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

Global Tiger Prawn Market Insights Forecasts to 2033

• The Global Tiger Prawn Market Size Was Estimated at USD 8.63 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 6.45% from 2023 to 2033
• The Worldwide Tiger Prawn Market Size is Expected to Reach USD 16.13 Billion By 2033
• North America is Expected to Grow the fastest during the Forecast period.

The Global tiger prawn Market Size Was Worth around USD 8.63 Billion in 2023 and is Predicted to Grow to around USD 16.13 Billion By 2033 With a Compound Annual Growth Rate (CAGR) of 6.45% between 2023 and 2033. The tiger prawns Market is being driven by increasing consumer demand for high-quality, sustainable seafood, health benefits associated with prawn consumption, and increasing availability in both fresh and frozen forms.

Market Overview

The tiger prawn industry is described as the production, distribution, and sales business involved in manufacturing, selling, and distributing tiger prawns or Penaeus monodon. Tiger prawns are a commercially important species of shrimp that has a large size, tiger-striped appearance, and sweet, firm texture. With consumers increasingly health-conscious, they are reaching out to seafood, which is rich in nutritional value, with omega-3 fatty acids, vitamins, and minerals. With the growth of e-commerce and better logistics, tiger prawns have been made more widely available to consumers across the globe. Improved aquaculture methods have resulted in more efficient and sustainable farming practices. For instance, the application of novel feed formulations and selective breeding schemes has enhanced the growth performance and health of tiger prawns, leading to increased yield and improved product quality. In addition, advances in processing and preservation technologies, including better freezing and packaging techniques, have increased the shelf life and quality of tiger prawns, which can be exported to overseas markets.

Report Coverage

This research report categorizes the tiger prawn market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the tiger prawn market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the tiger prawn market.

Driving Factors

Prawns are increasingly popular as a versatile ingredient in diverse dishes globally, with a major presence in Asian, Mediterranean, and Western cuisine. The popularity has spurned higher demand for tiger prawns in retail and food service markets. Prawns are low-calorie and packed with protein, omega-3 fatty acids, and vital vitamins and minerals. This nutritional profile finds favor with health-aware consumers and has increased demand among different segments. Growth in disposable incomes, especially in developing countries, has allowed consumers to spend more on high-quality seafood products, further supporting market growth.

Restraining Factor

Climate change is affecting the aquaculture and marine environments, changing water temperatures, and ocean acidification, which may impact the health and growth of prawns that can restrict the tiger prawn's market. Moreover, extreme weather conditions may destroy aquaculture facilities, resulting in low production limit the demand for tiger prawn's market.

Market Segmentation

The tiger prawn market share is classified into product type, application, size and packaging, and distribution channel.

• 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 frozen tiger prawns having a longer shelf life than fresh prawns. This makes them convenient to store and transport long distances without going bad. Frozen prawns are commonly marketed in ready-to-cook options, such as peeled, deveined, or cooked prawns, making them more convenient for busy consumers and the food service market.

• 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 the foodservice sector, which comprises restaurants, hotels, and catering services, buying tiger prawns in huge volumes. This segment always requires high levels of seafood for use in a variety of dishes, propelling tremendous sales in the market.

• 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 packs (500g - 1kg) are regarded as the most suited package for houses, small-scale enterprises, and eateries, which require an equilibrate amount. It supplies a good amount of content to last several meals without exceeding the need.

• 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 supplying bulk products at competitive prices, and giving huge discounts to retail shops, supermarkets, and restaurants. The price advantage encourages retailers and food service firms to purchase their prawns from wholesalers instead of producers.

Regional Segment Analysis of the Tiger Prawn Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the tiger prawn market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the tiger prawn market over the predicted timeframe. India, Thailand, Vietnam, and Indonesia are among the major producers of tiger prawns. These nations possess large aquaculture industries and are the world's leading exporters of both wild-caught and farmed prawns. The Asia-Pacific region also experiences strong domestic prawn consumption, particularly in China, Japan, India, and South Korea. Seafood, such as tiger prawns, forms a critical component of many Asian diets.

North America is expected to grow at a rapid CAGR in the tiger prawn market during the forecast period. Seafood, such as tiger prawns, has gained popularity with consumers in the U.S., influenced by the health-oriented trend, where tiger prawn is regarded as a low-fat yet high-protein food. The U.S. has a strong dependence on imports of frozen and processed tiger prawns, mainly from nations such as India, Ecuador, and Thailand. This increased dependence on imports stimulates market growth in North America.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the tiger prawn market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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) 

Recent Development

• In November 2024, Japan's JCCU launched Co-op Black Tiger Shrimp, which are produced from ASC-certified ponds. The shrimp are locally processed and frozen, which provides traceability and sustainability along the supply chain.

• In March 2024, Lenk Seafood Services GmbH, one of the most prominent players in frozen Asian fish and seafood, announced that the very first premium Black Tiger Shrimp with its sustainable brand "Luna Shrimp Farms", a product cultivated by many Bangladeshi small-scale producers, is available now.

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