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.
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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.
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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