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Global Prawn Market Stimulated by Shifting Consumer Preferences

The latest report by IMARC Group, titled “Prawn Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global prawn market reached a volume of 5 Million Tons in 2017. Prawns are shrimp-like aquatic crustaceans with ten legs and an exoskeleton. People residing near seashore often consume prawns as they offer numerous health benefits. They are an excellent source of high quality protein and also provide minerals and vitamins in an extremely diverse set of healthy and tasty meals. Prawns are extremely low in calories and help the body to build muscles, produce energy and replenish red blood cells. On account of this, they form an important part of various cuisines and represent one of the most traded seafood species.

Global Prawn Market

Highlights of the global prawn market:

  • Consumer’s demand for fresh and frozen seafood is anticipated to be the major demand driver.
  • Peeled prawn is the most popular product type, holding the majority of the total market share.
  • China accounts for the majority of the global share, representing the largest producer of prawns.

The surging consumption for fresh and frozen seafood products is one of the major factors that is fueling the demand for prawns worldwide. Additionally, prawns offer an ideal combination of fats and proteins which makes them very beneficial for the human health. This has led to a shift in the food habits of the consumers across the globe towards the consumption of healthier seafood products, thereby boosting the global prawn market. Some of the other factors contributing to the market growth include easy availability of prawns, launch of new ready-to-eat product variants with improved taste and versatility, rising purchasing power of the consumers, rapid urbanization, growth in the aquaculture activities, and improved cold storage facilities, particularly in the emerging regions. According to the report, the global prawn market is further expected to reach a volume of  6 Million Tons by 2023, exhibiting a CAGR of more than 3.8% during 2018-2023.

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