Analysis of COVID-19 Crisis-driven Growth Opportunities in Crayfish Market
Global Crayfish Market: Snapshot
Crayfish form a distinctive freshwater crustacean. Among the various nations, the U.S. has been been especially promising for their habitat and multiple species co-exist. They usually inhabit subterranean waters. Growing consumption of various species of crayfish has been driving the sales from supermarkets. A large chunk of worldwide demands come for crayfish in China. For the past few years, the China market has benefited from growing production of crayfish at mass scale. Growing culinary popularity of crayfish in China has fueled the demand for crayfish in the regional market. Population, especially of the Mainland China, have relished crayfish recipes in different flavors. Growing use of crayfish in soups, tacos, étouffées, and bisques.
Species that have more meat content tend to witness higher demand in the crayfish market. The aquaculture. Countries such as Sweden and Finland have also developed a special penchant for crayfish. However, some countries are seeing less scope of imports. An example is Russia, where strict implementation of regulations to prevent freshwater has reduced the scope of players. Consumers in Russia and Ukraine are seeing new ways of getting access to freshest live crayfish. In key markets such as the U.S., stygobiotic shrimps have gathered considerable traction. The continental parts are source of stygoxenic crayfishes. Over the past ten years, extensive research has been done for finding patterns in crayfish diets. Recent studies show that this changes substantially with the age of the species. This is attributed to the changing habitat they have to sustain and prosper. Such studies help in expanding the scope of the crayfish market.
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Global Crayfish Market: Snapshot
The global market for crayfish has fostered a surging growth in the past few years as an increasing number of consumers are willing to shell out money for the fish and its preparations. The market is witnessing expansion at an extraordinary pace, with the fish being grown in a number of non-traditional regions as well. A large number of companies breeding and serving the fish are pouring into the global crayfish market and global imports and exports are hitting all-time highs.
Demand is rising in Asia, especially in China, where the crayfish market has become worth billions of dollars and a massive creator of jobs for millions of people. Hundreds of thousands tonnes of the fish is being regularly consumed in the country and demand from young consumers is highly promising. With rapid advancements witnessed in the fields of packaging and storing, non-traditional markets are also being increasingly tapped.
The booming global crayfish market is increasingly witnessing the entry of a number of new companies and the vendor landscape of the market is becoming increasingly fragmented and competitive. The market is highly unorganized in several regional markets and is expected to continue to remain so over the next few years as well, leading to intense price wars among companies. The market is, however, expected to become more orderly and consolidated in the near future, squeezing out low-quality and non-competitive business ventures out of the market.
Crayfish also known as crawdads, crawfish, mountain lobsters, freshwater lobsters, yabbies, or mudbugs Crayfish are the member of superfamilies Astacoidea and Parastacoidea lives in freshwater crustaceans like small lobsters. The global crayfish market is expected to have significant growth rate, attributed to growing food industry and increasing demand for seafood. North America and Western Europe has substantial growth in the global crayfish market, owing to growing population, and increasing food service sector.
Global Crayfish Market Dynamics:
The growth of the global crayfish market is driven by growing demand for processed food, growing seafood market, and increasing pet industry. Macroeconomic factors such as growing economy, increasing per capita income, rapid rate of urbanization, and employment rate driving the global crayfish market. However, stringent regulations over the distribution and farming of crayfish is expected to retain the global crayfish market. Factors trending the global crayfish market include the merger and acquisition among the crayfish manufacturers and end-use industries and high demand for seafood across the globe. The company operates in the crayfish market have significantly high opportunity in regions such as Asia-Pacific, Middle East & Africa, and Latin America attributed to the significantly growing economy.
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Global Crayfish Market Segmentation:
The global crayfish market is segmented on the basis of source, application, end-user, and region. On the basis of source, the global crayfish market is segmented as the wild fishery and aquaculture, wherein aquaculture segment have significant revenue share and is expected to have substantial growth rate, owing to rapidly growing aquaculture industry across the globe. On the basis of application, the global crayfish market is segmented as food, pets, and bait. Among application segment, the food segment is expected to have a substantial growth rate in crayfish market, owing to high demand for seafood across the globe. On the basis of end-user, the global crayfish market is segmented as food services, retailers, primary wholesalers, and consumers, wherein consumers segment have significant revenue share, whereas food service segment is expected to have substantial growth rate, owing to changing lifestyle and increasing per capita income of the consumers across the globe.
Based on source, the global crayfish market is segmented into:
- Aquaculture
- Wild Fishery
Based on application, the global crayfish market is segmented into:
- Food
- Pets
- Bait
Based on end-user, the global crayfish market is segmented into:
- Food Services
- Retailers
- Primary Wholesalers
- Consumers
Global Crayfish Market Regional Outlook:
Based on the geographies, the global crayfish market is fragmented into seven regions — North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific except Japan, Japan, and the Middle East & Africa. Among the regions, North America accounts for a significant share of the global crayfish market, attributed to rising demand for seafood and high availability of crayfish across the region. Western Europe revenue share is followed by North America region in the global crayfish market, owing to the high rate of employment and increasing disposable income of the consumer in the region. The Asia-Pacific except Japan region accounts for substantial high share in the global crayfish market with significant growth rate, owing to high availability of crayfish in the countries such as Australia and New Zealand and high demand for seafood across these countries. Eastern Europe and Japan accounts for moderate value share in the global crayfish market. The developing economy such as Middle East Africa and Latin America have a substantial growth in the global crayfish market. Overall, the outlook for the global crayfish market will have a positive growth over the forecast period.
Global Crayfish Market Player:
Few players in the global crayfish market include Aker Seafoods ASA, American Pride Seafoods, Albion Fisheries Ltd., HB Grandi, Fishing Worker Agency, Domstein ASA, Day Boat Seafood, and Corpesca SA.
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