Global Tiger Prawn Market Size To Exceed USD 16.13 Billion By 2033 | CAGR of 6.45%
Category: Food & BeveragesGlobal Tiger Prawn Market Size To Exceed USD 16.13 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Tiger Prawn Market Size is Expected to Grow from USD 8.63 Billion in 2023 to USD 16.13 Billion By 2033, at a CAGR of 6.45% during the Forecast Period 2023-2033.
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Browse key industry insights spread across 240 pages with 115 Market data tables and figures & charts from the report on the "Global Tiger Prawn Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Fresh Tiger Prawns, Frozen Tiger Prawns, Processed Tiger Prawns, Dried Tiger Prawns), By Application (Food Service Industry, Retail, Home Cooking), By Size and Packaging (Small Packs (100g - 500g), Medium Packs (500g - 1kg), Bulk Packs), By Distribution Channel (Direct Sales, Wholesalers, Online Retailers, Farmers' Markets), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/tiger-prawn-market
The tiger prawns Market Size is the Global economy that deals with the production, distribution, and consumption of tiger prawns, a highly prized species of large shrimp valued for its size, taste, and texture. The market covers all aspects, such as farming, wild capture, processing, packaging, distribution, and retailing of tiger prawns. Moreover, prawns are a healthier choice, packed with nutrients like omega-3 fatty acids, vitamins, and minerals, which attract health-aware consumers. Another important driver is the rise in global holiday traffic and dining experiences, especially along the coastlines famous for seafood. With international travel picking up again after the pandemic, restaurants and hotels are launching tiger prawn offerings, which are typically regarded as delicacies. The cooking dexterity of tiger prawns in all types of Asian, Asian-fusion, as well as South and North American cuisines, underpinning their ongoing market demand both for retail and food service applications, is negated by wild-population overfishing. It depletes natural stock and compromises biodiversity as well as environmental balances, imposing limitations on harvesting wild-caught prawns and impacting supply.
The frozen tiger prawns segment dominated the market in 2023 and is projected to grow at a substantial CAGR during the forecast period.
Based on the product type, the tiger prawn market is divided into fresh tiger prawns, frozen tiger prawns, processed tiger prawns, and dried tiger prawns. Among these, the frozen tiger prawns segment dominated the market in 2023 and is projected to grow at a substantial CAGR during the forecast period. The growth is attributed to tiger prawns having a longer shelf life than fresh prawns. This is easier to store and transport over long distances without going bad.
The food service industry segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the application, the tiger prawn market is divided into the food service industry, retail, and home cooking. Among these, the food service industry segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The growth is driven due to tiger prawns, particularly bigger varieties such as black tiger prawns, which are a high-value ingredient in most food preparations. They are used in expensive dishes such as prawn cocktails, grilled prawns, or seafood platters, which are common in luxury restaurants and hotels.
The medium packs (500g-1kg) segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on the size and packaging, the tiger prawn market is divided into small packs (100g - 500g), medium packs (500g - 1kg), and bulk packs. Among these, the medium packs (500g-1kg) segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The growth is driven due to medium-sized packs are more convenient to keep in home freezers than bulk packs, which might occupy too much space. At the same time, they are big enough for several servings, appealing to the needs of the average consumer.
The wholesaler segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on the distribution channel, the tiger prawn market is divided into direct sales, wholesalers, online retailers, and farmers' markets. Among these, the wholesalers segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segmental growth is due to wholesalers providing competitive prices as well as bulk buying possibilities for a diverse array of companies ranging from huge restaurants to retail shops. These price and quantity flexibilities turn wholesalers into popular options among business firms planning to stock tiger prawns at relatively lower costs.
Asia Pacific is expected to hold the majority share of the global tiger prawn market during the forecast period.
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Asia Pacific is expected to hold the majority share of the global tiger prawn market during the forecast period. Strong indigenous consumption of the prawn occurs in the Asia-Pacific region, particularly within China, Japan, India, and South Korea. Seafood, and that includes tiger prawns, constitutes a big element of food consumed in the food culture of Asian countries.
North America is anticipated to grow at the fastest pace in the global tiger prawn market during the forecast period. U.S. depends enormously on frozen as well as processed tiger prawns’ imports from major countries such as India, Ecuador, and Thailand. The escalating dependence on import is driving North America's market growth.
Major vendors in the global tiger prawn market are Austral Fisheries, Tassal Group, Fiodosur Group, Pacific American Fish Company, Gold Coast Tiger Prawns, Mazzetta Company, LLC, Charoen Pokphand Foods, Tropic Co, Seaprimexco Vietnam, CSIRO, Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Market Development
- In November 2024, Japan's JCCU launched a Co-op Black Tiger Shrimp from ASC-certified ponds. Locally processed and frozen, these shrimps are traceable and sustainable right through the supply chain.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the tiger prawn market based on the below-mentioned segments:
Global Tiger Prawn Market, By Product Type
- Fresh Tiger Prawns
- Frozen Tiger Prawns
- Processed Tiger Prawns
- Dried Tiger Prawns
Global Tiger Prawn Market, By Application
- Food Service Industry
- Retail
- Home Cooking
Global Tiger Prawn Market, By Size and Packaging
- Small Packs (100g - 500g)
- Medium Packs (500g - 1kg)
- Bulk Packs
Global Tiger Prawn Market, By Distribution Channel
- Direct Sales
- Wholesalers
- Online Retailers
- Farmers' Markets
Global Tiger Prawn Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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