in popularity of crustaceans in these regions. These crustaceans market trends are driving the market growth.
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The increased demand for crustaceans is fueled by rise in health consciousness, sedentary lifestyle habits, and surge in obesity among the population, and increase in disposable income. Because consumers are more concerned with including protein-rich food in their diets, crustaceans are utilized in the manufacture of a variety of food, including pasta, patties, burgers, and rice meals.
Key findings of the study
By type, the shrimps segment was the highest revenue contributor to the market, with $7,493.3 million in 2021, and is estimated to reach $11,269.3 million by 2031, with a CAGR of 4.2%.
Depending on application, the retail segment was the highest revenue contributor to the market, with $11,290.6 million in 2021, and is estimated to reach $17,257.8 million by 2031, with a CAGR of 4.4%.
As per distribution channel, the business to business (B2B) segment was the highest revenue contributor to the market, with $11,286.8 million in 2021, and is estimated to reach $16,830.5 million by 2031, with a CAGR of 4.1%.
Region wise, Asia-Pacific was the highest revenue contributor, accounting for $10,837.2 million in 2021, and is estimated to reach $17,142.7 million by 2031, with a CAGR of 4.7%.
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