U.S. crustacean market is poised to witness a commendable CAGR of 5.4 per cent over 2020-2026 with Louisiana being a prominent supplier on account of quality catches in the Gulf of Mexico, one of the major crustacean locations.
U.S. crustacean fishery consists of a range of products comprising oysters, lobsters, crabs, shrimp, tuna, salmon, and alligators, whose supply is expected to boost Louisiana’s tourism experience by benefitting many crustacean restaurants from the fresh seafood over the estimated period.
The U.S. crustacean market size is estimated to surpass USD 10.2 billion by 2026, cites recent research by Global Market Insights, Inc.
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A global slowdown in imports owing to the COVID-19 pandemic has impacted the seafood industry, considerably affecting lobster prices in the U.S. crustacean market. The Atlantic Ocean being a major crustacean habitat, China stands out as one of the prominent purchasers of lobsters from this crustacean location.
Adoption of numerous strategies by prominent industry players towards the development of innovative technology for enhancing product penetration has been one of the primary reasons for this rise.
Concerns regarding COVID-19 have also disrupted supply chains of other live seafood products, for instance, Dungeness crabs, impacting industry growth to a certain extent. Other major crustacean markets, comprising Italy, have also been hit hard by the pandemic. However, rising governmental efforts towards the establishment of the ‘New Normal’ will drive business landscape through the ensuing years.
A substantial portion of the lobster production in the region comes from the northeastern coast of North America, with the U.S. state of Maine and the Atlantic Provinces of Canada being prominent crustacean habitats. Further, the annual value of lobster exports in the U.S. amounts to more than 50 million pounds, with primary destinations being France, Spain, Canada, and Italy.
Key participants in the U.S. crustacean market comprise Seaview Crab Company, RDM Aquaculture, Pacific Seafood, Santa Monica Seafood Company, Riceland Crawfish, Boston Lobster Company, Bayou Bounty Crawfish, Sogelco International, Eastern Fish Co., Cajun Crawfish Company, and others.
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A significant surge in the adoption of digital distribution channels and e-commerce platforms, that deliver crustacean menu, has been instrumental in augmenting U.S. crustacean industry share in both formats – business-to-customer as well as business-to-business operations. The presence of these channels is substantially being increased by retail giants such as Target and Walmart to ensure the delivery of high-quality and fresh products that could reach more customers.
Such reformulations of supply chain distribution of consumer products in the region, contributing to substantial marketing efforts, will drive U.S. crustacean industry growth through the projected period.
Overall, surging per capita income, changing consumer preferences, and rising demand for crustacean restaurants and premium seafood outlets is set to impel U.S. crustacean industry expansion through the forthcoming years.
Despite the oscillating nature of prices in the light of the COVID-19 pandemic, increasing governmental efforts towards the regulation of international trade will foster the growth of the lobster segment through 2026. Lobster segment in the U.S. crustacean market is estimated to generate an appreciable revenue of more than USD 570 million by 2026.
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