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The crayfish market is forecast to increase by USD 2,272.09 million at a CAGR of 6.48% between 2022 and 2027. The growth of the market depends on several factors, including growing demand for aquaculture-based fish varieties, affordable aquaculture methods, and health benefits of crayfish consumption.
It also includes an in-depth analysis of market dynamics, customer landscape, Competitive analysis and market segmentation alng with regions. Furthermore, the report includes historic market data from 2017 to 2021.
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This report extensively covers market segmentation by type (farmed and wild crayfish), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market share growth of the farmed crayfish segment will be significant during the forecast period. Most of the varieties sold in the market are of the farmed variety. Farmed varieties are mostly meant for the export market. Farming makes it possible to meet the demand of consumers for processed varieties such as tail meat. Additionally, more rice farmers are entering the farmed market intending to earn additional income or because of crop rotation.
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The farmed segment was valued at USD 4,230.44 million in 2017 and continued to grow until 2021. Due to the increased demand for fish protein from aquaculture consumers across the world, farmers are focusing more on farmed varieties to sustain in the market. Some common varieties of farmed are red swamp crawfish, Red Claw, noble, Marron crayfish, and common yabby. The market segment will witness growth during the forecast period.
The affordable aquaculture methods are notably driving the market growth, although factors such as lack of marketing and capital in the market may impede the growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Affordable aquaculture methods are notably driving market growth. The most common method of farming is in cultivated forage ponds or in double-crop rotation systems, especially in rice fields. Crayfish cultivation in rice fields is expected to boost the growth of the market as many farmers are turning to farming in their farmlands to earn an extra income.
Good quality water sources are another important factor in farming. Any land chosen for cultivation must have a clay content of above 20%. Also, other important factors needed to carry out farming effectively include the appropriate equipment, harvest bait, labor, electricity, and fuel. Accordingly, all the necessary equipment and supplies are locally sourced and do not require huge investments for new people entering farming. This is one of the major reasons why more agriculture farmers are opting to enter the market.
Accordingly, more farmers are attracted to the crayfish industry because the farming method is affordable and does not require high levels of investment. Such factors are expected to fuel the growth of the market during the forecast period.
The growth of organized retailing in the market is an emerging trend. The growth of organized retailing has ensured the effectiveness of the supply chain and logistics in the crustacean (including crayfish) industry. Large retail chains such as Walmart, Inc. (Walmart), Costco Wholesale Corp. (Costco), and Tesco PLC (Tesco), among others, sell different varieties of processed and packaged fish in both online and offline stores. These retail giants are driving high sales volumes of processed crustaceans. Moreover, these large retailers can secure high-profit margins by reducing their external production costs.
Different processed varieties are increasingly being sold in large retail chains. For instance, Walmart provides both in-store purchases and online sales of different products and processed varieties such as tail meat, whole seasoned, frozen cooked, and balls through its own brands as well as other private labels. Additionally, restaurants and quick-service restaurants (QSR) in China and the US are increasingly using the product in their cuisine. Accordingly, the varieties are reaching end-consumers through large retailers, online retailers, and food chains, among others. Such factors are expected to fuel the growth of the market during the forecast period.
Lack of marketing and capital is the major challenge in the market. The market structure of the market in various countries, such as China, the US, and Australia, is fragmented. Also, the market faces various marketing challenges due to the lack of regional and international efforts. Various vendors that operate in the market in focus are mid-to small-sized. These vendors mostly form small cooperative groups in their localities and, therefore, are able only to undertake limited marketing and promotional activities. The lack of marketing and promotional activities leads to low consumer awareness of locally produced products. Hence, the low focus on marketing and promotional activities of locally produced varieties hinders the supply of these varieties beyond the local fish markets.
In addition, mid-to-small-sized vendors cannot focus on increasing their production volumes owing to the lack of capital. Accordingly, focusing on expanding their business to capitalize on market demand is challenging for such small- and medium-sized players. This further creates problems in the supply of varieties to consumers.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Mah Protein Inc. - The company's main business includes the export, import, processing, packaging, and distribution of seafood products. The company offers crayfish which has omega-3 fatty acids, thus helping to promote mental health.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The products that are farmed in North America are used for both the domestic and international markets. The major growth factors in the region are technological innovations and geography/location. As the falling production from wild fisheries is leading to a shortfall in the supply of fish, regional consumers are increasingly opting for crustaceans to satisfy their craving for fish. Additionally, North America is witnessing higher consumption of frozen and processed forms of fish varieties.
The Market is witnessing notable growth due to the increasing demand for freshwater crustaceans like crawdads, particularly in Chinese cuisine, driven by their popularity in the food and beverage industry. Despite concerns about high costs, changing consumer preferences, and low iron-related health disorders, the market remains buoyant. With disposable income rising, there's a growing interest in crayfish as a culinary delicacy. Moreover, with chronic diseases and cancer incidence on the rise, there's increased attention on the nutritional benefits of crayfish, as recognized by organizations like the World Health Organization. Overall, the crayfish market presents promising opportunities for growth and innovation in the food industry.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Crayfish Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.48% |
Market growth 2023-2027 |
USD 2,272.09 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.5 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 40% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acadia Crawfish Co. LLC, Alfocan SA, American Seafoods Co. LLC, Bocage Crawfish, Cajun Crawfish Co., Day Boat Seafood LLC, Domstein AS, Fruge Seafood Co., Happy Crab Seafood, Harlons LA Fish, Kenney Seafood, Live Aquaponics, Louisiana Crawfish Co., Louisiana Seafood Co., Mackay Reef Fish Pty Ltd., Mah Protein Inc., Riceland Crawfish, Seven star ocean fisheries, and Siam Canadian Group Ltd. |
Market dynamics |
Parent market analysis, Market forecasting, market growth and trends, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market research report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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