Tiger Prawn Market Size, Share, Growth, and Industry Analysis, By Type (Frozen Tiger Prawns, Fresh Tiger Prawns, Raw, Cooked), By Application (Seafood, Foodservice, Retail, Restaurants, Seafood Processing), Regional Insights and Forecast to 2033

Tiger Prawn Market Overview

The Tiger Prawn Market size was valued at USD 3.02 million in 2024 and is expected to reach USD 4.13 million by 2033, growing at a CAGR of 3.98% from 2025 to 2033.

The tiger prawn market is a significant segment within the global seafood industry, characterized by its extensive aquaculture practices and substantial trade volumes. In 2023, the Asia-Pacific region accounted for approximately 60% of the global tiger prawn production, with countries like India, Thailand, and Vietnam leading in both production and export. India alone produced over 700,000 metric tons of tiger prawns in 2023, making it one of the largest producers globally. Thailand and Vietnam also contributed significantly, with production figures of 400,000 and 300,000 metric tons, respectively.

The global demand for tiger prawns has been driven by factors such as increasing seafood consumption, the expansion of the foodservice industry, and rising disposable incomes, particularly in emerging markets. In 2023, the global consumption of tiger prawns was estimated at over 1.5 million metric tons, with a significant portion being traded internationally. The export value of tiger prawns from Asia-Pacific countries to North America and Europe has been substantial, with Thailand and India being major exporters.

Technological advancements in aquaculture, such as the adoption of biofloc technology and recirculating aquaculture systems (RAS), have enhanced production efficiency and sustainability. These innovations have led to improved yield rates and reduced environmental impacts, supporting the growth of the tiger prawn market.

Key Findings

DRIVER: Increasing global demand for seafood products.

COUNTRY/REGION: Asia-Pacific, with India, Thailand, and Vietnam as leading producers.

SEGMENT: Frozen tiger prawns, accounting for a significant share of the market.

Tiger Prawn Market Trends

The tiger prawn market has witnessed several notable trends in recent years. One of the most prominent trends is the growing emphasis on sustainable and traceable seafood sourcing. Consumers and retailers are increasingly demanding prawns that are ethically and environmentally produced. In response, companies are investing in sustainable aquaculture practices and obtaining certifications from organizations such as the Marine Stewardship Council and Aquaculture Stewardship Council.

Another significant trend is the innovation in product offerings. There has been a rise in the availability of ready-to-cook and value-added prawn products, such as pre-seasoned prawns and prawn skewers. These products cater to the growing consumer preference for convenience and quality. Additionally, advancements in processing technologies have extended the shelf life of prawn products, facilitating longer distribution chains and reducing food waste.

The expansion of online retail platforms has also contributed to the growth of the tiger prawn market. E-commerce has enabled producers to reach a broader consumer base, offering fresh and frozen prawn products directly to consumers. This shift aligns with the increasing trend of online grocery shopping and home cooking.

Tiger Prawn Market Dynamics

The term ""market dynamics"" refers to the forces that influence the supply and demand of goods and services within a market. In the context of the tiger prawn market, these dynamics encompass the factors that drive growth, pose challenges, and create opportunities within the industry.

DRIVER

Rising demand for seafood products.

The increasing global population and rising disposable incomes, especially in emerging markets, have led to a higher demand for seafood products, including tiger prawns. In 2023, the global seafood consumption was estimated at over 200 million metric tons, with prawns constituting a significant portion. This surge in demand has driven the expansion of prawn farming and trade activities

RESTRAINT

Environmental concerns associated with aquaculture.

Aquaculture practices, particularly those related to tiger prawn farming, have raised environmental concerns such as habitat destruction, water pollution, and the use of antibiotics. These issues have led to stricter regulations and increased scrutiny from environmental organizations and consumers. Addressing these concerns requires significant investment in sustainable farming practices and compliance with environmental standards.

OPPORTUNITY

Technological advancements in aquaculture.

The adoption of innovative technologies in aquaculture, such as biofloc systems and RAS, presents opportunities for more efficient and sustainable prawn farming. These technologies can lead to higher yield rates, reduced environmental impacts, and improved product quality. Investing in such technologies can enhance the competitiveness of producers in the global market.

CHALLENGE

Disease outbreaks in prawn farms.

Disease outbreaks, such as the White Spot Syndrome Virus, pose significant challenges to prawn farming operations. In 2023, several major prawn-producing countries reported outbreaks that led to substantial production losses. Managing and preventing such diseases require stringent biosecurity measures, regular monitoring, and investment in research and development.

Tiger Prawn Market Segmentation

Market segmentation is the process of dividing a broad consumer or business market, generally consisting of existing and potential customers, into sub-groups of consumers based on some type of shared characteristics. This approach allows companies to target specific groups effectively and allocate resources efficiently.

By Type

• Frozen Tiger Prawns: Frozen tiger prawns dominate the market, accounting for over 50% of the total market share. The freezing process allows for extended shelf life and facilitates international trade. In 2023, the global production of frozen tiger prawns was estimated at 800,000 metric tons.
• Fresh Tiger Prawns: Fresh tiger prawns are primarily consumed in local markets and have a shorter shelf life compared to frozen prawns. In 2023, the production of fresh tiger prawns was estimated at 600,000 metric tons globally.
• Raw Tiger Prawns: Raw tiger prawns are used in various culinary applications and are available in both fresh and frozen forms. The global production of raw tiger prawns was estimated at 700,000 metric tons in 2023.
• Cooked Tiger Prawns: Cooked tiger prawns are processed for ready-to-eat meals and have a growing demand in the foodservice industry. In 2023, the production of cooked tiger prawns was estimated at 500,000 metric tons globally.

By Application

• Seafood: The seafood segment holds the largest share in the tiger prawn market, accounting for approximately 60% of the total market. In 2023, the global consumption of tiger prawns in seafood applications was estimated at 900,000 metric tons.
• Foodservice: The foodservice industry, including restaurants and catering services, is a significant consumer of tiger prawns. In 2023, the consumption of tiger prawns in the foodservice sector was estimated at 400,000 metric tons globally.
• Retail: Retail sales of tiger prawns, both fresh and frozen, have been increasing due to growing consumer demand for convenience. In 2023, retail sales accounted for 300,000 metric tons of tiger prawn consumption.
• Restaurants: Restaurants are major consumers of tiger prawns, utilizing them in various dishes. In 2023, restaurant consumption of tiger prawns was estimated at 200,000 metric tons globally.
• Seafood Processing: Tiger prawns are processed into various products, including value-added items like prawn cocktails and prawn tempura. In 2023, the seafood processing industry consumed 100,000 metric tons of tiger prawns.

Regional Outlook for the Tiger Prawn Market

The ""Regional Outlook"" in the context of the tiger prawn market refers to an in-depth analysis of how different geographical areas contribute to and influence the global market dynamics. This outlook examines various regions' roles in production, consumption, trade, and market trends, providing insights into local and international market behaviors.

• North America

North America is a significant market for tiger prawns, with the United States being the largest consumer. In 2024, the market value in North America was projected to reach approximately $2.57 billion. The region's demand is driven by a strong economy, a large consumer base, and a growing preference for seafood. The U.S. imports a substantial portion of its tiger prawn supply, primarily from Asia-Pacific countries.

• Europe

Europe is another key market, with countries like Spain, France, and Italy being major consumers. The European market share is approximately 20%, with growing demand for sustainably farmed seafood. Regulations around sustainability and traceability are particularly strict in this region, influencing both production and consumer preferences. Countries in Northern Europe, such as the UK and Germany, are leading in terms of imports, with consumers increasingly seeking responsibly sourced and environmentally friendly tiger prawns.

• Asia-Pacific

Asia-Pacific is the largest producer and consumer of tiger prawns, accounting for nearly 60% of the global market share. This region includes key countries such as India, Thailand, and Vietnam, which lead in both aquaculture production and export. As the middle class grows in countries like China and India, there is an increasing demand for high-quality seafood. The rise of the foodservice sector and an increasing number of international trade agreements have also contributed to the expansion of the market in this region.

• Middle East & Africa

Middle East and Africa (MEA) region is seeing growth in seafood consumption, including tiger prawns, as incomes rise and consumer preferences shift toward healthier diets. The MEA market share is around 5%, with countries like the UAE and Saudi Arabia being key consumers. The growing number of luxury restaurants and hotels, coupled with increasing tourism, drives demand for premium seafood in the region.

List of Top Tiger Prawn Companies

•  
• Minh Phu Seafood
• STAPIMEX
• Fresh Foods Ltd.
• Uni-Fishery
• Tassal Group
• Jeelani Marine Products
• Gold Coast Tiger Prawns
• Tizara Aquaculture Ltd.
• Austral Fisheries
• VietAgri
• Charoen Pokphand Foods
• Seamark Group
• Pacific American Fish Company, Inc.
• Tropic Co
• CSIRO

CP Group (Thailand): CP Group is a leading conglomerate in Thailand, with a significant presence in the aquaculture industry. The company operates extensive prawn farming operations, particularly in the production of black tiger prawns (Penaeus monodon). CP Group's commitment to sustainability is evident through its adoption of advanced aquaculture technologies and adherence to international environmental standards.(arxiv.org)

Charoen Pokphand Foods Public Company Limited (Thailand): As a subsidiary of CP Group, Charoen Pokphand Foods is a major player in the global seafood market. The company specializes in the production and export of tiger prawns, focusing on both farmed and wild-caught varieties. Charoen Pokphand Foods emphasizes quality control and traceability in its supply chain to meet the growing demand for responsibly sourced seafood.

Investment Analysis and Opportunities

The tiger prawn market presents several investment opportunities driven by technological advancements and increasing consumer demand for sustainable seafood. Investments in recirculating aquaculture systems (RAS) and biofloc technology are gaining traction, as these systems offer efficient water use and reduced environmental impact. For instance, the adoption of RAS allows for higher stocking densities and improved disease control, leading to increased productivity. Additionally, the development of disease-resistant prawn strains through selective breeding is attracting investment, as it promises to enhance yield and reduce reliance on antibiotics. The rise of e-commerce platforms for seafood sales also opens new avenues for market expansion, enabling producers to reach a broader consumer base.

New Product Development

Innovation in product development is a key driver in the tiger prawn market. Companies are introducing value-added products such as marinated, pre-cooked, and ready-to-eat prawn items to cater to the growing demand for convenience. For example, the introduction of vacuum-sealed packaging has extended the shelf life of prawn products, facilitating international trade. Furthermore, advancements in processing technologies have led to the development of individually quick-frozen (IQF) prawns, preserving freshness and quality. The incorporation of sustainable practices in product development, such as using eco-friendly packaging and sourcing from certified farms, is also gaining popularity among environmentally conscious consumers.

Five Recent Developments

• Implementation of Electrical Stunning for Humane Slaughter: In 2024, Waitrose, a UK-based retailer, announced the adoption of electrical stunning for farmed prawns to ensure humane slaughter. This move aligns with growing consumer demand for ethical sourcing practices.
• Advancements in Disease-Resistant Breeding Programs: Research institutions in Southeast Asia have developed new breeding techniques to produce tiger prawns with enhanced resistance to diseases like White Spot Syndrome Virus. These advancements aim to reduce mortality rates and improve farm productivity.
• Adoption of Smart Farming Technologies: Aquaculture farms in Australia have implemented smart farming technologies, including IoT sensors and data analytics, to monitor water quality and optimize feeding practices. These technologies enhance operational efficiency and sustainability.
• Expansion of Sustainable Aquaculture Practices: Countries like India and Thailand have invested in sustainable aquaculture practices, such as integrated multi-trophic aquaculture (IMTA), to improve resource utilization and reduce environmental impact.
• Growth of Online Seafood Retail Platforms: The rise of e-commerce has led to the establishment of online seafood retail platforms, allowing consumers to purchase fresh and frozen tiger prawns directly from producers. This trend caters to the increasing preference for home delivery services.

Report Coverage of Tiger Prawn Market

This report provides a comprehensive analysis of the tiger prawn market, encompassing various aspects such as market trends, dynamics, segmentation, regional outlook, and key players. It examines the factors driving market growth, including increasing consumer demand for sustainable seafood and advancements in aquaculture technologies. The report also addresses market restraints, such as environmental concerns and regulatory challenges, and identifies opportunities arising from innovations in product development and e-commerce expansion. Additionally, the report profiles leading companies in the tiger prawn industry, highlighting their strategies and market positions. Regional analyses offer insights into production and consumption patterns across North America, Europe, Asia-Pacific, and the Middle East & Africa. Overall, the report serves as a valuable resource for stakeholders seeking to understand the current landscape and future prospects of the tiger prawn market.

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