IMARC Group’s report titled “Prawn Market Report by Species (Penaeus Vannamei, Penaeus Monodon, Macrobrachium Rosenbergii, and Others), Prawn Size (<21, 21-25, 26-30, 31-40, 41-50, 51-60, 61-70, >70), and Region 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.
Factors Affecting the Growth of the Prawn Industry:
- Increasing Global Seafood Consumption:
The increasing global demand for seafood significantly influences the prawn market. As consumers become more health-conscious, they are turning to seafood for its nutritional advantages, such as high protein levels and low fat content, resulting in a notable rise in prawn consumption. Prawns are celebrated for their culinary versatility and delightful flavor, making them a favored ingredient across various cuisines. This trend is particularly evident in regions experiencing a rise in middle-class populations, where enhanced disposable incomes facilitate greater expenditure on premium food products. Furthermore, the growth of international trade, along with the expansion of seafood restaurants and the availability of ready-to-eat meals, further fuels the demand for prawns, thereby propelling market expansion.
- Aquaculture Advancements:
The prawn market is experiencing substantial growth due to advancements in aquaculture technology. Innovations in farming practices, such as enhanced breeding techniques, effective disease management, and optimized feeding strategies, are improving the efficiency and sustainability of prawn production. Furthermore, contemporary aquaculture methods facilitate increased yields and superior quality prawns, addressing the rising global demand. These technological improvements also assist in mitigating challenges like environmental concerns and disease outbreaks, rendering prawn farming more feasible and lucrative. As aquaculture technology progresses, it bolsters the expansion of prawn supply, thereby fostering market growth and stability.
- Rising Export Opportunities:
The expansion of export opportunities is vital for the advancement of the prawn market. Nations with well-established prawn farming sectors, including Thailand, India, and Vietnam, are broadening their export markets to satisfy global demand. Factors such as trade agreements, enhanced logistics, and a growing international appetite for premium prawns are contributing to the increase in export activities. Furthermore, the rising consumer inclination towards prawns in global markets presents profitable prospects for producers to extend their market presence. As global trade networks enhance and access to new markets improves, the prawn market witnesses substantial growth fueled by these export opportunities.
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Prawn Market Report Segmentation:
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
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Global Prawn Market Trends:
The global prawn market is significantly influenced by the growing consumer appetite for seafood, which is propelled by factors such as population increase, enhanced economic status, and evolving dietary trends that favor healthier protein options. Prawns, celebrated for their delectable flavor and nutritional advantages, are highly sought after by consumers around the world, especially within various culinary practices, thereby boosting their popularity and market demand. Additionally, the swift development of aquaculture, particularly in prawn cultivation, is crucial in satisfying the escalating global demand for prawns. Moreover, continuous technological innovations and advancements in farming methodologies have improved production efficiency and sustainability, ensuring a consistent supply of premium prawns to the market, thereby facilitating its expansion.
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About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
