The molluscs market is anticipated to have a moderate CAGR of 4.5% during the forecast period of 2022 to 2032. According to FMI, the molluscs market is expected to grow from USD 60.72 billion in 2021 to USD 98.54 billion by 2032.
The growing health consciousness of customers has boosted the demand for nutrient-rich food items and increased molluscan consumption, which accounts for the high sales of molluscs.
| Attributes | Details |
|---|---|
| Molluscs Market CAGR (2022 to 2032) | 4.5% |
| Molluscs Market Size (2021) | USD 60.72 billion |
| Molluscs Market Size (2032) | USD 98.54 billion |
Adoption of molluscs is high, as it lowers the risk of chronic illnesses, which is likely to spur molluscs market expansion throughout the course of the forecast period. The world's expanding food business is preparing for market growth.
The primary factor influencing the molluscs market share is the rising aquaculture fish production in developing nations like China, India, and Japan. Measures resulting from COVID-19 regulations run the risk of disrupting or stopping the supply chains for aquaculture and fisheries.
The market for molluscs is expanding as a result of changing consumer tastes and preferences, rising health concerns, changing lifestyles, and an increase in the number of restaurants around the world.
However, changes in environmental factors like temperature, ocean acidity, and oxygen levels could have an impact on their cultivation directly or indirectly, which could ultimately limit the molluscs market expansion.
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The need for and consumption of protein-rich diets, rather than consuming high-calorie food products, is fueling the expansion of the global mollusk market. In addition to being a low-fat and abundant source of protein that is utilized to develop muscles, seafood also includes nutrients like vitamins, iron, and omega-3 fatty acids that are expected to surge the demand for molluscs.
Additionally, during the projected period, rising demand for processed seafood is also fueling molluscs market size.
The two main drivers of market expansion over the past few years have been rising consumer disposable income and a rising propensity toward a healthy lifestyle, which has resulted in an increase in the consumption of protein-rich foods.
During the projected period, the mollusks market size is likely to develop at a faster rate due to the rising demand for high-quality food products due to their increased freshness, variety, and ease of use for food safety.
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Due to the rising need for protein sources, the cost of molluscan meat has also gone up over time. Strict government regulations, incentives, and rules are anticipated to impede the molluscs market in the near future.
Additionally, consumers' purchasing power has decreased along with their disposable income, which has a detrimental effect on market profits. The high cost of mollusk production is one of the major issues facing the molluscs market.
As a result, mollusk output has dropped during the previous few years. Due to the tremendous expansion in the human population, demand for mollusks is rising, even if molluscan production is declining.
The Crassostrea category holds over 30% of the molluscs market share in 2021.
The expansion of the molluscs market is being driven by the rising production of Crassostrea goods in emerging nations like China, India, and Japan. The molluscs market is expected to develop over the forecast period as a result of the rising consumer awareness of the importance of health.
During the forecast period, the scallops market is anticipated to grow at the quickest CAGR of 5.1%. Scallops are significant sources of human consumption protein, and this has led to an increase in demand, which has predicted the molluscs market expansion during the projection period.
The molluscs market is primarily driven by rising seafood consumption per capita around the world and an ageing population.
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More than 55% of the revenue generated by the global molluscs market in 2021 came from the frozen category, which is projected to grow with a CAGR of 4.2% during the forecast period.
The need for healthful, nutrient-rich, and protein-rich foods among consumers has greatly increased the demand for frozen fish products. Additionally, the global molluscs market size is expected to develop during the forecast period due to the rising demand for processed and packaged fish products globally.
In 2021, the global molluscs market accounted for a share of more than 40% from the supermarket and hypermarket channels. Mollusc product suppliers employ the conventional retail channel to market, advertise, and sell their items through word-of-mouth.
Customers like to shop at hypermarkets and supermarkets, where they can personally inspect the products before making a purchase. Due to improved distribution channel networks around the world, supermarkets and hypermarkets are anticipated to maintain their dominance in the molluscs market during the projection period.
In 2021, Asia Pacific contributed the greatest share of more than 60% of the total market for molluscs.
This can be attributed to consumers' greater propensity for leading healthy lifestyles and rising disposable income, which in turn fuel demand for foods that are wholesome and nourishing. Due to the expanding need for fish food products that are high in protein, nations like China, India, and Japan are consuming more fish food products, which is fueling the molluscs market growth.
This has further demonstrated an increase in the manufacturing of mollusk goods, particularly in China and India, which have sizable consumer bases for food products.
The mollusk market in Europe is projected to develop at the quickest rate, with a CAGR of 5.1% during the forecast period.
During the projected period, the market is likely to develop at a faster rate due to the rising demand for high-quality food products due to their increased freshness, variety, and ease of use for food safety.
In nations like Germany, Spain, and Italy, mollusk products are becoming popular due to the growing public knowledge of their health advantages, which is fueling mollusc's market expansion.
The molluscs market is expected to grow in size during the forecast period as a result of increased investments by new molluscs market players' entry, Research and Development, product innovation, efficient resource allocation, technological advancements, and increased rivalry to grow customer and regional bases.
The San Diego-based business, which uses cell cultures to generate seafood, expanded on its commercialization plan and also published the layouts of its envisioned large-scale food production facilities, impacting the molluscs market.
Phase 1 of BlueNalu's five-phase roadmap, which focuses on Research and Development for its cell-based seafood, is still ongoing. In two to three years, they aim to begin selling their goods, and in five years, they hope to start construction on their first facility.
Due to the presence of numerous well-established market competitors and molluscs suppliers all over the world, the industry is fragmented. Businesses all across the world are focusing on process innovation and capacity development.
The molluscs market is projected to have a CAGR of 4.5% through 2032.
The molluscs market size is anticipated to be USD 98.54 billion through 2032.
The molluscs market size was USD 60.72 billion in 2021.
The Crassostrea segment holds 30% of the molluscs market share.
Supermarket and hypermarket channels hold 40% of the molluscs market share.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Species 5.1. Crassostrea 5.2. Ruditapes Philippinarum 5.3. Scallops 5.4. Others 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Form 6.1. Frozen 6.2. Canned 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Distribution Channel 7.1. Hypermarkets and Supermarkets 7.2. Convenience Store 7.3. Online 7.4. Others 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. Middle East and Africa 9. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Maruha Nichiro Corporation 16.2. Nireus Aquaculture S.A. 16.3. Cermaq ASA 16.4. Eastern Fish Company 16.5. Cooke Aquaculture Inc. 16.6. Tassal Group Ltd. 16.7. Blue Ridge Aquaculture 16.8. Selonda Aquaculture S.A. 16.9. Ulka Seafoods Pvt. Ltd. 16.10. Avla Nettos Exports 17. Assumptions & Acronyms Used 18. Research Methodology
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Molluscs Market
