Shellfish Market Size, Share & Industry Analysis, By Type (Oysters, Crabs, Prawns, Lobsters, Shrimp, Others), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retail) And Regional Forecast, 2024-2032

The global shellfish market is exhibiting strong growth on account of the rising demand for essential fatty acids and proteins in consumer diets. Shellfish are shell-bearing aquatic animals consumed as an important source of dietary proteins and polyunsaturated fatty acids, omega-3, and omega-6. The modern-day hectic lifestyle of consumers has contributed to the increased prevalence of lifestyle-related health conditions such as diabetes, obesity, and cardiovascular diseases. The increasing demand for protein-rich foods to reduce the risk of the aforementioned health conditions drives the growth of the shellfish market.

The other key factor fuelling market growth is the growing consumer interest in gourmet and regional ethnic foods. Shellfish is the most important part of the diets of coastal populations. The rising popularity of Japanese sushi that uses raw shellfish as an important ingredient positively impacts the demand for shellfish in the foodservice sector. The emerging trend of raw bars serving shellfish has also contributed to the sales growth. The increasing popularity of prepared meal kits, grab and go foods and the healthy snacking trend is expected to drive the demand for frozen shellfish in foreseeable years.

The reduced leisure time due to the busy work schedules of consumers across the globe has contributed to the rising prevalence of nutrient deficiencies and obesity-related health disorders. Consumers are rapidly shifting their dietary preferences to reduce the risk of such deficiencies. The growing popularity of keto, atkins and other protein-centric diets primarily drives the demand for protein rich foods such as shellfish. Furthermore, the higher content of polyunsaturated fatty acids in shellfish fuels their demand among consumers. The expansion of the foodservice sector and the rising culture of dining out positively affects the growth of the market. Cafes, restaurants, and raw bars offer innovative seafood appetizers including shellfish to attract more consumer base. The emerging categories such as packaged shellfish snacks and ready-to-cook frozen meals are anticipated to drive the market growth in forthcoming years.

Key Market Driver -

Rising Demand for Seafood due to its high Protein Content

Key Market Restraint -

Emergence of Plant-based Seafood Imitations

The emerging trend of plant-based foods as consumers incline towards healthy and sustainable food choices has necessitated food manufacturers to innovate plant-based seafood alternatives. The trend of veganism and vegetarianism is also driven by rising animal welfare concerns. However, consumers look for food options which fulfill their cravings for seafoods. The increasing activities to develop innovative plant-based or vegan seafood alternatives by manufacturers primarily hamper the growth of the global shellfish market.

Key Players Covered:

Wellfleet Shellfleet Company, Inc.,  East Coast Shellfish Grower’s Association, Inc., The Van Cleve Seafood Company, Young’s Seafood Limited, Maruha Nichiro Corporation, Thai Union Group Co. Ltd., Mowi Harvest ASA, Mitsubishi Corporation, and Dongwon F & B Co. are the key players operating in the global shellfish market.

Oysters are expected to witness strong sales performance owing to their rising popularity across the foodservice sector. The trend of eating oysters straight from shell has contributed to their increasing sales in cafes, restaurants, and bars. The rising demand for oysters is also attributed to the consumer knowledge that consumption of oysters helps reduce blood cholesterol reducing the risk of cardiovascular disorders. Other shellfish such as crab and prawns are also gaining popularity among consumers due to their high protein content. The increasing inclusion of shellfish in high-protein and low-carb diets is expected to fuel the growth of the market.

The supermarkets and hypermarkets segment is projected to witness robust growth owing to the availability of a wide variety of products and purchase convenience in these types of sales channels. Specific aisles are allocated for products in such stores providing a plethora of options to consumers. The discounts and offers launched by these mass merchandisers are also expected to boost their sales performance. Online retail is an emerging sector expected to exhibit promising growth in foreseeable years on account of the easy purchase and home delivery options.

Regional Analysis:

North America is expected to witness substantial growth owing to the increasing popularity of protein-rich diets in the region. In February 2020, the East Coast Shellfish Grower’s Association estimated that the oyster production doubled on the US East coast over the past five years. The rising trend of ready-to-cook foods has fuelled the growth of the frozen seafood sector including shellfish. Well-established distribution channels and the growth of online sales heavily contribute to the growth of the market in the region.

Europe is anticipated to exhibit promising growth attributed to the increasing consumption of seafood to reduce the risk of heart diseases. The high content of polyunsaturated fatty acids in shellfish has increased their demand for consumers. According to the Shellfish Association Great Britain, shellfish contribute nearly 50% of the total value of seafood landed in the UK. The trend of healthy snacking has led manufacturers to expand the product portfolio with shellfish snacks that can be consumed on-the-go.

Asia Pacific is projected to exhibit promising growth owing to the booming foodservice sector in the region. The emerging culture of dining in cafes, bars, and restaurants has led the product innovations such as shellfish appetizers and shrimp cocktail. The strengthening supply chain in the region also fuels the growth of the market in Asia Pacific.

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Segmentation

Key Industry Developments

• In February 2018, The Van Cleve Seafood Company launched a new crab product that comes in heat-and-pour pouch. This spiced crab product enables the company to capitalise on the growing demand for ready-to-eat seafood.


• In November 2017, Young’s Seafood Ltd. launched three new shellfish lines in United Kingdom to cater to strengthen into the growing category of frozen seasfood.