Continuous consumption of seafood along with the growing household incomes of the residing individuals will prominently anchor the demand for crustaceans in the U.S. region. The rising focus on health and well-being has resulted in the inclusion of seafood in consumer diets. As per Fisheries of the United States report, there were over 9.9 billion pounds of fish and shellfish captured by American fishermen in 2017. It was also reported that the country imported more than 5.9 billion pounds of seafood in the same year owing to this abundant availability.
Crustaceans are a type of shellfish that includes shrimps, prawns, crabs, lobsters, and crawfish. These are mainly consumed on account of their good taste and high nutrient value. These foods are rich in omega-3 fatty acids as well as minerals such as zinc, copper, iron, and magnesium. They are highly preferred over other seafood as they are low in cholesterol, mercury, and fat. Along with these benefits, their regular intake mitigates the risk of heart disease, and assists in healthier brain development.
It has been revealed by a recent research report that the U.S. crustacean market size is estimated to exceed USD 10.2 billion by 2026.
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Shrimps to record substantial demand
The annual revenue from shrimps in the crustacean industry for the U.S region reached more than USD 7 billion in 2019. Shrimps have been ranked as the largest consumed seafood in the country owing to their ease of access and diverse availability. Estimates revealed that shrimp consumption across the U.S was valued at 4.4 pounds per person in 2017.
This penetration can be further attributed to the presence of an optimum number of sustainable and well-managed shrimp fisheries in the region. Furthermore, shrimps rejected on basis of repeated findings of banned antibiotics in poorly regulated countries are imported to the U.S market for further processing and consumption.
Growing preference for inland water crustacean culturing
Culturing of the crustacean shellfish across inland water sources will see a considerable footprint in the U.S. This can be owed to the numerous advantages like enhanced biosecurity and improved disease control rendered by inland water farming of the crustacean larvae in comparison to traditional coast cultivation. This inland water culturing prevents the spread as well as the growth of pathogens and mitigates the risk of viral, bacterial, and parasitic diseases.
The use of inland water can also help to minimize the supply of water from common resources that can give rise to serious conflicts. Furthermore, as inland culturing utilizes low-salinity water, its effluent can be effectively disposed-off and can be used for irrigation.
Business expansion from inorganic strategies
Suppliers of various types of crustaceans in the U.S are focusing on capacity expansions, mergers, acquisitions, and partnerships to sustain competition while increasing their visibility across the world. For instance, California based distributor, All Seas Wholesale, Inc., was acquired by leading seafood company Cooke Inc., in March 2019.
American Seafoods Company LLC, Bevans Oyster Co., Boston Sword & Tuna, Clipper Seafoods, Twin Tails Seafood Corporation, Pacific Seafood Group, and Channel Seafoods International are some of the other firms operating in the crustacean business.
The rise in the number of crustacean allergies could negatively hamper this seafood demand. It has been reported that over 7 million individuals residing in the U.S incur an allergy post the consumption of shellfish. The ongoing COVID-19 pandemic also drew an adverse impact on the commercial fishing and aquaculture industry.
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However, to curb the effects of the pandemic on the US shellfish-farming community, The Nature Conservancy (TNC) joined forces with The Pew Charitable Trusts to launch an economic relief and marine restoration initiative along with the support from the United States Department of Agriculture (USDA).
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