Rising Demand for High Protein Diets to Drive Shellfish Market Growth at 5% CAGR: Fact.MR Study
Rising demand and consumption of high protein diets instead of high calorie food products is propelling the growth of the global shellfish market. Seafood is a low-fat and rich source of protein, which is used for muscle building, and also contains ingredients such as vitamins, iron, and omega-3 fatty acids, which anticipate market growth.
Seoul, South Korea, June 28, 2022 (GLOBE NEWSWIRE) — USA, Rockville MD: The molluscs market is expected to register a CAGR of 5% gaining a market value of US$106.04 billion in 2032 from US$65.1 billion in 2022. The increase shellfish demand is due to valuable sources of protein for human consumption, which has anticipated the growth of this segment over the forecast period. Rising population coupled with increasing per capita seafood consumption globally are the major drivers of the market.
In the coming years, the size of the industry is expected to increase owing to the increasing investment in new player entry, R&D activities, product innovation, efficient resource allocation, technological breakthroughs and growing competition among rivals to expand its customer base as well. as a regional base.
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The Asia-Pacific region is making the largest contribution to the global shellfish market due to increased consumer inclination towards healthy lifestyle and increasing disposable income.
Key factors driving the growth of the molluscs market
Growing demand for high protein diets to drive the market
Rising demand and consumption of high protein diets instead of high calorie food products is propelling the growth of the global shellfish market. Seafood is a low-fat and rich source of protein, which is used for building muscle, and it also contains ingredients such as vitamins, iron and omega-3 fatty acidthat anticipate market growth.
In addition to this, the growing demand for processed seafood is also driving the market growth over the forecast period.
The growing production of aquaculture fish in developing economies like China, India, and Japan is the main driver of the market. In addition, the increase in consumers’ disposable income and the growing inclination towards a healthy lifestyle, which has led to an increase in the consumption of protein-rich foodsare the major drivers of market growth in recent years.
Rising demand for premium food products owing to freshness, product diversity and convenience for food safety is expected to drive the market growth over the forecast period.
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Key segments covered by the molluscs Industry survey
The molluscs market is growing rapidly thanks to the innovations undertaken by the major players in the market. Market growth is also attributed to increased product innovation and product launches across the globe.
The major players in the global molluscs market are Maruha Nichiro Corporation, Nireus Aquaculture SA, Cermaq ASA, Eastern Fish Company, Cooke Aquaculture Inc., Tassal Group Ltd., Blue Ridge Aquaculture,selonda Aquaculture SA, Ulka Seafoods Pvt. Ltd., and Avla Nettos Exports, among others. Some of the recent developments in the shellfish market are:
In June 2021, Maruha Nichiro Corporation accepted and signed an agreement to acquire shares of Marine Access Corporation (Marine Access) from NIPPON ACCESS, INC (NIPPON ACCESS). Following this acquisition, Marine Access became part of the Maruha Nichiro Group. As part of the acquisition, the companies launched a diverse range of marine products based on a highly coherent business strategy, from raw material sourcing to finished product sales, with the aim of “extending the value chain of marine products in Japan and overseas”.
In March 2022, Blue Harvest Fisheries introduced its new premium branded retail line in Booth 2105 at Seafood Expo North America in Boston, Massachusetts. The new product line will include locally harvested and processed MSC-certified sea scallops, Atlantic pollock (saithe), North Atlantic perch (Acadian redfish) and haddock, all frozen for added freshness and available in a convenient 16 oz. resealable bags.
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The key players in the molluscs Market
Main takeaways from molluscs Market research
The global shellfish market will decline by 1.6x from 2022 to 2032
Asia-Pacific dominates the market with a 60% market share.
Europe is the fastest growing shellfish market and is expected to grow at a CAGR of 5.9%.
The Crassostrea segment contributes the largest market share of more than 28%.
The frozen segment is expected to hold the largest market share of over 54%.
Hypermarket and supermarket chains are expected to acquire a share of more than 40%.
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