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

Global 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).

Restaurants, vacation spots, shops, culinary services, and hotels all place a high value on shellfish. Shellfish is a rich source of significant amounts of digestible proteins, necessary amino acids, bioactive peptides, long-chain polyunsaturated fatty acids, astaxanthin, and other carotenoids, vitamin B12, and minerals (including copper, zinc, inorganic phosphate, sodium, potassium, selenium, iodine). The population's growing health consciousness will likely fuel the shellfish business during the projected time, according to predictions.

Between 2014 and 2019 the average annual per capita consumption of seafood worldwide increased slightly from 19.9 kilograms to 20.5 kilograms. However, in 2019 seafood consumption fell to multiyear lows at 19.8 kg per capita. The most consumed type of shellfish worldwide is shrimp with 84.6% and it tops the list of the most consumed types of seafood as well which is then followed by crab with 25.3% followed by other types of shellfish. Consumer demand for shellfish and other seafood is one of the critical drivers of the current expansion of the shellfish market. Although it is estimated that shellfish prices would rise in tandem with rising demand, efforts must be made to make them reasonable; otherwise, low-income households may encounter financial difficulties in purchasing these goods. To materialize these goods as future food, removing the barriers to getting them is crucial.

US Shellfish Market is poised to grow at a sustainable CAGR for the next forecast year.