Australian crocodile meat producers are feeling the squeeze from rival producers in Papua Guinea.

Prices of frozen croc meat have slumped as breeders in Papua Guinea have jumped on the bandwagon and begun exporting their products, Australian Crocodile Traders managing director Keith Cook told Reuters.

Croc meat is considered medicinal in China and can therefore command high prices.

Australian crocodile meat sales are worth around A$7m (US$3.85m). When the product first hit the market twenty years ago, producers were able to charge $50 per kilogram, but this has now slipped to around $30 per kg.

Crocodile meat is cheaper in Papua New Guinea, where costs are lower.