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Overview:
With its abundance of seafood options, the global crab business has grown to be a major force in the culinary industry. Demand for crab has increased dramatically over the world due to its delicious meat and adaptability to a wide range of culinary styles. This blog delves into the complex web of the crab market, examining its overview, potential, constraints, and COVID-19 pandemic impact, as well as market segmentation and regional dynamics.
In 2022, the Crab Market Size reached a valuation of USD 11.5 billion. Anticipated growth is evident as the market is expected to expand from USD 12.20 billion in 2023 to USD 19.59 billion by 2032, showcasing a robust compound annual growth rate (CAGR) of 6.10% throughout the forecast period spanning from 2023 to 2032.
Crab, a prized seafood delicacy, has found its way into the hearts and plates of consumers globally. Its sweet and tender meat, coupled with its ability to complement a myriad of dishes, has led to a growing demand in the culinary world. The crab market encompasses various species, including blue crabs, snow crabs, Dungeness crabs, and king crabs, each contributing to the diverse array of crab products available in the market.
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Key Players:
Bumble Bee Foods LLC, Supreme Crab & Seafood Inc., Maine Lobster Now, Millennium Ocean Star Corporation, Phil-Union Frozen Foods Inc., JM Clayton Seafood Company, RGE Agridev Corporation, Siam Canadian Group Limited, and Handy Seafood
Drivers:
The various seafood options available on the global crab market have made it a major player in the culinary industry. Demand for crab has surged globally due to its flexibility in many cuisines and its luscious meat. We explore the overview, drivers, opportunities, challenges, and effects of the COVID-19 pandemic as well as market segmentation and regional dynamics as we delve into the complex web of the crab industry in this blog.
Restraints and Challenges:
Despite the promising growth, the crab market faces its set of challenges. Overfishing and habitat degradation pose threats to crab populations, leading to concerns about sustainability. Strict regulations and fishing quotas have been implemented in some regions to address these issues, affecting the supply chain and pricing. Furthermore, the labor-intensive process of crab harvesting and processing presents challenges for industry players.
Opportunities:
The crab market offers ample opportunities for innovation and market expansion. The rising trend of ready-to-eat and value-added crab products caters to consumer demands for convenience. Exploration of new markets, both domestically and internationally, can open doors for industry players. Sustainable and responsible fishing practices, coupled with certifications such as MSC (Marine Stewardship Council), can position crab products as environmentally friendly choices, tapping into the conscientious consumer segment.
COVID-19 Analysis:
The COVID-19 pandemic has rippled through various industries, and the crab market is no exception. The restaurant closures and disruptions in the foodservice sector initially led to a decline in demand for crab products. However, as home cooking gained momentum during lockdowns, there was a notable surge in retail sales of crab, especially frozen and canned crab products. The pandemic underscored the importance of supply chain resilience and the need for flexibility in adapting to changing consumer behaviors.
Market Segmentation:
The crab market can be segmented based on various factors, including product type, form, and distribution channel. Different crab species contribute to distinct flavor profiles and textures, catering to diverse consumer preferences. Common forms of crab products include whole crabs, crab meat, crab claws, and crab legs. The market also offers a range of fresh, frozen, and canned crab products. Distribution channels include supermarkets, hypermarkets, specialty seafood stores, and online platforms.
Regional Analysis:
The global crab market exhibits regional variations influenced by culinary traditions, consumer preferences, and economic factors. Asia-Pacific, with its rich seafood culture, stands out as a major consumer and producer of crab products. China, Japan, and India are key players in the Asian market. North America, particularly the United States and Canada, also holds a significant share, driven by the popularity of crab in North American cuisine. Europe, with a penchant for diverse seafood options, contributes to the global demand for crab.
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COVID-19 Analysis
The Covid-19 epidemic in 2020 increased demand for contact-free biometric services at airports because they provide identity and verification without any physical touch. Contactless biometric services provide quick and accurate identification while limiting exposure. Additionally, the pandemic has compelled airport management to implement contactless thermal checking biometric equipment to monitor passenger admission by measuring body temperature. Throughout the projected period, it is anticipated that the contactless airport biometric services industry will continue to rise. Airports all around the world are quickly implementing contactless biometric services including face recognition, voice recognition, & 3D advanced fingerprint recognition.
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