Seoul, South Korea, June 28, 2022 (GLOBE NEWSWIRE) — United States, Rockville MD: The molluscs market is expected to register a CAGR of 5% by garnering a market value of US$ 106.04 Billion in 2032 from US$ 65.1 Billion in 2022. The increasing demand for molluscs is due to valuable protein sources for human consumption, which has projected the growth of this segment in the forecast period. The increasing population, coupled with rising seafood consumption per capita across the globe, are major driving factors for the market.
In the years to come, the industry size is projected to increase owing to the increasing investments in the entry of new players, R&D activities, product innovation, effective resource allocation, technological breakthroughs, and increasing competition among the rivals to expand its customer as well as a regional base.
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The Asia Pacific region makes the largest contribution to the global molluscs market owing to increased inclination among consumers towards a healthy lifestyle and increasing disposable income.
Key Factors Driving Molluscs Market Growth
Rising Demand for Protein Rich Diets to Boost the Market
The increasing demand and consumption for protein-rich diets instead of high-calorie food product intake are propelling the growth of the global molluscs market. Seafood is a low-fat and rich source of protein, which is used for muscle building, and it also contains ingredients such as vitamins, iron, and omega-3 fatty acid, which are anticipating the market growth.
In addition to this, increasing demand for processed seafood is also driving the market growth during the forecast period.
The growing aquaculture fish production in developing economies like China, India, and Japan is the major driving force of the market. Furthermore, increasing disposable income of the consumers and rising inclination toward a healthy lifestyle, which has led to a rise in the consumption of protein-rich food, are the major growth factors for the market over the last few years.
The growing demand for premium quality food products due to freshness, diversity of the products, and convenience for food safety are expected to boost the market growth during the forecast period.
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Key Segments Covered in the Molluscs Industry Survey
- Molluscs Market by Species :
- Crassostrea Molluscs
- Ruditapes Philippinarum Molluscs
- Scallop Molluscs
- Other Molluscs Species
- Molluscs Market by Form :
- Frozen Molluscs
- Canned Molluscs
- Molluscs Market by Distribution Channel :
- Molluscs Sales via Hypermarkets and Supermarkets
- Molluscs Sales via Convenience Stores
- Molluscs Sales via Online Channels
- Molluscs Sales via Other Distribution Channels
- Molluscs Market by Region :
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
The molluscs market is expanding rapidly at the back of innovation being undertaken by the key players in the market. Market growth is also credited to the heightened product innovation and product launches around the world.
Key players in the global molluscs market include Maruha Nichiro Corporation, Nireus Aquaculture S.A., Cermaq ASA, Eastern Fish Company, Cooke Aquaculture Inc., Tassal Group Ltd., Blue Ridge Aquaculture, Selonda Aquaculture S.A., Ulka Seafoods Pvt. Ltd., and Avla Nettos Exports among others. Some of the recent developments in molluscs market are:
- In June 2021, Maruha Nichiro Corporation agreed and signed a contract to acquire shares of Marine Access Corporation (Marine Access) from NIPPON ACCESS, INC (NIPPON ACCESS). Following this acquisition, Marine Access became a member of the Maruha Nichiro Group. As a part of the acquisition, companies started a diverse range of marine products based on a highly consistent business strategy from raw materials sourcing to finished products sales with the target to “expansion of the marine products business value chain in Japan and overseas”.
- In March 2022, Blue Harvest Fisheries showcased its new premium branded retail line at booth 2105 during the Seafood Expo North America in Boston, Massachusetts. The new product line will include locally harvested and processed MSC-certified Atlantic sea scallops, Atlantic pollock (saithe), North Atlantic ocean perch (Acadian redfish) and haddock all quick frozen for freshness and available in convenient 16 oz. reclosable bags.
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Key players in the Molluscs Market
- Maruha Nichiro Corporation
- Nireus Aquaculture S.A.
- Cermaq ASA
- Eastern Fish Company
- Cooke Aquaculture Inc.
- Tassal Group Ltd.
- Blue Ridge Aquaculture
- Selonda Aquaculture S.A.
- Ulka Seafoods Pvt. Ltd.
- Avla Nettos Exports
Key Takeaways from Molluscs Market Study
- Global market for molluscs to incline 1.6x from 2022 to 2032
- Asia Pacific dominates the market with a market share of 60%.
- Europe is the fastest-growing molluscs market and is expected to witness a CAGR of 5.9%.
- The Crassostrea segment contributes to the largest market share of more than 28%.
- The frozen segment is projected to hold the largest market share of more than 54%.
- The hypermarkets and supermarket channels are projected to acquire a share of more than 40%.
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With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the food and beverage domain across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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