U.S. Crustacean Market Analysis

U.S. Crustacean Market Analysis

The shrimps segment will capture USD 4.62 billion and demonstrate a 4.2% CAGR through 2032, due to increasing consumer preference for versatile and high-protein seafood. Advances in aquaculture technology are improving shrimp farming efficiency and sustainability, addressing environmental concerns and boosting supply. The segment benefits from rising demand in both household and restaurant settings, with shrimp featured prominently in various cuisines. Innovations such as value-added products and convenient, ready-to-cook options are further enhancing market appeal. Additionally, the growth of online grocery shopping and direct-to-consumer channels is expanding market reach and accessibility for shrimp products across the U.S.
 

Crustacean provides vital nutrients to human body such as proteins, minerals and vitamins and boost the immune system. In 2017, U.S. shrimp consumption increased three-tenths of a pound per person. High disposable income, supportive food culture, and strong domestic aquaculture industry shall further proliferate the crustacean demand in the coming years.
 

The marine waters segment will account for the largest share of close to 89% of the overall U.S. crustacean market in 2023. The natural ocean conditions in marine areas are conducive for crustaceans growth. In addition, coastal aquaculture which is practiced in artificial structures in areas adjacent to the sea, such as gated lagoons and coastal ponds generates large volume of crustaceans at a commercial scale.
 

However, the salinity is not stable in these structures and depends upon rainfall or evaporation, season and location. Furthermore, periodic high currents also affects crustacean farming in marine environment. Governments, foundations, nongovernmental organizations (NGOs) and local communities around the world are channelling substantial interest, capacity and funding to the establishment of Marine Protected Areas (MPAs).
 

Majority of seafood landing in the U.S. is mainly imported from several countries. This trend will likely sustain in coming years on account of increasing consumption of fresh and frozen seafood with shrimps among the leading product imported into the U.S. Nevertheless, NOAA Fisheries data claims that most of the imported seafood is caught by American fishermen at the first place and then the landing is exported overseas for processing and preparation of canned and frozen goods, and they are imported back as finished goods in the form of fresh or frozen seafood products.