Crustaceans. a blanket term for seafood like shrimp, lobster, crab, krill, and barnacles, are becoming increasingly popular and are a rich source of vitamins, minerals, proteins and omega-3 fatty acids. The crustacean market is growing thanks to the increase in the global population and the world’s high consumption of seafood. The global crustacean market was worth $35.1 billion in 2015, and, according to analysts at Technavio, is expected to reach $42.87 billion by 2020, recording a CAGR of 4%.
Graph designed by Technavio; data sourced from http://atlas.media.mit.edu.
Even though the global market for crustaceans is highly fragmented, globalization and improved farming methods and logistics have provided a favourable environment for its growth. For example: e-commerce channels support both business-to-business (B2B) and business-to-consumer (B2C) operations, thereby connecting seafood companies across the supply chain — from fishermen, processors, and wholesalers to grocery stores and large restaurant chains. Also, as awareness about the health benefits of seafood in general and crustaceans in particular increases, so does the demand. And with the decline in arable land, people in both developed and developing nations have incorporated seafood into their diets much more than in the past.
Top crustacean consuming countries include the United States, Japan, Spain, Vietnam, China and Canada. The Latin American population in the US is the major reason for the high consumption of crustaceans, especially shrimp. 30% of Vietnam’s shrimp exports go to the US, an estimated $445 million in value. Today, the US has the largest seafood market in the world followed by Japan and China, respectively. Crustaceans are a major part of the Japanese diet, even with the growing demand for beef.
In Europe, Spain has the largest seafood market and the largest fish processing industry. Crustaceans, along with mollusks and cephalopods make up almost 40% of Spain’s fish and seafood imports.
The steady increase in the population of China and improved economic well-being have led to escalated domestic demand, as well as a shift towards healthier diets that include seafood. Much of the world’s demand for crustaceans and general seafood has been met by Canada.
Though pollution, adverse climatic conditions, and the decline in certain species of crab are some of the major challenges facing the crustacean market today, improved aquaculture opportunities and higher purchasing power continues to propel the market towards steady growth. Some of the leading vendors in the global crustacean market include Seaview Crab, The Crab Company, Ichiboshi, Asmak – International Fish Farming Holding Company and RDM Aquaculture.
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