The rise in demand for seafood products is one of the primary factors that is driving the global crustaceans market growth

PORTLAND, OR, US, March 29, 2023 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global Crustaceans Market garnered $16.4 billion in 2021, and is estimated to generate $25.3 billion by 2031, manifesting a CAGR of 4.5% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.

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The research provides detailed segmentation of the global crustaceans market based on type, application, distribution channel, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.

Regional Analysis:

In 2021, Asia-Pacific accounted for 66.10% in the global crustaceans market, and is expected to maintain its dominance during the forecast period. However, LAMEA and Europe are expected to possess the highest CAGRs, owing to rise in health concerns among people and increase in popularity of crustaceans in these regions. These crustaceans market trends are driving the market growth.

Major Key Companies:

The major players analyzed for global crustaceans industry are Ichiboshi, International Fish Farming and Holding Company, RDM Aquaculture, Seaview Crab Company, Surapon Foods, The Crab Company, Findus Group, Møgster Group, Nireus Aquaculture, Russian Aquaculture and Selonda Aquaculture. These major crustaceans market players have adopted various strategies such as product launch and acquisition to expand their market reach.

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On the basis of application, the crustaceans market is bifurcated into retail, institutions, and food service. The retail segment is anticipated to grow at the highest rate during the forecast period, owing to increase in trend of ready-to-eat food products. Moreover, there is growth in nutritious and healthy food preference at a rapid pace among consumers.

Key Benefits of the Report:

By type, the shrimps segment was the highest revenue contributor to the market, with $7,493.3 million in 2021, and is estimated to reach $11,269.3 million by 2031, with a CAGR of 4.2%.

Depending on application, the retail segment was the highest revenue contributor to the market, with $11,290.6 million in 2021, and is estimated to reach $17,257.8 million by 2031, with a CAGR of 4.4%.

As per distribution channel, the business to business (B2B) segment was the highest revenue contributor to the market, with $11,286.8 million in 2021, and is estimated to reach $16,830.5 million by 2031, with a CAGR of 4.1%.

Region wise, Asia-Pacific was the highest revenue contributor, accounting for $10,837.2 million in 2021, and is estimated to reach $17,142.7 million by 2031, with a CAGR of 4.7%.

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According to the crustaceans market analysis, the crustaceans market segmented into type, application, distribution channel, and region. On the basis of type, the market is classified into lobsters, shrimps, crabs, and others. Among these, the shrimps segment occupied the major crustaceans market share of the market in 2021, and is projected to maintain its dominance during the forecast period. The growth of the shrimps segment is attributed to shift in consumer preference toward shrimps. However, the crabs segment is anticipated to grow at the highest CAGR in the future.

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