Prawn Market 2024-2032: Share, Size, Trends, Scope, Analysis and Forecast
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 prawn market is experiencing significant growth due to the increasing global consumption of seafood. Health-conscious consumers are choosing seafood, like prawns, for its nutritional benefits such as high protein and low fat known for their versatility and delicious taste, making them a preferred ingredient in various cuisines. This trend is particularly notable in regions with expanding middle-class populations, where higher incomes result in more spending on quality food products. Furthermore, the rise in international trade and the availability of seafood in restaurants and convenience meals are also contributing to the growing demand for prawns and driving market expansion.
- Aquaculture Advancements:
The prawn market is in aquaculture technology. Improved farming methods, including enhanced breeding techniques, more effective disease control, and optimized feeding strategies, have greatly increased the efficiency and eco-friendliness of prawn production. practices have resulted in higher yields and superior quality prawns, successfully catering to the increasing global demand. By addressing concerns such as environmental degradation and advancements have made prawn farming a more feasible and lucrative endeavor. As aquaculture technology continues to advance, it is expected to further boost prawn supply, ultimately contributing to market growth and stability.
- Rising Export Opportunities:
The prawn market benefits greatly from the expansion of export opportunities. Countries like Thailand, India, and Vietnam, which have well-established prawn farming sectors, are broadening their export horizons to cater to the global demand. Enhanced trade agreements, better transportation systems, and a growing international appetite for top-notch prawns are all contributing factors to the increased export activities. Furthermore, the rising popularity of prawns among consumers in international markets presents profitable prospects for producers to extend their market presence. With the enhancement of global trade connections and the opening up of new markets, the prawn market is experiencing substantial growth driven by export possibilities.
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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
- 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 increasing desire for seafood among consumers worldwide, driven by population growth, higher incomes, and a shift towards proteins, is a key factor boosting the global prawn market. Prawns are valued for their delicious taste and health benefits, making them popular in various cuisines and driving up demand. The expansion of aquaculture, particularly in prawn farming, is crucial in meeting this growing demand. Additionally, advancements in technology and farming practices have improved efficiency and sustainability in prawn production, ensuring a steady supply of top-quality prawns and supporting market growth.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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