
Prawn Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032
Description
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. Looking forward, IMARC Group expects the market to reach 10.9 Million Tons by 2032, exhibiting a growth rate (CAGR) of 2.9% during 2024-2032. The growing demand for seafood, rapid globalization of cuisines, technological advancements in farming, establishment of favorable international trade agreements, growing expenditure capacities of consumers, and the rising product utilization in processed foods are some of the major factors propelling the market.
Prawn refers to a decapod crustacean belonging to the suborder Dendrobranchiata. It is a good source of vitamins, omega-3 fatty acids, protein, and minerals, such as selenium and zinc. Prawn is extensively used in culinary dishes, such as soups, salads, pasta, and main courses. It is a tasty and healthy product that aids in regulating cholesterol, supporting heart health, enhancing bone strength, boosting the immune system, promoting weight loss, improving skin health, and minimizing the risk of cancer. Prawn is also a sustainable source of high-quality protein that does not adversely impact the environment.
The establishment of favorable international trade agreements, which allow seamless export and import of prawns, is propelling the market growth. Additionally, the growing expenditure capacities, enabling more consumers to afford luxury food items, such as prawns, is boosting the market growth. Besides this, the imposition of stricter regulations on other types of meat production, coupled with the increasing focus on sustainability, is facilitating the demand for prawns owing to their lower ecological footprint. Furthermore, the growing utilization of prawns in processed food products, such as frozen meals, canned goods, and sauces, is contributing to the market growth. Moreover, the increasing product consumption due to shifting trends towards health-conscious eating is positively influencing the market growth. Apart from this, the rapid expansion of retail and distribution channels, which have made prawns more accessible to consumers, is supporting the market growth.
Prawn Market Trends/Drivers:
The growing demand for seafood
The changing consumer preferences towards seafood have been reshaped by growing awareness of the health benefits associated with its consumption. In line with this, prawns are considered an excellent source of lean protein, vitamins, and essential fatty acids. Furthermore, increasing public health campaigns and nutritional education emphasizing the health benefits of eating prawns are positively influencing the market growth. Apart from this, the connection between prawn consumption and heart health, weight management, and overall well-being is further bolstering the market growth. Additionally, the diversity of culinary applications, which allows prawns to be integrated into various diets and cultural food traditions, is supporting the market growth. Moreover, the increasing product demand from health-conscious consumers is favoring the market growth.
The rapid globalization of cuisines
The rapid globalization of cuisine, which has introduced an array of international flavors and ingredients to a wider audience, is propelling the market growth. In line with this, the widespread product adoption in various cultural dishes, such as curry, cocktail, stir-fry, tacos, ceviche, bisque, pasta, fried rice, and sauces, is contributing to the market growth. Furthermore, the increasing consumer exposure to different cuisines, such as Asian, Mediterranean, and Latin American, where prawns are prominently featured, is positively influencing the market growth. Additionally, the growing impact of traveling, international restaurants, cooking shows, and social media on consumers’ dietary preferences and exposure to prawns is supporting the market growth. Apart from this, the increasing acceptance and demand for prawn-based meals across diverse geographic and cultural landscapes is favoring the market growth.
The technological advancements in farming
Prawn farming has experienced significant advancements in technology, which have contributed to the market's growth. In line with this, the recent innovations in aquaculture technology, such as integrated multi-trophic aquaculture (IMTA) and recirculating aquaculture systems (RAS), which aid in optimizing growth conditions, reducing the risk of diseases, and improving yield, are supporting the market growth. Additionally, the introduction of monitoring technologies, which enable farmers to track water quality and prawn health in real-time, allowing for timely interventions, is propelling the market growth. Furthermore, the adoption of sustainable practices to minimize the environmental impact and meet the growing demand for responsibly sourced seafood is supporting the market growth. These technological advancements are not only increasing production efficiency but also aligning with consumer preferences for environmentally sustainable and ethically produced food.
Prawn Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global prawn market report, along with forecasts at the global and regional levels for 2024-2032. Our report has categorized the market based on producing and consuming regions, species and prawn size.
Breakup by Species:
Penaeus Vannamei
Penaeus Monodon
Macrobrachium Rosenbergii
Others
Breakup by Prawn Size:
<21
21-25
26-30
31-40
41-50
51-60
61-70
>70
Breakup by Region:
Major Producing Regions:
China
India
Indonesia
Vietnam
Thailand
Ecuador
Others
Major Consuming Regions:
United States
China
Europe
Japan
Indonesia
Others
Competitive Landscape:
The leading prawn companies are increasingly recognizing the importance of sustainable and responsible sourcing practices. They are focusing on environmentally friendly farming, minimizing bycatch, and supporting the well-being of local communities. Furthermore, several key players are aiming to obtain certifications from competent authorities to demonstrate their commitment to sustainable practices and build consumer trust. Additionally, they are investing in technologies that allow consumers to trace the journey of prawns from the source to their plate, thus preventing illegal and unethical fishing practices. Moreover, top market players are introducing innovative prawn products, such as pre-cooked or pre-seasoned prawns, to cater to changing consumer preferences. Besides this, they are exploring ways to position prawns as a healthy protein source by highlighting their nutritional benefits, such as low-fat content and high amount of lean protein.
The report has provided a comprehensive analysis of the competitive landscape in the global prawn market. Detailed profiles of all major companies have also been provided.
Key Questions Answered in This Report:
How has the global prawn market performed so far, and how will it perform in the coming years?
What are the drivers, restraints, and opportunities in the global prawn market?
What is the impact of each driver, restraint, and opportunity on the global prawn market?
What are the key regional markets?
Which countries represent the most attractive prawn market?
What is the breakup of the market based on the producing and consuming regions?
Which is the most attractive producing and consuming regions in the prawn market?
What is the breakup of the market based on species?
Which is the most attractive species in the prawn market?
What is the breakup of the market based on prawn size?
Which is the most attractive prawn size in the prawn market?
What is the competitive structure of the global prawn market?
Who are the key players/companies in the global prawn market?
Table of Contents
147 Pages
- 1 Preface
- 2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
- 3 Executive Summary
- 4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
- 5 Global Prawn Industry
- 5.1 Market Overview
- 5.2 Market Performance
- 5.2.1 Volume Trends
- 5.2.2 Value Trends
- 5.3 Impact of COVID-19
- 5.4 Price Trends
- 5.4.1 Key Price Indicators
- 5.4.2 Price Structure
- 5.4.3 Price Trends
- 5.5 Market Breakup by Region
- 5.5.1 Major Prawn Producing Regions
- 5.5.2 Major Prawn Consuming Regions
- 5.6 Market Breakup by Species
- 5.7 Market Breakup by Prawn Size
- 5.8 Global Imports and Exports
- 5.9 Value-Addition
- 5.10 Processed Prawn Imports: Breakup by Type
- 5.11 Market Forecast
- 6 Global Prawn Industry: SWOT Analysis
- 6.1 Overview
- 6.2 Strengths
- 6.3 Weaknesses
- 6.4 Opportunities
- 6.5 Threats
- 7 Global Prawn Industry: Value Chain Analysis
- 7.1 Broodstock and Hatchery
- 7.2 Prawn Harvesting
- 7.3 Auction
- 7.4 Peeling/Pre-processing
- 7.5 Large Scale Industrial Processing
- 7.6 Domestic Market
- 7.7 Exports
- 8 Global Prawn Industry: Porter’s Five Forces Analysis
- 8.1 Overview
- 8.2 Bargaining Power of Buyers
- 8.3 Bargaining Power of Suppliers
- 8.4 Degree of Rivalry
- 8.5 Threat of New Entrants
- 8.6 Threat of Substitutes
- 9 Global Prawn Industry: Key Success Factors
- 10 Major Farmed Prawn Producing Regions
- 10.1 China
- 10.1.1 Market Trends
- 10.1.2 Market Forecast
- 10.2 India
- 10.2.1 Market Trends
- 10.2.2 Market Forecast
- 10.3 Indonesia
- 10.3.1 Market Trends
- 10.3.2 Market Forecast
- 10.4 Vietnam
- 10.4.1 Market Trends
- 10.4.2 Market Forecast
- 10.5 Thailand
- 10.5.1 Market Trends
- 10.5.2 Market Forecast
- 10.6 Ecuador
- 10.6.1 Market Trends
- 10.6.2 Market Forecast
- 10.7 Others
- 10.7.1 Market Trends
- 10.7.2 Market Forecast
- 11 Major Farmed Prawn Consuming Regions
- 11.1 United States
- 11.1.1 Market Trends
- 11.1.2 Market Forecast
- 11.2 China
- 11.2.1 Market Trends
- 11.2.2 Market Forecast
- 11.3 Europe
- 11.3.1 Market Trends
- 11.3.2 Market Forecast
- 11.4 Japan
- 11.4.1 Market Trends
- 11.4.2 Market Forecast
- 11.5 Indonesia
- 11.5.1 Market Trends
- 11.5.2 Market Forecast
- 11.6 Others
- 11.6.1 Market Trends
- 11.6.2 Market Forecast
- 12 Farmed Prawn Market Breakup by Species
- 12.1 Penaeus Vannamei
- 12.1.1 Market Trends
- 12.1.2 Market Forecast
- 12.2 Penaeus Monodon
- 12.2.1 Market Trends
- 12.2.2 Market Forecast
- 12.3 Macrobrachium Rosenbergii
- 12.3.1 Market Trends
- 12.3.2 Market Forecast
- 12.4 Others
- 12.4.1 Market Trends
- 12.4.2 Market Forecast
- 13 Farmed Prawn Market Breakup by Prawn Size
- 13.1 Size <21
- 13.1.1 Market Trends
- 13.1.2 Market Forecast
- 13.2 Size 21-25
- 13.2.1 Market Trends
- 13.2.2 Market Forecast
- 13.3 Size 26-30
- 13.3.1 Market Trends
- 13.3.2 Market Forecast
- 13.4 Size 31-40
- 13.4.1 Market Trends
- 13.4.2 Market Forecast
- 13.5 Size 41-50
- 13.5.1 Market Trends
- 13.5.2 Market Forecast
- 13.6 Size 51-60
- 13.6.1 Market Trends
- 13.6.2 Market Forecast
- 13.7 Size 61-70
- 13.7.1 Market Trends
- 13.7.2 Market Forecast
- 13.8 Size >70
- 13.8.1 Market Trends
- 13.8.2 Market Forecast
- 14 Imports of Processed Prawns
- 14.1 Peeled
- 14.2 Shell-On
- 14.3 Cooked
- 14.4 Breaded
- 15 Competitive Landscape
- 15.1 Market Structure
- 15.2 Profiles of Key Players
- 16 Prawn Processing
- 16.1 Product Overview
- 16.2 Detailed Process Flow
- 16.3 Various Types of Unit Operations Involved
- 16.4 Mass Balance and Raw Material Requirements
- 17 Project Details, Requirements and Costs Involved
- 17.1 Land Requirements and Expenditures
- 17.2 Construction Requirements and Expenditures
- 17.3 Plant Machinery
- 17.4 Machinery Pictures
- 17.5 Raw Materials Requirements and Expenditures
- 17.6 Raw Material and Final Product Pictures
- 17.7 Packaging Requirements and Expenditures
- 17.8 Transportation Requirements and Expenditures
- 17.9 Utilities Requirements and Expenditures
- 17.10 Manpower Requirements and Expenditures
- 17.11 Other Capital Investments
- 18 Loans and Financial Assistance
- 19 Project Economics
- 19.1 Capital Cost of the Project
- 19.2 Techno-Economic Parameters
- 19.3 Product Pricing and Margins Across Various Levels of the Supply Chain
- 19.4 Taxation and Depreciation
- 19.5 Income Projections
- 19.6 Expenditure Projections
- 19.7 Financial Analysis
- 19.8 Profit Analysis
Pricing
Currency Rates
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