Global Crustacean Market 2016-2020
There are approximately 40,000 crustacean species, including shrimp, lobsters, barnacles, crabs, krill, and other related species. The market for crustaceans is growing due to high consumption of seafood worldwide and rising global population. China accounts for 35% of all seafood consumed globally, and we estimate that by 2017, China will become the largest market for seafood globally. Moreover, seafood is preferred for its nutritional value as it is low in saturated fats and a significant source of omega-3 fatty acids. Rising sea levels, abrupt changes in weather patterns, and increased emission of greenhouse gases have affected the marine ecosystem globally. These adverse climatic conditions can limit farming and aquaculture activities. During the forecast period, China is expected to become the largest exporter of crustaceans globally, accounting for about 89% of the total global exports of crustaceans by 2030. Japan is expected to become the largest importer, accounting for about 45% of the total global imports of crustaceans. The per capita fish consumption is also expected to increase to reach 18 kg/person by 2020.
Technavio’s analysts forecast the global crustaceans market to grow at a CAGR of 4.08% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global crustaceans market for 2016-2020. To calculate the market size, the report considers the revenue generated from the retail sales of crustaceans including shrimp, crabs, prawns, barnacles, krill, and lobsters.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Crustaceans Market 2016-2020
Technavio recognizes the following companies as the key players in the global crustaceans market: Ichiboshi, International Fish Farming and Holding Company, RDM Aquaculture, Seaview Crab Company, Surapon Foods, and The Crab Company (Fiji).
Other prominent vendors in the market are: Big Prawn, Beijing Princess Seafood, Dong Won Fisheries, AquaChile, Faroe Seafood, Findus Group, Mogster Group, Nireus Aquaculture, Russian Aquaculture, and Selonda Aquaculture
Commenting on the report, an analyst from Technavio’s team said: “New aquaculture opportunities is one of the major trends gaining traction in the global crustaceans market. Research in the James Cook University has indicated that cherabin, a native Australian prawn species, has the potential to be bred and harvested. This native prawn, found in northern Australian waterways, could have the potential for commercial aquaculture due to multiple factors. This species can be farmed in remote areas such as Northern Australian waters given the low infrastructure and labor requirement. Weighing over 200 grams, it can be bred and grown in ponds. This can go on to become a lucrative offering in the crustaceans market.”
According to the report, nutritional value of seafood will be a key driver for market growth. Seafood contains substantial amounts of protein, minerals, and vitamins. It is low in saturated fats and is a significant source of omega-3 fatty acids, docosahexaenoic acid (DHA), and eicosapentaenoic acid (EPA). For instance, crab is high in protein and omega-3, which has important anti-inflammatory properties beneficial for conditions as arthritis. It also reduces blood pressure. These essential nutrients are known to prevent a host of diseases.
Further, the report states that vendors in the global crustaceans market are required to comply with stringent rules and regulations imposed by various authorities. These regulations pertain to permits, regulations for the entry of new players, residual management issues, and expiry dates for certain fish products. The EU plays an important role in regulating the manufacturing and distribution of fish products. In December 2014, the EU introduced stricter traceability rules for fish and seafood products, which require the manufacturer to provide precise information on the harvesting and production of the products. Also, how the meats are preserved and their shelf life should be mentioned on the labels of packaged fish products.
Ichiboshi, International Fish Farming and Holding Company, RDM Aquaculture, Seaview Crab Company, Surapon Foods, The Crab Company (Fiji), Big Prawn, Beijing Princess Seafood, Dong Won Fisheries, AquaChile, Faroe Seafood, Findus Group, Mogster Group, Nireus Aquaculture, Russian Aquaculture, Selonda Aquaculture.
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