MARKET OVERVIEW:
The global prawn market, valued at 8.6 million tons in 2024, is expected to grow at a CAGR of 2.76%, reaching 11.1 million tons by 2033. Shellfish usage in processed food preparations set along with retail and distribution channels has also propelled the market growth. The other factors responsible for this increased growth include the soaring demand for seafood among the people, advancements in technology in seafood farming, generalization of food and cuisines, and increasing consumer income levels.

STUDY ASSUMPTION YEARS:

• BASE YEAR: 2024
• HISTORICAL YEAR: 2019-2024
• FORECAST YEAR: 2033

PRAWN MARKET KEY TAKEAWAYS:

• The market is growing due to rising demand for seafood and technological improvements in prawn farming.
• Market Size in 2024: 8.6 million tons, Forecast in 2033: 11.1 million tons, Growth Rate: 2.76%.
• Increasing health awareness and the global popularity of seafood dishes drive consumption.
• Prawn farming technology improvements enhance efficiency and sustainability.
• Expanding international trade agreements boost market accessibility.
• Growing health-conscious consumer demand supports prawn consumption.
• Rising retail and distribution channels make prawns more accessible globally.

MARKET GROWTH FACTORS:

Technological Advancement in Prawn Culture:
Technological progress in prawn farming with interventions such as recirculating aquaculture systems (RAS) and integrated multi-trophic aquaculture (IMTA) has gone so far in enhancing production efficiency. These innovations optimize growth settings and minimize disease threats, thus enhancing yield; furthermore, real-time monitoring technologies maintain optimal water quality, which helps produce healthy prawns. With sustainability increasingly becoming the focal point, these innovations fit consumer desires for responsibly sourced seafood, hence promoting market growth.

Healthiness and Sustainability Flow:
A further catalyst causing the prawn market to thrive is the increasing health consciousness. In fact, prawns are a nutritious, low-calorie protein loaded with omega-3 fats and vitamins. The current consciousness on heart health and weight management has made prawns all the more acceptable into the diets of consumers; additionally, sustainable production with very low ecological footprints compared with other meats makes prawns a darling choice with consumers who care for the environment. Such health and sustainability trends are imparting momentum on the expansion of the prawn market.

Globalization and Culinary Trends:
With rapid globalization of cuisines, the prawn has found its ways into almost every international food preparation, from curries and tacos to ceviches and stir-fries. This process has led to heightened consumer exposure and acceptance across different geographies and cultures. The growing interest in culinary traditions, spurred on by travel, cooking shows, and social media, has brought prawns to the gastronomical forefront. The demand for prawn-based foods continues to fuel strong market growth in this world culinary transformation.

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MARKET 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

REGIONAL INSIGHTS:
The Asia-Pacific region dominates the global prawn market due to its significant production and consumption of prawns, especially in countries like India and Thailand. Technological advancements in aquaculture and increasing demand for seafood drive regional growth. Additionally, the expanding retail infrastructure in these countries has made prawns more accessible to consumers, contributing to the market's rapid expansion.

RECENT DEVELOPMENTS & NEWS:
Most of the latest advancements in prawn farming technologies have come in terms of improved sustainability-related practices as well as modern aquaculture systems, such as IMTA and RAS. These not only do wonders in increasing production efficiency but also satiate the market's demands of consumers for ethical seafood. Above all, with the study of processed prawn products, the market grows bigger due to healthy, busy consumers who prefer readily available healthy meals.

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