IMARC Group's report titled "Prawn Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032". offers a comprehensive analysis of the industry, which comprises insights on the global prawn market growth. 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:
- Growing Consumer Demand for Seafood:
One of the primary factors driving the global prawn market is the increasing consumer demand for seafood, including prawns. Seafood is widely appreciated for its taste, nutritional value, and versatility in various cuisines around the world. Prawns, in particular, are a popular choice due to their succulent texture and sweet flavor. As global incomes rise and dietary preferences evolve, more individuals are incorporating seafood into their diets. This trend is especially prominent in emerging markets, where urbanization and higher disposable incomes have led to a shift from traditional diets to a more protein-rich and diverse food intake. Prawns are perceived as a healthy source of protein, low in fat, and rich in essential nutrients such as omega-3 fatty acids, making them an attractive choice for health-conscious consumers.
- Aquaculture Expansion and Sustainable Practices:
Another significant driver of the global prawn market is the expansion of prawn aquaculture, coupled with an increasing emphasis on sustainability. Traditional methods of prawn harvesting, such as wild capture, have limitations in terms of scalability and environmental impact. To meet the growing demand, the prawn industry has turned to aquaculture as a sustainable solution. Prawn aquaculture involves the controlled breeding and rearing of prawns in carefully managed environments, such as ponds or recirculating aquaculture systems. This approach allows for higher production volumes while minimizing the depletion of wild prawn populations. It also provides a consistent supply of prawns throughout the year, reducing seasonality constraints.
- Export Opportunities and Global Trade:
The global prawn market has witnessed significant growth due to the expansion of export opportunities and increased international trade. Prawn-producing countries are capitalizing on their competitive advantages to tap into international markets, thereby driving market expansion. Countries such as India, Thailand, and Vietnam have emerged as major prawn exporters, due to their cost-effective production methods and access to key international markets. These countries have also invested in improving processing and packaging facilities to meet international quality and safety standards, boosting their export potential.
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Prawn Market Report Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global prawn market report, along with forecasts from 2024-2032. Our report has categorized the market based on producing and consuming regions, species and prawn size.
Global Prawn Market Trends:
The health and nutritional benefits associated with prawns are driving their market growth. Prawns are a rich source of essential nutrients such as vitamins, minerals, and high-quality protein. They are particularly known for being low in saturated fat and an excellent source of omega-3 fatty acids, which have been linked to various health benefits, including heart health and brain function. Additionally, the global prawn market is being driven by culinary diversity and innovation. Prawns are prized for their versatility in cooking and can be prepared in numerous ways, from grilling and frying to sautéing and boiling. This versatility has made prawns a favorite ingredient among chefs and home cooks alike.
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