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Global Prawn Market to Reach 9.7 Million Tons by 2028, Propelled by Easy Availability of Ready-To-Eat (RTE) Variants

Published on May 15, 2021

According to the latest report by IMARC Group, titled “Prawn Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global prawn market reached a volume of 8.1 Million Tons in 2022. Scientifically known as Dendrobranchiata, prawns represent one of the most popular types of seafood widely utilized in the preparation of sushi, curries, soups, salads, and pasta. They are marine crustaceans, which are generally found in calmer waters wherein they lay eggs in the water plants. They are good for heart health and help build strong bones and muscles, prevent cancer, and assist in fighting Alzheimer’s disease. They are also a rich source of selenium, which is an effective antioxidant to improve the skin, regulate active white blood cells, and boost muscle metabolism. Besides this, they comprise zinc that aids in the development of a healthy immune system. Some of the commonly consumed prawn varieties, include jumbo tiger prawns, wild carabineros prawns, langoustine, wild Argentinian prawns, cocktail prawns, gambero rosso prawns, brown shrimp, and tiger prawns.

Global Prawn Market Trends:

Prawns are a rich source of proteins, vitamins, copper, potassium, magnesium, phosphorus, and omega-3 fatty acids that improve the cardiovascular circulation of the body. A significant rise in the adoption of a protein-rich diet on account of sedentary lifestyles, rising prevalence of lifestyle diseases and increasing health consciousness among individuals represents one of the key factors impelling the global market growth. Apart from this, the rising focus towards sustainable development has resulted in the growing adoption of organic farming practices. This has led to the easy availability of organic prawns at a reasonable price, which is bolstering the market growth. Furthermore, due to the longer shelf life and convenience of preparation, the key players are introducing frozen and ready-to-eat (RTE) variants to expand their consumer base. This, in confluence with the increasing penetration of online grocery stores and expansion of retail channels, is driving the market. Other major factors, including rapid urbanization, increasing popularity of international cuisines and the wide presence of varied and abundant marine and inland resources, are positively influencing the market. Looking forward, the market volume is projected to reach 9.7 Million Tons by 2028, expanding at a CAGR of 3.2% during 2023-2028.

Competitive Landscape:

  • The competitive landscape of the market has been examined, along with the detailed profiles of the key players operating in the industry.

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