Shellfish Market
Shellfish Market Forecasts to 2030 - Global Analysis By Product (Fresh Shellfish, Frozen Shellfish, Canned Shellfish, Dried Shellfish, Processed Shellfish, Shellfish Extracts and Other Products), Species, Distribution Channel, End User and By Geography
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
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Shellfish Market, By Product
5.1 Introduction
5.2 Fresh Shellfish
5.3 Frozen Shellfish
5.4 Canned Shellfish
5.5 Dried Shellfish
5.6 Processed Shellfish
5.7 Shellfish Extracts
5.8 Other Products
6 Global Shellfish Market, By Species
6.1 Introduction
6.2 Shrimp
6.3 Crab
6.4 Lobster
6.5 Mussels
6.6 Oysters
6.7 Clams
6.8 Scallops
6.9 Squid
6.10 Octopus
7 Global Shellfish Market, By Distribution Channel
7.1 Introduction
7.2 Supermarkets & Hypermarkets
7.3 Specialty Seafood Stores
7.4 Convenience Stores
7.5 Other Distribution Channels
8 Global Shellfish Market, By End User
8.1 Introduction
8.2 Home Cooking
8.3 Food Processing
8.4 HoReCa (Hotels, Restaurants, Cafes)
8.5 Other End Users
9 Global Shellfish Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Nissui Corporation
11.2 Maruha Nichiro Corporation
11.3 Young’s Seafood Limited
11.4 Northeast Seafood
11.5 Thai Union Group PCL
11.6 Asian Seafood Corporation
11.7 Van Cleve Seafood Company
11.8 Domstein AS
11.9 Mitsubishi Corporation
11.10 Sunnyvale Seafood
11.11 West Cork Shellfish Company
11.12 East Coast Shellfish Growers Association
11.13 Mowi Harvest ASA
11.14 Wellfleet Shellfeet Company
List of Tables
1 Global Shellfish Market Outlook, By Region (2021-2030) ($MN)
2 Global Shellfish Market Outlook, By Product (2021-2030) ($MN)
3 Global Shellfish Market Outlook, By Fresh Shellfish (2021-2030) ($MN)
4 Global Shellfish Market Outlook, By Frozen Shellfish (2021-2030) ($MN)
5 Global Shellfish Market Outlook, By Canned Shellfish (2021-2030) ($MN)
6 Global Shellfish Market Outlook, By Dried Shellfish (2021-2030) ($MN)
7 Global Shellfish Market Outlook, By Processed Shellfish (2021-2030) ($MN)
8 Global Shellfish Market Outlook, By Shellfish Extracts (2021-2030) ($MN)
9 Global Shellfish Market Outlook, By Other Products (2021-2030) ($MN)
10 Global Shellfish Market Outlook, By Species (2021-2030) ($MN)
11 Global Shellfish Market Outlook, By Shrimp (2021-2030) ($MN)
12 Global Shellfish Market Outlook, By Crab (2021-2030) ($MN)
13 Global Shellfish Market Outlook, By Lobster (2021-2030) ($MN)
14 Global Shellfish Market Outlook, By Mussels (2021-2030) ($MN)
15 Global Shellfish Market Outlook, By Oysters (2021-2030) ($MN)
16 Global Shellfish Market Outlook, By Clams (2021-2030) ($MN)
17 Global Shellfish Market Outlook, By Scallops (2021-2030) ($MN)
18 Global Shellfish Market Outlook, By Squid (2021-2030) ($MN)
19 Global Shellfish Market Outlook, By Octopus (2021-2030) ($MN)
20 Global Shellfish Market Outlook, By Distribution Channel (2021-2030) ($MN)
21 Global Shellfish Market Outlook, By Supermarkets & Hypermarkets (2021-2030) ($MN)
22 Global Shellfish Market Outlook, By Specialty Seafood Stores (2021-2030) ($MN)
23 Global Shellfish Market Outlook, By Convenience Stores (2021-2030) ($MN)
24 Global Shellfish Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
25 Global Shellfish Market Outlook, By End User (2021-2030) ($MN)
26 Global Shellfish Market Outlook, By Home Cooking (2021-2030) ($MN)
27 Global Shellfish Market Outlook, By Food Processing (2021-2030) ($MN)
28 Global Shellfish Market Outlook, By HoReCa (Hotels, Restaurants, Cafes) (2021-2030) ($MN)
29 Global Shellfish Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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