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The global prawn market reached a volume of 7.85 Million Tons in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 3.3% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Prawns are crustaceans found naturally in calmer waters, wherein they lay eggs amidst water plants. They represent one of the popular seafood products, which are widely utilized in the preparation of soups, salads, sushi, curries, and pasta. Their consumption has been linked with preventing cancer, sustaining heart health, fighting Alzheimer’s disease, and building strong bones and muscles. As they are rich sources of selenium and antioxidants, prawns assist in enhancing the skin’s texture, regulating active white blood cells, and increasing muscle metabolism. Additionally, they help in improving the immune system. Some of the popularly consumed prawn varieties are tiger, brown, cocktail, langoustine, jumbo tiger, wild carabineros, wild Argentinian, and gambero rosso prawns.
Prawns play a pivotal role in the preparation of various cuisines and are one of the leading traded seafood species. Moreover, due to the growing prevalence of lifestyle diseases, there is a rise in the adoption of a protein-rich diet worldwide. This, in confluence with the increasing health consciousness among individuals, is strengthening the growth of the market. Apart from this, the growing focus of individuals as well as governing authorities of numerous countries towards sustainable development has resulted in the rising adoption of organic farming practices. This has resulted in the escalating demand for organic prawns around the world, thereby bolstering the market growth. Furthermore, leading players operating in the industry are offering frozen, ready-to-eat (RTE) and value-added product variants to retain a competitive edge in the market. These variants have a longer shelf life and offer the convenience of preparation to end users. Besides this, the burgeoning e-commerce sector, growing penetration of the internet and boosting sales of smart devices are positively influencing the sales of prawns via online distribution channels, which is impelling the market growth. Some of the other factors like the increasing willingness among individuals to try international cuisines; the vast presence of varied and abundant marine and inland resources; and improving cold storage facilities, especially in emerging economies, are projected to fuel the growth of the market.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry.
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