New York, Nov. 21, 2022 (GLOBE NEWSWIRE) -- Global consumption of mussels is pegged at 2,055,702 tons in 2022 and is expected to rise at a CAGR of 2.7% to reach 2,688,613 tons by 2032. The mussel market has shown decent growth in recent years and this trend is likely to continue over the forecast period of 2022-2032 as well.
Mussels are increasingly becoming popular due to their nutritional content and multiple methods of cooking and consumption. They are easy to prepare and consume with cooking methods being as simple as steaming. With the increase in home cooking habits, seafood and mussel sales have seen a sharp incline. Mussels are present in the market in the form of either half-shell or whole/intact. The whole shell segment holds a majority of the market share across regions.
Global rise in the consumption of mussels can be due to rising income and rapid urbanization in developing countries, as well as fast-expanding food processing and supply chain companies in Asia & Pacific and other developing areas. The analgesic and anti-inflammatory effect of mussels in the treatment of arthritis, joint pain, and asthma, along with the high content of omega-3, account for major usage across the world.
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Key Takeaways from Market Study
- Demand for mussels in Latin America is expected to increase at a volume CAGR of 2% during the forecast period (2022-2032).
- North America and South Asia & Pacific account for 7% and 9.3% market shares, respectively.
- Utilization of mussels in the food & beverage industry is anticipated to reach US$ 2.96 Bn by 2032.
- Based on channels of distribution, sales of mussels in the B2B (business-to-business) segment are expected to increase at a CAGR of 3.6% and hold 71.3% market share by 2032.
- The European market is likely to expand at a volumetric CAGR of 2.5%. This is due to increasing demand for dietary food supplements.
“Increasing food service industry penetration in countries such as China, South Korea, and others is a potential growth factor for the mussel market. The market is estimated to witness high demand from the foodservice and retail sectors. With increasing nutrient loss in conventional foods, superfoods such as mussels will be a critical deciding factor in the market,” says a Persistence Market Research Analyst.
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Competitive Landscape
Companies involved in the cultivation and farming of mussels are investing heavily in research & development and aiming to increase their footprint across the world. They are also trying to shift to sustainable aquaculture to increase their production with high convenience for customers and survive the cut-throat competition.
- In 2021, Open Ocean - Whakatōhea Mussels Ōpōtiki Ltd. won the contract for exporting its popular green shell mussels to the U.S., from its new US$ 35 Mn state-of-the-art mussel processing facility in Ōpōtiki with the main purpose of increasing the production of various mussel products for domestic and international markets. The net revenue of the company in the 2021 financial year was US$ 2.7 Mn.
- American Mussel Harvesters Inc., is making significant progress in its aim to deliver fresh shellfish and bringing innovations to the industry. Apart from following a stringent post-harvest quality control process, delivering directly to restaurants and retail market by third-party vendors is responsible for broadening its consumer base. Ensuring availability of product by partnerships with independent farmers is a strategy adopted by American Mussel Harvesters. The company also provides specialty items for nutraceutical and cosmetic applications namely mussel powder and oil.
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