Molluscs Market Latest Insights, Trends and Opportunities to 2028

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May 4

Molluscs Market Growth & Trends

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.

U.S. molluscs market size, by distribution channel, 2019 - 2028 (USD Million)

Molluscs Market Segmentation

Grand View Research has segmented the molluscs based on species, form, distribution channel, and region:

Based on the Species Insights, the market is segmented into Crassostrea, Ruditapes Philippinarum, Scallops, Others.

The Crassostrea segment contributed to the largest market share of more than 30% of the global molluscs market revenue in 2021 and is expected to grow with a CAGR of 4.7% from 2022 to 2028. The increasing production of Crassostrea products in developing economies like India, China, and Japan is propelling the growth of this segment. The rising popularity of fish food due to growing awareness about health consciousness among the consumers has projected the market growth in the forecast period.
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.

Based on the Form Insights, the market is segmented into Frozen and Canned.

The frozen segment contributed to the largest market share of more than 55% of the global molluscs market revenue in 2021 and is expected to expand with a CAGR of 4.2% from 2022 to 2028. The consumer's inclination toward consuming a healthy, nutritious, and protein-rich diet has significantly accelerated the demand for frozen seafood products. In addition to this, the rising demand for processed and packaged fish products worldwide has projected market growth during the forecast period.
The canned segment is anticipated to expand with a CAGR 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.

Based on the Distribution Channel Insights, the market is segmented into Hypermarkets and Supermarkets, Convenience Store, Online, and Others.

The hypermarkets and supermarket channels contributed a share of more than 40% in the global molluscs market in 2021. Suppliers of molluscs products use the traditional retail channel to sell by word of mouth, advertising, and marketing. Consumers prefer hypermarkets & supermarkets for purchasing goods, grocery, and fish food products, where they can physically verify product quality. Hypermarkets & supermarket channels are expected to remain dominant in the forecast period due to improved distribution channel networks across the globe.
The online segment of the molluscs market is expected to register the fastest expansion during the forecast years, with a CAGR of 5.7% from 2022 to 2028. The rising adoption of the e-commercesector for the shopping of food products and essential products by consumers due to the internet penetration rate has witnessed 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.

Molluscs Regional Outlook