The global Molluscs Market size is expected to reach USD 82.85 billion by 2028, registering a compound annual growth rate (CAGR) of 4.5% from 2022 to 2028, according to a new report by Grand View Research, Inc. The growing consciousness about the health of consumers has increased the demand for nutritious food products. In addition, the consumption of molluscs will reduce the risk of chronic diseases, which, in turn, is expected to promote market growth during the forecast period. The increasing 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.
Moreover, a lockdown situation has been observed during the COVID-19 pandemic, and it showed a slightly declined molluscs market, owing to the suspended supply chain of the products in various countries. The increased consumer demand for frozen and canned seafood products from the second quarter of 2020 is due to the rising demand for non-perishable food from the household. Aquaculture and fishery supply chains are susceptible to being disrupted or stopped by measures arising from COVID-19 restrictions.
The scallops segment is expected to expand with the fastest CAGR of 5.1% from 2022 to 2028. The increasing demand for scallops 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.
The canned segment is anticipated to expand with the fastest growth rate of 5.0% from 2022 to 2028. Continuously changing lifestyles and busy life schedules of consumers are demanding processed seafood like canned molluscs, which, in turn, are gaining popularity among the consumers. Moreover, the increasing consumption of molluscs products due to several health benefits such as reducing the risk of chronic diseases is propelling the growth of this segment in the forecast period.
The online segment of the molluscs market is expected to register the fastest growth during the forecast years, with a CAGR of 5.7% from 2022 to 2028. The rising adoption of the e-commerce sector for the shopping of food products and essential products by consumers due to the internet penetration rate has witnessed a lucrative growth in recent years. Several suppliers of molluscs are offering products on their websites, which is further expected to drive industry demand during the forecast period.
Asia Pacific made the largest contribution to the global molluscs market of over 60% in 2021. This can be credited to increased inclination among consumers towards a healthy lifestyle and increasing disposable income, which in turn will drive demand for healthy and nutritious food products. The increasing consumption of fish food products in countries like China, India, and Japan, owing to the rising demand for protein-rich fish food products, is propelling the industry growth in this region.
Molluscs Market Report Highlights