Shellfish Market

According to Stratistics MRC, the Global Shellfish Market is accounted for $50.02 billion in 2023 and is expected to reach $66.27 billion by 2030 growing at a CAGR of 4.1% during the forecast period. Shellfish are aquatic invertebrates with shells, encompassing various species like clams, oysters, mussels, and crustaceans such as crabs, lobsters, and shrimp. They play a crucial role in marine ecosystems, filtering water and serving as a food source for many organisms. Rich in protein, vitamins, and minerals, shellfish are a dietary staple for humans worldwide.

According to the Shellfish Association Great Britain, shellfish contribute nearly 50% of the total value of seafood landed in the UK.

Market Dynamics: 

Driver: 

Globalization of seafood trade

Increased international connectivity has facilitated the efficient exchange of shellfish products across borders, leading to expanded market access and diversified product offerings. This trend has not only stimulated economic growth in the shellfish industry but has also fostered innovation and quality standards. As a result, the shellfish market is experiencing heightened demand and competitiveness on a global scale.

Restraint:

Environmental concerns

Environmental concerns, such as pollution, climate change, and habitat degradation, pose significant restraints on the shellfish market. These issues affect the health and sustainability of shellfish populations, leading to potential declines in production. Additionally, as awareness of environmental issues grows, consumers and regulatory bodies may impose stricter standards on shellfish harvesting and aquaculture practices, further constraining market growth.

Opportunity:

Rising adoption of sustainable aquaculture practices

Escalating awareness of environmental concerns and consumer preferences for responsibly sourced seafood is pouring the demand for eco-friendly and ethical shellfish farming methods. Companies embracing sustainable practices not only contribute to marine conservation but also capitalize on the growing market trend, gaining a competitive edge in meeting the demand for ethically produced shellfish products. This aligns with the broader movement towards environmentally conscious consumption, positioning sustainable aquaculture as a key driver of market growth.

Threat:

Fluctuations in input costs

The shellfish industry heavily relies on factors such as feed, labor, and energy, all susceptible to price volatility. Sudden spikes in these input costs can lead to increased production expenses, subsequently impacting profit margins for shellfish producers. Moreover, the unpredictability of these fluctuations makes it challenging for market players to plan and budget effectively, potentially hindering sustainable growth and competitiveness within the market.

Covid-19 Impact

The covid-19 pandemic significantly impacted the shellfish market, causing disruptions in the supply chain, reduced consumer demand, and closure of restaurants. Lockdown measures led to a decline in restaurant and hospitality sectors, affecting shellfish consumption. Export restrictions and logistical challenges further strained the market. Despite increased home cooking, overall consumption declined, impacting shellfish producers and distributors. As pandemic-related restrictions fluctuated, shellfish businesses adapted to changing market dynamics, emphasizing online sales and exploring new distribution channels to mitigate the impact.

The frozen shellfish segment is expected to be the largest during the forecast period

The frozen shellfish segment is estimated to have a lucrative growth. Frozen shellfish are promptly frozen to preserve their freshness. The freezing process locks in flavor and nutrients, ensuring a convenient and long-lasting option for culinary enthusiasts. Frozen shellfish can be easily stored, allowing for flexibility in meal preparation. Whether used in stir-fries, pasta dishes, or soups, these frozen treasures offer a convenient way to enjoy the delectable taste of the sea without the need for immediate consumption.  

The shrimp segment is expected to have the highest CAGR during the forecast period

The shrimp segment is anticipated to witness the highest CAGR growth during the forecast period. Shrimp, a popular shellfish, belong to the crustacean family and are known for their tender, succulent meat. Found in both freshwater and saltwater, these small, decapod creatures come in various species, sizes, and flavours. With a versatile culinary appeal, shrimp are enjoyed globally in diverse cuisines, often grilled, boiled, fried, or incorporated into dishes like shrimp scampi, curry, and sushi. Its rich source of protein, vitamins, and minerals, makes them a nutritious addition to diets.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the increasing consumer demand for seafood. Countries like China, Japan, and South Korea are major contributors to the market growth. Factors such as rising disposable income, changing dietary preferences, and a growing awareness of the health benefits associated with shellfish consumption have bolstered market expansion. Additionally, the region's abundant coastal resources contribute to a steady supply of diverse shellfish varieties, further fueling market growth.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, due to rising consumer demand for seafood. Factors such as increased awareness of the health benefits associated with shellfish consumption and a growing interest in culinary diversity have contributed to market expansion. Key players in the industry are focusing on sustainable harvesting and production practices to meet ecological concerns. The market's trajectory is expected to continue upward, driven by evolving consumer preferences and a thriving culinary landscape in Europe.

Key players in the market

Some of the key players profiled in the Shellfish Market include Nissui Corporation, Maruha Nichiro Corporation, Young’s Seafood Limited, Northeast Seafood, Thai Union Group PCL, Asian Seafood Corporation, Van Cleve Seafood Company, Domstein AS, Mitsubishi Corporation, Sunnyvale Seafood, West Cork Shellfish Company, East Coast Shellfish Growers Association, Mowi Harvest ASA and Wellfleet Shellfeet Company.

Key Developments:

In September 2023, West Cork Shellfish Company has launched Ireland’s first crab pate following an upgrading of its factory with support of a €793,281 Brexit Processing Capital Support Scheme grant, implemented by Bord Iascaigh Mhara (BIM).

Products Covered:
• Fresh Shellfish
• Frozen Shellfish
• Canned Shellfish
• Dried Shellfish
• Processed Shellfish
• Shellfish Extracts
• Other Products

Species Covered:
• Shrimp
• Crab
• Lobster
• Mussels
• Oysters
• Clams
• Scallops
• Squid
• Octopus

Distribution Channels Covered:
• Supermarkets & Hypermarkets
• Specialty Seafood Stores
• Convenience Stores
• Other Distribution Channels

End Users Covered:
• Home Cooking
• Food Processing
• HoReCa (Hotels, Restaurants, Cafes)
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances