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.
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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 prominent players operating in the global crab market are Thai Union Group PCL, Maine Lobster Now, J.M. Clayton Seafood Company, Bumble Bee Foods, LLC, and Bonamar Corporation.
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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.
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