Crab Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

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Crab Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

Status : August, 2020 | Food and Beverages | PPT format

Report Digest

Global Crab Market: Overview

The global crab market has witnessed rapid evolutionary dynamics in recent years. The demand has witnessed increasingly exciting dynamics most notably punctuated by alternating pick seasons and lull period for crab harvesters. One of the key underpinnings to the crab market has been the growing popularity of crab-based meal in restaurant menus in the U.S., South America, and parts of Europe. Crab harvesters and seafood lovers have increasingly developed taste for various crab species, notably blue crabs and red king crabs. Over the past several years, there have been steady demand for nutritious seafood that are customized to meet the taste preferences of crab lovers.

Global Crab Market: Notable Developments

Support meted out to crab harvesters in the form of insurance in key markets is a crucial factor behind the lucrative outlook of the crab market. Recent case in point is the support offered by the Federal government of Canada. According to the Fish, Food and Allied Workers Union (FFAW-Unifor) that the Government has agreed to offer $5 million dollars in support to crab and lobster harvesters that are affected by severe ice conditions. These funding will also help those who no longer enjoy insurance benefits.

The initiative was a welcome step after several families were at the brink of severe loss on incomes due to a late fishing season. Harvesters in most areas are likely to benefit from this in the period from May 5 to June 15, 2019. Such government interventions are also necessary to save from the uncertainty of pricing for consumers, given the fact that the prevailing season is considered as the worst.

The crab market has also seen new avenues from heightened worldwide awareness of saving engendered mammals, most recently whales. In North Atlantic ocean, whale entanglement caused by breakaway fishing gear has been a serious concern, especially New Brunswick. To this, the government has planned to offer $2 million over a period of three years to help the crab fisheries to implement concerted initiatives to help prevent this. Moreover, the Acadian Crabbers' Association has been at the forefront of spending efforts in researching and testing new technologies.

Some of the most prominent competitors operating in the competitive landscape of global crab market include –

  • Thai Union Group PCL
  • Maine Lobster Now
  • J.M. Clayton Seafood Company
  • Bumble Bee Foods, LLC
  • Bonamar Corporation

Global Crab Market: Important Evolution Dynamics

Growing popularity of crabmeat has rode on the back of thriving sales of crabs through e-commerce channels. Another important factor that has imparted considerable momentum to the crab market is the presence of robust supply chain. Crab harvesters, food processors, wholesalers, and fishermen are increasingly engaged in consolidating their supply chains so that seafood lovers can get various varieties of carbs at affordable costs. Strides made by online retail formats have also bolstered the attractiveness of the market.

The advent of clean labelling has been a promising development in the crab market. The trend has positively impacted the purchasing decision of consumers. Increasing financial support of governments to fishers and crab harvesters in developed nations has gone a long way in helping uphold the prospects of the global crab market. Further, aggressive promotional activities have benefitted retail contracts in the U.S. so far. That has also played a key role in strengthening the outlook in recent years.

Global Crab Market: Regional Assessment

Of the various regions, North America is likely to come out as one of the key regions with potentially promising avenues. Impetus to the global crab market has come from substantial crab harvesting in parts of the U.S. and Canada, increasingly supported by governments. Proliferating foodservice chains offering crab recipes has also expanded the potential demand in these regions over the past few years. Other promising regional markets could be Asia Pacific and Europe.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.