IMARC Group, a leading market research company, has recently releases report titled “Prawn Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global prawn market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the prawn market?
The global prawn market size reached 8.1 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 9.7 Million Tons by 2028, exhibiting a growth rate (CAGR) of 3.2% during 2023-2028.
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Prawns refer to a variety of large, freshwater, or marine crustaceans that belong to the family of decapod crustaceans. They are closely related to shrimps and are known for their delicate and flavorful meat. Prawns have a distinct elongated body with a segmented exoskeleton, a pair of pincers, and ten legs. They can be found in saltwater and freshwater environments, and come in various sizes. They are widely harvested and consumed due to their versatility in culinary preparations. They are commonly used in a variety of dishes, including stir-fries, curries, soups, salads, and grilled or steamed preparations. Due to their succulent texture and sweet taste, the demand for prawns is rising among the masses around the world.
Current Trends Shaping the Prawn Market
At present, the growing demand for seafood and the increasing consumer preference for protein-rich diets represent one of the major factors driving the market. Prawns are considered a valuable source of lean protein and are sought after by health-conscious consumers. Their low-fat content and high nutritional value make them a favorable choice for those looking to incorporate healthy and flavorful options into their meals. Additionally, the rising popularity of international cuisines and the increasing interest in gourmet cooking are catalyzing the demand for prawns as a versatile ingredient in various culinary creations. Moreover, the expansion of aquaculture practices is significantly contributing to the availability and affordability of prawns across the globe. Furthermore, consumers are becoming more conscious of the environmental impact of seafood production and are seeking sustainably sourced prawns, which is strengthening the growth of the market.
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Here are some potential market opportunities for prawns in 2023:
Growing Demand: There has been a consistent increase in the global demand for seafood, including prawns. Factors like population growth, rising disposable incomes, and changing dietary habits contribute to this demand. Expanding your prawn production or entering the prawn market can capitalize on this growing consumer interest.
Sustainable and Responsible Sourcing: Consumers are increasingly concerned about the environmental impact of their food choices. Sustainable and responsible sourcing practices can provide a significant competitive advantage. Adopting responsible aquaculture methods, emphasizing certifications (e.g., ASC, MSC), and promoting eco-friendly packaging can attract eco-conscious consumers.
Organic and Natural Prawns: With the rising interest in organic and natural food products, there is an opportunity to develop organic prawn farming methods. Consumers are willing to pay a premium for prawns that are free from chemicals, antibiotics, and growth hormones. Establishing organic prawn farms or partnering with existing organic producers can cater to this niche market.
Value-added Products: Diversifying your prawn product range can attract different consumer segments. Consider offering value-added products such as pre-cooked prawns, marinated prawns, prawn-based ready meals, or prawn snacks. These products provide convenience to consumers and can be marketed through retail stores, online platforms, or as foodservice options.
Online Retail and Delivery: The e-commerce trend has transformed the retail industry, and the seafood market is no exception. Expanding your prawn business to online platforms and offering home delivery options can reach a wider customer base. Creating a user-friendly website, establishing partnerships with online retailers, or building your e-commerce platform can help capture this opportunity.
International Market Expansion: If you are already operating in a local or regional market, consider expanding internationally. Identify countries with a growing demand for prawns and assess their import regulations and market conditions. Developing relationships with distributors, participating in trade shows, and adapting your products to suit different markets can facilitate successful expansion.
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the prawn market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global prawn market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter’s five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the prawn industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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