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Crayfish Market size is $9.6 Billion in 2019, growing at a CAGR of 12.5% during the forecast period 2020-2025. Crayfish are also known as crawdads, crawfish, mountain lobsters, freshwater lobsters, yabbies, or mudbugs. Crayfish are members of the Astacoidea and Parastacoidea superfamilies that live like small lobsters in freshwater crustaceans. Significant growth rates are expected to occur in the crayfish market, owing to the rising food industry and the increasing demand for seafood. The omega-3 fatty acid present in crayfish helps foster mental health and helps to cope with anxiety. In complex food webs, crayfish also act as keystone predators and serve as major conduits of energy and materials. Crayfish, since it contains low fats as well as traces of carbohydrates, acts as a very good ingredient for weight loss. Crayfish helps to keep the diet healthy and nutritious abetting the market’s growth.
Crayfish Market Segment Analysis – By Type
In 2019, Red Swamp Crayfish segment dominated the Crayfish Market in terms of revenue is estimated to grow at a CAGR of 13.1% owing towards its production rise in developed countries. In a number of permanent freshwater environments, red swamp crayfish live. These are crustaceans that burrow deep into their habitat’s substratum and create large sand and soil mounds called chimneys with a relatively large hole in the center. Lakes, ponds, rivers, and wetlands can easily be dominated by red swamp crayfish. There are omnivorous red swamp crayfish feeding on aquatic plants, snails, insects, fish and amphibian larvae, and young people. They feed heavily on plants, snails, fish, and amphibians, fiercely fighting for food and habitat with native crayfish and other animals assisting towards the growth of the market.
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Crayfish Market Segment Analysis – By Geography
In 2019, the Asia-Pacific region dominated Crayfish Market in terms of revenue with a market share of 37% owing towards rising public & private funding for R&D in this region. The rising culinary popularity of crayfish in China has fueled the regional market’s demand for crayfish. Crayfish recipes have been enjoyed in various flavors by people, particularly from Mainland China. Increased use of crayfish in soups, tacos, étouffées, bisques, and others aids to the market’s growth. Government has taken initiatives to promote technological advancements and the merger and acquisition among the crayfish manufacturers and end-use industries and high demand for seafood in this region are key factors for the growth of the Crayfish market. North America is expected to record the fastest growth rate during the forecast period 2020-2025 owing to upsurging demand for seafood and high availability of crayfish across the region.
Crayfish Market Drivers
Rising demand for processed and packaged crayfish
Owing to the seasonal supply of live crayfish, the market for processed and packaged crayfish is substantially growing. In contrast to other forms of aquaculture, crayfish have very little flesh, and most crayfish are discarded. They rely more on packaged and processed crayfish as end-consumers find it difficult to deal with the waste that is produced while preparing the crayfish. Among health-conscious individuals, crayfish is becoming popular as it is rich in many vitamins and minerals. Nutritional components such as vitamin B, copper, protein, selenium, zinc, iron, and amino acids are present in cooked crayfish also drives the market’s growth.
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Crayfish Market Challenges
Major Regulatory Concerns
Regulatory concerns regarding the product consumption and growing stringent government policy and regulation towards the transportation is restraining growth of the market. The lack of adequate storage facilities, vulnerability to leaching, and transportation are impeding the growth of the market. Large-scale disposal of plastic derivatives is also a growing environmental concern, which over the years has constrained business growth.
Crayfish Industry Outlook
Product Launches, Merger & Acquisition, joint ventures, and R&D activities are key strategies adopted by the players in the Crayfish Industry. Crayfish’s top 10 companies include Albion Fisheries Ltd., Cajun Crawfish, K/S Knold’s Seafood Ab, Mackay Reef Fish Pty Ltd., Mercator Media Ltd., Ocean Treasure, Seafood Peddler Of Sausalito, Seven Star Ocean Fisheries Ltd., Siam Canadian Group Ltd., and United European Seafood Traders Ltd.
Acquisitions/Product Launches
In September 2018, Siam Canadian Group Ltd. launched frozen meat business. It offers increased flexibility and expanded capability in reaching more consumers.
In July 2018, Mercator Media Ltd. acquired Coastlink Network Ltd, a neutral pan-European network committed to the promotion of the shipment of short sea containers and feeder containers and is part of a competitive supply chain.
Key Takeaways
The increase in awareness about the health benefits of seafood consumption especially among youngsters is accelerating the Crayfish demand over the forecast years 2020-2025.
The increasing demand for processed and packaged crayfish is likely to be the major driving factor for the market’s growth.
North America region is anticipated to record the fastest growth rate during the forecast period 2020-2025 owing to upsurging demand for seafood and high availability of crayfish across the region.
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