Edible Prawns Market Estimated to Reach 37.97 USD Billion by 2032

Edible Prawns Market Overview

Edible Prawns Market Size was estimated at 36.34 (USD Billion) in 2023. The Edible Prawns Market Industry is expected to grow from 37.97(USD Billion) in 2024 to 53.9 (USD Billion) by 2032. The Edible Prawns Market CAGR (growth rate) is expected to be around 4.48% during the forecast period (2024 - 2032).

The edible prawns market is a crucial segment of the global seafood industry, valued for its high nutritional content and versatility in culinary applications. Prawns, known for their delicate texture and flavor, are consumed in various forms including fresh, frozen, and processed products. The market is influenced by several factors including consumer preferences, environmental concerns, and technological advancements in aquaculture.

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In recent years, the market has been buoyed by rising awareness of the health benefits associated with seafood, including high protein content and essential vitamins and minerals. Additionally, the global trend towards natural and organic foods has further propelled demand for prawns, as consumers seek healthier alternatives to processed and red meats.

Competitive Landscape

The competitive landscape of the edible prawns market is characterized by the presence of both largescale international players and smaller regional firms. Major companies operating in the market include Nippon Suisan Kaisha, Ajinomoto, Maruha Nichiro Corporation, Huon Aquaculture Group, Cooke Aquaculture, CP Foods, Mowi, Grieg Seafood, Charoen Pokphand Foods, Minh Phu Seafood Corporation, SalMar ASA, Cermaq Group, Tassal Group, Thai Union Group. These companies leverage extensive distribution networks, advanced aquaculture technologies, and robust supply chains to maintain their market positions.

Key strategies employed by leading players to gain a competitive edge include strategic mergers and acquisitions, investment in research and development, and expansion into emerging markets. For instance, many companies are focusing on improving farming practices to enhance yield and sustainability, thereby addressing environmental concerns and meeting regulatory standards.

Key Drivers

Several factors are driving the growth of the edible prawns market. Firstly, the increasing demand for seafood as a source of lean protein is a primary driver. Consumers are becoming more healthconscious and are shifting away from traditional red meats in favor of seafood, which is perceived as a healthier option.

Secondly, technological advancements in aquaculture have significantly improved the efficiency of prawn farming. Innovations such as recirculating aquaculture systems (RAS) and improved breeding techniques have led to higher yields and better quality products. These advancements help meet the growing global demand and address issues related to sustainability and environmental impact.

Thirdly, the expansion of the foodservice industry and the rise of international cuisines have increased the demand for prawns in various culinary applications. Restaurants, especially those serving Asian cuisine, are significant consumers of prawns, further driving market growth.

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Segmentation

The edible prawns market can be segmented based on various factors including type, form, distribution channel, and region.

By Type:

Fresh Prawns: These are consumed immediately after harvesting and are highly preferred for their superior taste and texture.

Frozen Prawns: These prawns are preserved through freezing, allowing for longer storage and extended distribution reach.

Processed Prawns: This category includes cooked, peeled, and readytoeat prawns, which cater to the convenience food segment.

By Form:

Whole Prawns: These include the entire prawn, often used in restaurants and gourmet dishes.

Peeled Prawns: These are preprocessed to remove shells, making them convenient for home cooking and foodservice use.

Prawn Meat: This form includes chopped or minced prawn meat, used in various processed foods and recipes.

By Distribution Channel:

Supermarkets/Hypermarkets: These retail outlets offer a wide range of prawn products and are a major distribution channel.

Online Retail: The growing trend of online shopping for groceries has seen a rise in prawn sales through ecommerce platforms.

Specialty Stores: Seafood specialty stores and fish markets cater to consumers seeking fresh or specific prawn varieties.

Regional Analysis

North America:

In North America, the United States and Canada are the major markets for edible prawns. The region's demand is driven by a high level of seafood consumption and a wellestablished foodservice industry. However, North American prawn farming is limited, leading to a reliance on imports from Asia, particularly from countries like Thailand and India. The market is also influenced by increasing health consciousness among consumers and growing popularity of international cuisines.

Europe:

The European market is characterized by diverse consumption patterns, with significant demand across Western and Eastern Europe. Countries such as Spain, Italy, and France are major consumers due to their traditional seafoodrich diets. The European market is also seeing growth in prawn farming activities, with advancements in sustainable aquaculture practices. Additionally, there is a strong focus on quality and traceability, driven by stringent food safety regulations.

AsiaPacific:

AsiaPacific is the largest and fastestgrowing market for edible prawns. Countries like China, India, Thailand, and Vietnam are both major producers and consumers. The region's large population base and increasing affluence contribute to high seafood consumption levels. Thailand and Vietnam, in particular, are key exporters of prawns, benefiting from advanced farming technologies and cost efficiencies. The growth in the AsiaPacific market is also supported by rising disposable incomes and changing dietary preferences.

Latin America:

In Latin America, countries such as Brazil and Ecuador are notable players in the prawn market. Ecuador, in particular, is a significant exporter of prawns to global markets. The Latin American prawn industry is growing, driven by both domestic consumption and export opportunities. The region benefits from favorable climatic conditions for prawn farming and a developing aquaculture sector.

Middle East & Africa:

The Middle East and Africa represent a smaller but growing segment of the edible prawns market. In this region, prawn consumption is increasing, driven by rising disposable incomes and an expanding foodservice sector. However, local prawn farming is limited, leading to reliance on imports. Countries such as South Africa and the United Arab Emirates are key markets, with growing interest in seafood consumption.

Key Questions Answered in this Report

What are the challenges to market growth?

Who are the key vendors in this market space?

What will the market size be in 20242032 and what will the growth rate be?

What are the key market trends? What is driving this market?

What are the market opportunities and threats faced by the key vendors?

What are the strengths and weaknesses of the key vendors?

Table of Contents :

Section I : Industry Overview

Section II: Scoping, Methodology And Market Structure

Section Iii: Qualitative Analysis

Section IV: Quantitative Analysis

Section V: Competitive Analysis …

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