Crayfish, also known as crawfish, are freshwater crustaceans that live in lakes, ponds, swamps, marshes, and freshwater streams and are dark brown, typically green, or sandy in appearance. Crayfish is high in protein, vitamins, and minerals while being low in fat. The growing awareness of the health advantages of seafood consumption, particularly among young people, is driving the sales growth of the global crayfish market during the forecast period set between 2021 and 2031.
The global crayfish market is classified on the basis of application, source, type, end users, and region. Based on application, the market is grouped into pets, bait, and food. In terms of type, the market is categorized into rusty crayfish, ringed crayfish, virile crayfish, and red swamp crayfish. With respect to source, the market is bifurcated into wild fishery, and aquaculture. The end user segment is classified into consumers, primary wholesalers, retailers, food services, and others.
The report on crayfish market offers a comprehensive overview of the market and its growth objectives such as drivers, restraints, challenges, and new growth opportunities. The table of segmentation is also discussed in details in this report with the names of the leading segments and factors supporting its growth. The report further highlights the impact of the novel COVID19 pandemic on this market and how can players gain benefit from this situation in the coming years. List of players and their key contributions in the form of various product launches and innovation are also mentioned in this report.
The nature of the global crayfish market is fragmented owing to the presence of many players. Some of them are investing in product quality improvement and innovative launches to attract better revenues. Others are engaging in joint ventures, merger and acquisition strategies, and other collaborative efforts with food and beverage industries to ensure a significant position in the overall market competition.
Some of the key players of the global crayfish market include:
Crayfish is high in protein, vitamins, and minerals while being low in fat. The growing awareness of the medical benefits of seafood consumption, particularly among young people, is driving the growth of the crayfish market. Consumers, which would include restaurants, independent retailers, and fast-food chains, prefer frozen crustaceans for instant consumption due to the hectic urban lifestyle. Furthermore, crayfish is tastier than a few other crustaceans and is thus widely consumed. These factors increase demand for crayfish, particularly in countries with a young population. However, the rising popularity of veganism and the high cost of crayfish exports may hamper market growth.
Regionwise, the global crayfish market is categorized into the regions of Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Among these, North America emerged as the largest revenue generator for the global crayfish market on account of the high demand for seafood items. Europe market stands in close competition with North America on account of the high rate of employment and its topographical advantage of having Arctic ocean in the north, Atlantic ocean in the west and three seas namely Caspian, Mediterranean, and Black sea on the south. The advantage of high fish proximity and the positive influence of seafood eating culture will help Europe continue to stay in close competition with North America. Asia Pacific will also witness rapid growth in the coming years on account of the increasing disposable incomes of people and the growing inclination towards international and multi-cuisine culture.