Molluscs Market Size, Share & Trends Analysis Report By Species (Crassostrea, Ruditapes, Philippinarum, Scallops, Others), By Form (Frozen, Canned), By Distribution Channel (Hypermarkets and Supermarkets, Convenience Store, Online, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The global molluscs market size was valued at USD 58.42 billion in 2021. It is projected to reach USD 93.14 billion by 2030, growing at a CAGR of 5.32% during the forecast period (2022–2030).

 Molluscs have the second-highest number of species in the animal kingdom, behind arthropods. Additionally, subterranean ecosystems sporadically coexist with terrestrial habitats and are uncommon in aquatic habitats. The majority of molluscs that are obligate cave dwellers are gastropods. Obligately subterranean species have a thin, translucent shell, typically white, a depigmented body, and reduced or no eyes.

Most aquatic gastropod species are tiny, and many new species are currently being described. The abundance of species in caves depends on organic matter input because subterranean molluscs are deposit feeders. Molluscs are one of the top products in the aquaculture industry. They are grown in a controlled environment to increase their production for commercial use. The seafood industry is seeing an increase in demand for molluscs as a food source because of their nutritional benefits.

Market Dynamics

Global Molluscs Market Drivers

Rising Demand for Protein-Rich Diets

The rising popularity of high-protein diets as an alternative to consuming calorie-dense foods is fueling the growth of the global market for molluscs. Seafood is a low-fat and rich source of protein used to build muscle. It also contains vitamins, iron, and omega-3 fatty acid, all of which anticipate market growth. In addition, the growing need for processed seafood is also driving the market's growth.

Growing Aquaculture

The primary factor pushing the market forward is the expanding aquaculture in developing countries such as China, Japan, and India. In addition, the primary growth factors for the market have been an increase in consumer disposable income and a growing preference for a healthy lifestyle. It is anticipated that the growing demand for premium quality food products due to the freshness, diversity of the products, and convenience for food safety will boost the market's growth during the forecast period.

Global Molluscs Market Restraint

High Production Cost

The high production cost associated with molluscs is one of the market's most significant obstacles. This has resulted in a decline in mollusc production in recent years. Despite a decline in production, the demand for molluscs is increasing due to rapid human population growth. The price of mollusc meat has also increased due to the growing demand for protein-rich foods. It is anticipated that stringent government policies, incentives, and laws will impede market expansion.

Regional Analysis

The global molluscs market is segmented into North America, Europe, Asia Pacific, Central and South America, and the Middle East and Africa.

Asia-Pacific contributes the most to the global molluscs market. This can be attributed to increased consumer interest in a healthy lifestyle and rising disposable income, increasing demand for healthy and nutritious food products. Due to the rising demand for protein-rich fish food products, the increasing consumption of fish food products in countries like China, India, and Japan is driving industry growth in this region. Europe is the region with the fastest rate of growth in the global mollusc market. The rising demand for premium-quality food products due to their freshness, variety, and convenience for food safety is anticipated to drive market expansion during the forecast period.

Segmental Analysis

The global molluscs market is segmented into species, form, and distribution channels.

Based on species, the market is divided into Crassostrea, Ruditapes philippinarum, scallops, and others.

The Crassostrea segment contributes the largest to the global molluscs market and is anticipated to expand during the forecast period. The expanding production of Crassostrea products in emerging markets such as India, China, and Japan is driving the expansion. The increasing demand for fish food due to consumers' growing health consciousness is expected to drive the market. The segment of scallops is anticipated to grow at the quickest rate due to the growing demand for scallops as a source of high-quality protein for human consumption. The expanding global population and the rising per capita consumption of seafood are key market drivers.

Based on the form, the market is divided into frozen and canned.

The frozen segment contributes the most revenue to the global molluscs market and is anticipated to grow during the forecast period. The consumer preference for a healthy, nutrient-dense, and protein-rich diet has substantially increased the demand for frozen seafood products. In addition, the rising global demand for processed and packaged fish products is anticipated to drive market expansion during the forecast period.

Based on the distribution segment, the market is categorized into hypermarkets and supermarkets, convenience stores, online, and others.

Hypermarkets and supermarkets contribute the largest share to the global molluscs market. Suppliers of molluscs use the traditional retail channel to sell their products through word-of-mouth, advertising, and marketing. Customers prefer shopping at hypermarkets and supermarkets where one can physically check the quality of the goods, groceries, and fish food. It is anticipated that supermarkets and hypermarkets will dominate due to global advancements in distribution channel networks.

Impact of covid-19

COVID-19 has positive and negative market consequences, as carbon emissions have decreased globally due to the lockout. COVID-19's reduction in emissions is a short-term benefit. Still, when industries and enterprises attempt to recoup some of their financial losses in the first quarter of the year, carbon emissions will rise dramatically. COVID-19 had a negative impact on global recycling efforts. Countries, notably the United States, have halted or decreased recycling programs to focus on collecting additional domestic waste or because services have been disrupted by the virus.

Also, with industries slowly returning to normalcy following the COVID-19 outbreak, this shift in workplace health and safety is expected to increase due to mandatory social distancing and continuous personal care through sanitization to eliminate even the tiniest possibility of COVID-19 spread. COVID-19 has impacted various companies' revenues, and if the lockdown is lifted, companies will turn their attention to operations to make up for their losses.

Recent Developments

• January 2022- Wanchese Fish Company, a Cooke Seafood USA division, is launching its newest shrimp trawler, F/V Destiny, for operations in southern Argentine waters for the 2022 season. Built by the Astilleros Armon shipyard in Spain, the Destiny will be one of the Argentine shrimp industry's newest and most modern fishing vessels.
• February 2022- Cooke Aquaculture has been recognized as one of Atlantic Canada’s Top Employers for 2022 by Mediacorp Canada Inc., a specialty publisher of employment-related periodicals in partnership with Atlantic Business magazine.