Shellfish Market Size, Share, Growth Analysis, By Product Type(Crustaceans, Molluscs.), By Distribution Channel(Online Sales, Offline Sales), By Region - Industry Forecast 2024-2031

Shellfish Market size was valued at USD 59670 million in 2019 and is poised to grow from USD 61447.1 million in 2023 to USD 73430 million by 2031, growing at a CAGR of 3% in the forecast period (2024-2031).

The Shellfish Market is highly fragmented due to the strong presence of a large number of players. As a result, the Shellfish market has been witnessing the constant entry of new players over the years. In order to sustain the highly competitive environment, existing players differentiate themselves through innovation, quality, and product development strategies. 'Clearwater Seafoods', 'Mazzetta Company, LLC', 'High Liner Foods', 'Maruha Nichiro Corporation', 'Thai Union Group', 'Pacific Seafood Group', 'DNI Group LLC', 'Trident Seafoods Corporation', 'Nippon Suisan Kaisha, Ltd. (Nissui)', 'Lerøy Seafood Group', 'Macduff Shellfish Group', 'Cooke Aquaculture', 'Cargill Aqua Nutrition', 'Blue Star Foods Corp', 'Austevoll Seafood ASA', 'Kyokuyo Co., Ltd.', 'North Atlantic, Inc.', 'Eastern Fish Company', 'Echebastar Fleet', 'SeaPak Shrimp & Seafood Co.', 'In May 2022, The National Aquaculture Group, the largest aquaculture operation of shrimp farming, fish farming, and feed business in Saudi Arabia, received the Aquaculture Stewardship Council’s shrimp farm certification, making it the first shrimp farm in the Middle East and North Africa region to be awarded this distinction. This in turn places Saudi Arabia among the top 15 countries to have the ASC certification for shrimp.', 'In January 2022, Young’s Seafood Limited expands the Gastro range with new Iceland and Food Warehouse listings. The seafood supplier has added four new SKUs to its range in retailers.'

The market has grown as a result of the shellfish's general health benefits. In addition to other nutrients, shellfish are very high in lean protein, healthy fats, and a range of minerals. Additionally, studies have demonstrated that regularly consuming shellfish can boost immunity, promote weight loss, and improve health. Shellfish are rich sources of zinc, magnesium, and vitamin B12. Additionally, shellfish is a fantastic food to include in your diet to prevent obesity because it is low in calories and high in protein. The CDC estimates that in 2018, the prevalence of obesity was close to 42.4%. Additionally, India's obesity prevalence by 2020 was close to 40.3%. Omega-3 fatty acids, which are also prevalent in shellfish, help people feel full for a longer period of time. Finally, eating different shellfish has a significant impact on one's heart health. Due to its high omega-3 fatty acid content, a study found that among 18,244 Chinese males, those who consumed more than 200 grams of shellfish had a 59% lower risk of dying from a heart attack.

Food producers have been forced to develop novel plant-based seafood substitutes as a result of the growing trend toward plant-based cuisine as consumers gravitate toward sustainable and healthful food options. Growing worries about animal welfare are another factor driving the vegan and vegetarian trends. But customers seek out meals that satisfy their desires for seafood.

North America dominates the Shellfish Market followed by Europe, Asia Pacific, South America, and Africa. Due to the rising acceptance of diets high in protein throughout the continent, North America is predicted to experience significant growth. The East Coast Shellfish Grower's Association reported in February 2020 that over the previous five years, oyster output on the US East coast had doubled. The growing popularity of ready-to-cook foods has fueled the expansion of the frozen seafood and shellfish industries. The expansion of the market in the area is greatly attributed to well-established distribution channels and the rise of internet sales.