Global Prawn Market to Reach 10.9 Million Tons by 2032, Propelled by Rising Demand for Seafood

April 07, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled “Prawn Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," the global prawn market size reached 8.4 Million tons in 2023. Prawn is an aquatic crustacean with a hard exoskeleton found in fresh and saltwater environments, such as oceans, rivers, seas, and estuaries. It is a rich source of proteins, vitamins A, D, E, B1, B2, and B3, omega-3 fatty acids, antioxidants, zinc, magnesium, phosphorous, and selenium. Prawns can be cooked in a variety of ways, including boiling, grilling, sauteing, or frying, and are widely used in soups, stews, salads, pasta, curries, appetizers, cocktails, and main course dishes. It is a cost-effective, nutritious, and low-fat product that is easy to cook, provides excellent flavor, and can be paired with various ingredients. It also aids in strengthening bones, boosting the immune system, and improving overall health.

Global Prawn Market Trends:

The rising demand for seafood due to changing consumer dietary preferences is one of the key factors driving the market growth. Prawn is a versatile cooking ingredient that is widely used in pizzas, spring rolls, biryani, paella, dumplings, curries, pasta, bisque, cakes, risotto, and tacos. In addition to this, the widespread product utilization in ready-to-eat (RTE) meals due to its longer shelf-life and high nutrient contents is acting as another growth-inducing factor. Furthermore, the increasing consumer awareness regarding various product health benefits, such as reducing inflammation, boosting brain function, promoting healthy vision, maintaining blood sugar levels, strengthening the immune system, and minimizing the risk of anemia, infections, diabetes, cancer, and cardiovascular diseases (CVDs) is providing an impetus to the market growth. Additionally, the recent development of genetically-modified prawns, which are disease-resistant, climate tolerant, and offer better meat quality, is positively influencing the market growth. Apart from this, the adoption of smart aquaculture farming practices that utilize sensors and the Internet of Things (IoT) technology to monitor and optimize prawn production is favoring the market growth. Moreover, the implementation of various government policies to promote sustainable aquaculture and provide subsidies to farmers for prawn export are creating a positive outlook for the market. Other factors, including rising expenditure capacities of consumers, extensive research and development (R&D) activities, easy product availability across e-commerce platforms, and the growing demand for exotic cuisines, are anticipated to drive market growth. On account of the aforementioned factors, the market volume is expected to reach 10.9 Million tons by 2032, exhibiting a CAGR of 2.9% during 2024-2032.

Market Summary:

On the basis of the producing region, the market has been segmented into China, India, Indonesia, Vietnam, Thailand, Ecuador, and others.
Based on the consuming region, the market has been segregated into United States, China, Europe, Japan, Indonesia and others.
On the basis of the species, the market has been classified into Penaeus vannamei, Penaeus monodon, Macrobrachium rosenbergii, and others.
Based on the prawn size, the market has been divided into <21, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70, and >70.
The competitive landscape of the industry has also been examined along with the profiles of the key players.

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Global Prawn Market to Reach 10.9 Million Tons by 2032, Propelled by Rising Demand for Seafood

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