The Crustaceans Market in the US stood at 2.18 million metric tons in volume in 2023. Over recent years, the market has experienced fluctuations with some significant growth and decline periods. From 2015 to 2017, there was substantial growth due to increased demand and favorable conditions, evidenced by year-on-year growth rates peaking at 5.98% in 2017. However, the significant dip in 2020, with a negative growth rate of -16.26%, indicated market disruption, likely due to the COVID-19 pandemic.
Post-2020, the market began to recover, showing a strong rebound of 15.44% in 2021 and continued moderate growth in subsequent years, reaching a CAGR of 0.8% leading up to 2023. Going forward, the market is expected to continue its steady growth trend, with forecasts suggesting a 5-year CAGR of 0.67% and an overall growth rate of 3.37% by 2028.
Future Trends to Watch For:
- Impact of sustainability and eco-friendly practices on crustacean farming and harvesting.
- Technological advancements in aquaculture to boost production efficiency.
- Consumer preferences shifting towards organic and responsibly sourced seafood.
- Regulatory changes and their effects on market dynamics.
