Crustaceans are defined as large, diverse taxon of arthropods. These include crabs, lobsters, crayfish, shrimps, krill, woodlice, and barnacles. Some crustaceans are related to insects, while others are hexapods. Most crustaceans are aquatic animals; some are terrestrial, parasitic, and sessile. Around 10 million tons of crustaceans are produced in fisheries or aquatic farming for human consumption across the globe.
The body structure of a crustacean comprises different segments such as the cephalon (head), the thorax, and the pleon (abdomen). The head and thorax may be attached together to form a cephalothorax, which may be covered by a single large carapace. The crustacean body is protected by a hard exoskeleton, which must be molted for the animal to grow. Various parts of the exoskeleton may be fused together.
There are more than 40,000 crustacean species including shrimps, lobsters, barnacles, crabs, and krill. The crustacean market is expanding significantly due to the high consumption of seafood across the globe. Vital nutrients in crustaceans such as protein, minerals, and vitamins are known to prevent a host of diseases. They have low saturated fat content and are significant sources of omega-3 fatty acids, docosahexaenoic acid (DHA), and Eicosapentaenoic acid (EPA).
Crustacean has emerged as a rapidly growing animal production industries in the world; nearly 10 million tons of crustaceans, mostly shrimp, prawns, crabs, and crayfish, are sold annually. Despite the remarkable rise in production over the past decade, the crustacean market is still lagging behind other agro and aqua farming industries in integration of advanced biotechnologies capable of enhancing production yields and value. The global crustacean market can be segmented based on type, application, and geography. Based on type, the crustacean market can be segmented into shrimps, prawns, lobsters, crabs, and others. In terms of application, the global crustacean market can be classified into marine waters, and inland waters. Market players are likely to adopt advanced farming and biotechnological solutions to meet the increasing demand for crustaceans. This is estimated to enable highly efficient production with the use of limited land and water resources.
Based on geography, the global crustacean market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The U.S. and Canada are expected to propel the crustacean market in North America. The U.K., Germany, France, Russia, Spain, Italy, and Sweden are the leading countries in the crustacean market. Asia Pacific is the dominant region of the crustacean market. China, South Korea, Japan, India, Thailand, the Philippines, Malaysia, Bangladesh, Sri Lanka, and Singapore are likely to dominate the crustacean market in Asia Pacific, with China being a rapidly developing market. China accounts for more than 30% share of the crustacean market. Israel, Turkey, the UAE, Iran, Egypt, Nigeria, Ghana, Kenya, and Saudi Arabia are some of the leading countries in the market in Middle East & Africa. The market in Latin America is dominated by Brazil, Mexico, Peru, Chile, Colombia, and Argentina.
Several players operate at the regional and global level in the global crustacean market. Key players include Ichiboshi, International Fish Farming and Holding Company, RDM Aquaculture, Seaview Crab Company, Surapon Foods, The Crab Company, Findus Group, Mogster Group, Nireus Aquaculture, Russian Aquaculture, and Selonda Aquaculture.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.