Shellfish Market Size, Trends, Share, Growth, and Opportunity Forecast, 2024 - 2031 Global Industry Analysis By Type (Crustaceans, and Mollusks), By Application (Food Industry, Pharmaceuticals, Cosmetics, Others), By Sales Channel (Direct Sales, Wholesalers, Online Retail, and Others) and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

Shellfish Market Size and Forecast 2024 to 2031

The Global Shellfish Market was valued at USD 58.56 Billion in 2023 and is anticipated to reach a value of USD 77.56 Billion by 2031 expanding at a CAGR of 3.6% between 2024 and 2031.

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Shellfish is a type of aquatic animal that live in water and has a shell or exoskeleton. Shellfish are typically divided into two main categories, crustaceans and mollusks. The shellfish market includes a wide variety of aquatic species valued for its culinary and economic worth. Restaurants, vacation spots, shops, culinary services, and hotels all place a high value on shellfish. Shellfish is a rich source of significant amounts of digestible proteins, necessary amino acids, and other carotenoids, vitamin B12, and minerals. The shellfish market has been experiencing significant growth influenced by factors such as growing consumer demand for seafood, evolving consumer preferences, expansion of the aquaculture industry, and growing popularity of seafood cuisine. Shellfish are a crucial part of the global seafood industry, consumed in various forms across the globe.

Shellfish Market Major Driving Forces

·         Growing Consumer Demand for Seafood: The increasing demand for protein-rich food products is fueling the demand for shellfish. Shellfish are a good source of high-quality protein, omega-3 fatty acids, vitamins, minerals, and are widely used in seafood dishes.

·         Evolving Consumer Preferences: The market for seafood is growing significantly due to the increased awareness of the health benefits of omega-3 fatty acids. Shellfish are a rich source of omega-3 fatty acids, which reduces the risk of heart diseases, stroke, and other health problems.

·         Expansion of the Aquaculture Industry: Another significant factor driving growth of the market is the rapid expansion of the aquaculture industry. Overfishing and stringent regulations on wild catch have driven the growth of aquaculture.

·         Growing Popularity of Seafood Cuisine: The increasing popularity of seafood cuisine is also contributing to the shellfish market's growth. Shellfish dishes have become a favorite among consumers globally owing to the globalization of food cultures and the proliferation of seafood restaurants.

Shellfish Market Key Opportunities

·         Focus on Sustainability and Ethical Sourcing: The growing trend towards sustainable and ethical consumption offers significant opportunity for market growth. The shellfish industry can capitalize on this trend by adopting and promoting sustainable aquaculture practices.

·         Technological Advancements: Ongoing developments in aquaculture technology and techniques have significantly revolutionized the shellfish market. These advancements have led to improve production efficiency and environmental stewardship, which contributes to market growth.

·         Emerging Markets: The burgeoning middle-class population in emerging markets offers another substantial opportunity for the shellfish market. With the rising disposable incomes, consumers are willing to spend more on premium and high-quality food products, including shellfish.

Shellfish Market Key Trends

·         The growing trend toward plant-based cuisine have forced producers to develop plant-based seafood substitutes

·         Growing global demand for seafood due to rapid population expansion is boosting demand for shellfish

·         Advancements in aquaculture technology and methods increase shellfish production efficiency

·         The rising trend of healthy eating is propelling demand for shellfish as they are rich in protein, and amino acids

·         Shift in consumer preferences towards sustainably sourced seafood is a major trend in the shellfish industry

·         Rising popularity of seafood diets and the expansion of the restaurant and food service sectors

·         Growing demand for convenient and ready-to-eat shellfish products, such as pre-cooked, seasoned, and marinated options

Region-wise Market Insights

Asia Pacific accounted for the largest market share at 36.3% in 2023 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 4.0% between 2024 and 2031.

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Geographically, Asia-Pacific held a dominant market share, due to the region's thriving foodservice industry. Rising seafood demand, well-established aquaculture industry, increasing urbanization, rising disposable incomes, and rising number of fast-food restaurants in the region contributes to the regional market growth. In North America, the demand is driven by the growing health awareness, the rising popularity of seafood diets, presence of a robust seafood processing industry, and well-established distribution channels. In Europe, the region's rich culinary heritage, strong preference for gourmet and exotic seafood, the popularity of seafood restaurants, and increasing adoption of sustainable aquaculture practices supports the regional market growth. The Middle East and Africa has been witnessing a growing demand for shellfish driven by increasing urbanization and rising incomes whereas, in South America, the market is influenced by economic factors, with a growing producer and exporters.

Market Competition Landscape

The global shellfish market is highly fragmented due to the strong presence of a large number of players. Major players differentiate themselves through innovation, quality, and product development strategies to sustain the highly competitive environment. Key players in the shellfish market engage in strategies aimed at gaining a competitive edge. These strategies include mergers, acquisitions, joint ventures, geographical expansions, and the incorporation of sustainable and ethical practices to meet evolving consumer preferences. Established brands leverage their reputation for quality and reliability to maintain market share, while newer entrants focus on disruptive innovations and unique selling propositions.

Key players in the global shellfish market implement various organic and inorganic strategies to strengthen and improve their market positioning. Prominent players in the market include:

·         Clearwater Seafoods

·         Mazzetta Company, LLC

·         High Liner Foods

·         Maruha Nichiro Corporation

·         Thai Union Group

·         Pacific Seafood Group

·         DNI Group LLC

·         Trident Seafoods Corporation

·         Nippon Suisan Kaisha, Ltd.

·         Lerøy Seafood Group

·         Macduff Shellfish Group

·         Cooke Aquaculture

·         Cargill Aqua Nutrition

·         Blue Star Foods Corp

·         North Atlantic, Inc.