Global Crayfish Market - 2023-2030

Global Crayfish Market - 2023-2030

Global Crayfish Market reached US$ 9.9 billion in 2022 and is expected to reach US$ 23.3 billion by 2030, growing with a CAGR of 11.3% during the forecast period 2023-2030.

Crayfish consumption helps in providing essential nutrients for the body. The nutrients provided by consuming crayfish help in maintaining a healthy nervous system and liver. In addition, the crayfish meat is also rich in various minerals such as phosphorus, magnesium and zinc. These minerals help strengthen bones and muscles.

Various organizations and professionals are recommending seafood and fish due to their use in improving the health and wellness of the person. For instance, the 2020-2025 Dietary Guidelines for Americans recommend eating seafood twice a week. These recommendations give rise to the growth of various seafood products, including crayfish.

The UN FAO stated that fish and other marine animals play a crucial role in providing good nutrition to the human body. Due to the increased consumer awareness regarding the nutritional benefits associated with seafood, the demand for these products is increasing. Food and Agriculture Organization estimates that approximately 30% more seafood is required by 2030 to meet the increasing demand for seafood.

Dynamics

Increased Demand for Seafood

Seafood is a great source of essential nutrients such as omega-3 fatty acids and vitamins A and B. They help reduce the risk of eye diseases. Seafood promotes heart health and also gives more brain power making the skin and hair healthier. According to the NIH 2021, there is compelling evidence that consuming fish and other types of seafood can significantly improve brain, eye, and heart health.

The increased consumer awareness regarding the health benefits associated with seafood is driving the production and consumption of various seafood. According to the statistics released by the World Economic Forum in November 2022, the global average consumption of fish and other seafood per person reached a record high of 20.5 kilograms in 2019 and 2021.

Developments in Aquaculture

The developments in aquaculture are fish farming positively impact the various seafood product development. The demand for seafood products is increasing the adoption of various developmental activities to improve the culture and farming of fish to maintain a good marine ecosystem and to provide healthy products to the consumer.

During the Our Ocean Conference in Panama in March 2023, the Blue Food Partnership of the World Economic Forum launched a Global Sustainable Aquaculture Roadmap. The roadmap was developed in collaboration with FUTUREFISH and the Aquaculture Stewardship Council, and with the guidance of the Partnership's Sustainable Aquaculture Working Group. The primary aim of this initiative is to enhance sustainable growth in the field of aquaculture.

In November 2022, the EU launched a €4.8 million aquaculture welfare project, Cure4Aqua. The project aims to develop new tools and artificial intelligence-based technology to improve fish health and welfare. The project helps to improve aquatic animal health and welfare and prevention of aquatic fish diseases through innovative prophylaxis and technologies.

Concerns Related to Overfishing

According to FAO, the world produces around 200 million tonnes of fish and seafood every year. There is a high chance of overfishing in various zones to meet consumer demand. According to NOAA Fisheries, at the end of 2022, the overfishing list included 24 stocks, the overfished list included 48 stocks, and two stocks were rebuilt.

According to the Environmental Defense Fund, about 1/3 of the world’s fisheries are overfished. Nearly 80% of the world's fisheries are already fully exploited and over-exploited. The shifting affects the marine system and creates an imbalance in the ecosystem. The increasing environmental concerns among the global population can be one of the major restraining factors for the market decreasing the fishing of crayfish.

Segment Analysis

The global crayfish market is segmented based on type, source, category, distribution channel, application, end-user and region.

Convenience of the Frozen Crayfish

The global crayfish market is segmented based on category into fresh and frozen. The frozen type of crayfishes are gaining immense popularity and recently accounted for the largest share of the market. Frozen fish can be fresher than fresh fish since it's frozen immediately after being caught and the freshness is preserved immediately. This rapid process helps preserve the taste, texture, and nutritional value of the fish.

Various companies such as Acadia Crawfish Co, LLC and Bernard’s brand provide frozen crayfish into the market. Fresh fish requires additional steps used in their preparation such as cleaning and filleting. The frozen products are readily available and don’t require any additional steps providing convenience to the consumers.

Geographical Penetration

Increased Fish Consumption in Asia-Pacific

Asia-Pacific dominated the global crayfish market. Various countries of this region are recorded to have greater production of crayfish. According to China Crayfish Industry Development Report 2023, China’s crayfish production continued to increase in 2022. The high production is increasing the wide availability of the product in the region.

The increased health consciousness among consumers is driving regional seafood and fish consumption. According to the Food and Agricultural Organization, Asia is projected to make up 70 percent of global fish consumption by 2030. According to the statistics released by the World Economic Forum in November 2022, South Korea, Japan and China, are leading the regional market with per capita consumption of fish and seafood of about 57.05 kg, 46.06 kg and 38.49 kg respectively.

The various developments in the crayfish practice help in the improvement of the regional market. For instance, Deyan, China’s leading crayfish producer, with about 200,000 metric tons of annual processing capacity. In June 2020, the Global Aquaculture Alliance announced that China’s Deyan Aquatic Products & Food Co. Ltd. is the world’s first company eligible to offer two-star Best Aquaculture Practices crayfish.

Competitive Landscape

The major global players in the market include Riceland Crawfish, Acadia Crawfish Co, LLC, Louisiana Crawfish Co, Alfocan SA, Live Aquaponics, Mackay Reef Fish Pty Ltd., Even Star Ocean Fisheries Limited, D & G Frey Craw Fish, Boni Seafood Inc and Channel Seafoods International.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic had a mixed impact on the global crayfish market. Most of the regions faced challenges with the sourcing of the various types of seafood such as fish. The disrupted supply chain activities and distribution channels decreased the reach of the product to the customers. The shutdown of local markets and merchant sales of fish including crayfish, negatively impacted the market growth.

Globally, there is a decreased seafood consumption, negatively impacting the market growth. For instance, in Indonesia, during COVID-19, 61% of respondents ate less seafood than normal, 66% stated seafood was more expensive, and 37% stated that the seafood they normally buy was not available. Respondents also bought 5% less fresh seafood due to unavailability.

According to an NIH Indonesia survey, raw and fresh seafood purchases from travelling merchants decreased 12.5% during the pandemic. The unavailability of fresh seafood increased the use of processed seafood, slightly improving the market growth. 4.3% more pre-cooked seafood products during the pandemic were bought. The availability of processed crayfish products on online retail sales platforms opened the sales for the market.

Russia- Ukraine War Impact

The Russia-Ukraine war had a negative impact on every possible industry, including food. Increased prices for energy and raw materials have led to high operating costs for fishermen, aquaculture farmers and fish-processing companies, negatively impacting the market growth. Russia and Ukraine play an important role in the export and import of various seafood products. The global trade disturbances decreased the import and export of various seafood products including crayfish.

By Type
• Red Swamp Crayfish
• Ringed Crayfish
• Virile Crayfish
• Rusty Crayfish
• Other

By Source
• Aquaculture
• Wild Fishery

By Category
• Fresh
• Frozen

By Distribution Channel
• Hypermarket/Supermarket
• Convenience Store
• E-Commerce
• Others

By Application
• Food
• Pets
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• In February 2023, Red Lobster launched its first-ever line of new frozen seafood products. The new products include Cheddar Bay Biscuit Shrimp and Coconut Shrimp Bites.
• In October 2022, Innovasea, a global leader in technologically advanced aquatic solutions for aquaculture and fish tracking, launched Realfish Pro – an advanced, cloud-based aquaculture platform that enables fish farmers to 24/7 monitor, manage and control operations from anywhere.

Why Purchase the Report?
• To visualize the global crayfish market segmentation based on type, source, category, distribution channel, application, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of crayfish market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global crayfish market report would provide approximately 77 tables, 80 figures and 234 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies