Frozen Crustaceans Market

The global market for frozen crustaceans is projected to show continued growth in both consumption volume and value, with an anticipated CAGR of +2.4% and +3.4% respectively from 2022 to 2030. Key findings include the growth in consumption by leading countries such as China, the United States, and India, as well as the increase in production and imports. The analysis also highlights the fluctuations in market trends over the years and the significant growth in certain regions. The article provides valuable insights into the market dynamics, key players, and future outlook for the frozen crustaceans market.

Market Forecast

Driven by increasing demand for frozen crustaceans worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.4% for the period from 2022 to 2030, which is projected to bring the market volume to 6.7M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.4% for the period from 2022 to 2030, which is projected to bring the market value to $70.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Frozen Crustaceans

For the seventh year in a row, the global market recorded growth in consumption of frozen crustaceans, which increased by 3% to 5.5M tons in 2022. The total consumption volume increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, global consumption hit record highs in 2022 and is likely to see gradual growth in the near future.

The global frozen crustaceans market size dropped slightly to $53.9B in 2022, stabilizing at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $54B, leveling off in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.2M tons), the United States (706K tons) and India (302K tons), together accounting for 40% of global consumption. Spain, Japan, Pakistan, Nigeria, Russia, Brazil, Indonesia, Bangladesh, France and Mexico lagged somewhat behind, together comprising a further 28%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Pakistan (with a CAGR of +15.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest frozen crustaceans markets worldwide were the United States ($8.3B), China ($8.3B) and Brazil ($4.3B), together comprising 39% of the global market. Russia, India, Japan, Nigeria, Spain, Bangladesh, Indonesia, France, Mexico and Pakistan lagged somewhat behind, together comprising a further 33%.

Among the main consuming countries, Pakistan, with a CAGR of +15.5%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of frozen crustaceans per capita consumption was registered in Spain (4.8 kg per person), followed by the United States (2.1 kg per person), France (1.8 kg per person) and Japan (1.4 kg per person), while the world average per capita consumption of frozen crustaceans was estimated at 0.7 kg per person.

From 2012 to 2022, the average annual rate of growth in terms of the frozen crustaceans per capita consumption in Spain stood at +2.7%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: the United States (+3.3% per year) and France (+1.3% per year).

Production

World Production of Frozen Crustaceans

For the third consecutive year, the global market recorded growth in production of frozen crustaceans, which increased by 3.1% to 5.6M tons in 2022. The total output volume increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 12%. Global production peaked in 2022 and is likely to see steady growth in years to come.

In value terms, frozen crustaceans production dropped to $48B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 19% against the previous year. As a result, production reached the peak level of $52B, and then declined in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were Ecuador (1.2M tons), India (934K tons) and China (311K tons), with a combined 43% share of global production. Indonesia, Vietnam, Pakistan, Argentina, Nigeria, Bangladesh, Canada, Russia, Brazil and Mexico lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the biggest increases were recorded for Pakistan (with a CAGR of +14.8%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Frozen Crustaceans

In 2022, approx. 3.4M tons of frozen crustaceans were imported worldwide; picking up by 7% on the previous year. Over the period under review, total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +65.3% against 2014 indices. The pace of growth appeared the most rapid in 2019 with an increase of 21%. Global imports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, frozen crustaceans imports expanded significantly to $30.1B in 2022. Overall, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +43.1% against 2014 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 28% against the previous year. Over the period under review, global imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, China (971K tons) and the United States (722K tons) represented the major importers of frozen crustaceansaround the world, together reaching near 49% of total imports. Spain (188K tons) ranks next in terms of the total imports with a 5.5% share, followed by Japan (5.2%). France (133K tons), South Korea (100K tons), Italy (90K tons), the Netherlands (79K tons), Denmark (74K tons), Taiwan (Chinese) (64K tons), Vietnam (60K tons), Belgium (57K tons) and Russia (52K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by China (with a CAGR of +28.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($8.6B), China ($6.6B) and Japan ($2.2B) were the countries with the highest levels of imports in 2022, together comprising 58% of global imports.

China, with a CAGR of +30.4%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average frozen crustaceans import price amounted to $8,806 per ton, flattening at the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 11% against the previous year. Over the period under review, average import prices attained the maximum at $10,168 per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($12,323 per ton), while Denmark ($5,653 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+4.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Frozen Crustaceans

In 2022, global frozen crustaceans exports rose rapidly to 3.5M tons, with an increase of 7.1% compared with the previous year's figure. In general, total exports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +72.7% against 2013 indices. The most prominent rate of growth was recorded in 2021 with an increase of 16%. The global exports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, frozen crustaceans exports rose markedly to $30.1B in 2022. Overall, total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +37.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 29% against the previous year. Over the period under review, the global exports reached the peak figure in 2022 and are expected to retain growth in the near future.

Exports By Country

In 2022, Ecuador (1.2M tons) was the largest exporter of frozen crustaceans, comprising 33% of total exports. It was distantly followed by India (637K tons), Vietnam (262K tons) and Indonesia (165K tons), together constituting a 30% share of total exports. The following exporters - Canada (141K tons), Argentina (136K tons), Denmark (81K tons), China (71K tons), Thailand (66K tons) and the Netherlands (54K tons) - together made up 16% of total exports.

From 2012 to 2022, the biggest increases were recorded for Ecuador (with a CAGR of +11.3%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest frozen crustaceans supplying countries worldwide were Ecuador ($8B), India ($4.8B) and Canada ($2.5B), together comprising 51% of global exports.

Ecuador, with a CAGR of +12.1%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average frozen crustaceans export price amounted to $8,590 per ton, remaining stable against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the average export price increased by 16% against the previous year. The global export price peaked at $9,999 per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Canada ($17,647 per ton), while Denmark ($6,293 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+7.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform