According to the latest report by IMARC Group, titled, “Prawn Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026“, provide the global prawn market expects to grow at a CAGR of 3.3% during 2021-2026.
Base Year: 2020
Forecast Year: 2021-2026
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Industry Definition and Application:
Prawns are crustaceans with ten legs and an exoskeleton, sharing a similarity in texture and taste with that of a large shrimp. They are a rich source of protein, calcium, potassium, magnesium, phosphorus, copper, phosphorus, and vitamins A, D, E, B1, B2 and B3. Prawns are also an excellent source of omega-3 fatty acids which assist in lowering the risks of a heart attack. Apart from this, they comprise astaxanthin, which is a carotenoid nutrient that protects skin from premature aging, and selenium, which is essential to healthy muscle metabolism. Owing to such benefits, prawns are widely utilized in the preparation of a variety of cuisines, including soups, salads, pasta, curries and sushi. At present, prawns are processed into wet marinated, dry marinated, and marinated and skewered products on a large scale, which are later traded across the globe.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends and Drivers:
Increasing health-consciousness among consumers is one of the significant factors that are bolstering the growth of the market. Offering numerous health benefits, prawns have acquired a substantial space in the daily diet of the majority of the population. Additionally, they contain low concentrations of fat, which has made them a preferred choice amongst weight-conscious consumers. Apart from this, rapid globalization has resulted in the popularity of international cuisines. Shifting dietary preferences from traditional staple food items towards healthy seafood products has also influenced the sales of prawns globally. Moreover, there has been a rise in the demand for processed and frozen variants of prawns as they are cheap, readily available, and offer longer shelf life and convenience to consumers. This, along with the growing number of specialty stores across the globe, is significantly driving the demand for prawns. Furthermore, increasing environmental consciousness has led to an enhanced focus on sustainable farming, which, coupled with the advent of organic prawns, is expected to create a positive outlook for the market. Other factors contributing to the market growth include increasing urban population, inflating per capita income levels, especially across developing economies, like India and China, and a thriving aquaculture industry.
Key highlights of the report:
Porter’s Five Forces Analysis
Market Drivers and Success Factors
Profiles of Key Players
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