Tiger Prawn Market Size, Share, Growth, and Industry Analysis, By Type (Black Tiger, Skull Island Tiger Prawn, Others), By Application (Residential, Commercial), and Regional Forecast to 2033

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TIGER PRAWN MARKET OVERVIEW

The global Tiger Prawn Market is poised for significant growth, starting at USD 1.44 Billion in 2024, climbing to USD 1.53 Billion in 2025, and projected to reach USD 2.46 Billion by 2033, with a CAGR of 6.4%.

It provides the user with a lot of features that make this particular product service work efficiently and effectively. Tiger shrimp, another name for tiger prawns, are a kind of marine crustacean that is a member of the Penaeidae family. Their big size, vivid reddish-orange to pinkish coloring, and characteristic black stripes or spots on their shells—which mimic a tiger's stripes—are what define them. A famous seafood dish, tiger prawns are prized for their mouthwatering flavor. This factor has augmented the Tiger Prawn Market growth.

The anticipated rate of growth for this particular product service is due to quality level of assurance. Prosperity has been observed for this particular product market with amusing numbers. Growing Demand for Seafood: Tiger prawns and other seafood have long been in high demand throughout most of the world. The demand for tiger prawns has been fueled by the growing worldwide population and the attractiveness of seafood as a protein source. Its ability to adapt to the increasingly complex modern production processes makes it an essential tool for quality control, which is driving up its market share. This has ultimately outraged the sales and demand for this particular market growth and prosperity.

COVID-19 IMPACT

"Market Growth Obstructed by Pandemic due to Lockdown"

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Government has put restrictions on social gatherings, events and moving out from home which make the people homesick. Numerous companies are encountering hurdles due to covid pandemic as the outbreak situation has curtailed production and supply chain which has hindered the market switched to treating covid patients as priority over the other procedures which led the Surgical Cotton Market growth. Additionally, manpower shortages affected manufacturing plants and slowed production due to movement restrictions and lockdowns in several regions. Stopped providing on-site maintenance and installations market growth sputtered amid the pandemic. Production facilities throughout the nations have been hindered by the abrupt lockdown. The pandemic has also had a negative impact on facial recognition door lock manufacturing and production facilities. The disruption in the supply chain and the decreased availability of labor, staff, and resources are the causes of this. Therefore, a small influence from COVID-19 is anticipated on the Tiger Prawn Market share.

LATEST TREND

"Emphasis on Traceable and Sustainable Seafood Sourcing to Drive Market Growth"

A latest trend has been witnessed to proliferate the market growth. This particular trend has been recorded to be the most profiting trends that have been upgraded to augment the overall market growth. Its anticipated that the market has augmented because of this particular trend. The emphasis on sustainable and traceable seafood sourcing is a great trend in the industry. Prawn products that are ethically and environmentally produced are becoming more and more in demand from customers and retailers. In response, companies are creating new technology to enforce sustainable aquaculture standards and improve traceability. Along with pre-seasoned or price-introduced alternatives like shrimp tempura or skewers, new items include shrimp with improved processing processes that increase shelf life and improve satisfaction. To meet consumer expectations and sustainability aspirations, major businesses are investing in environmentally benign agricultural practices, certifications, and labeling from the Marine Stewardship Council and Aquaculture Stewardship Council. Additionally, major companies are expanding their product lines to incorporate innovative frozen and ready-to-cook supper prawn services. A lot of specifications have been made to this particular product which has benefited the market growth. This specific trend has influenced the market growth so much so that the revenue and share numbers of this particular product is touching the skies and soaring over.

TIGER PRAWN MARKET SEGMENTATION

By Type

Based on Type, the global market can be categorized into Inline Black Tiger, Skull, Island Tiger Prawn, Others.

• Black Tiger: Black tigers are prized for their rich flavor and length. They are frequently seen in upscale marketplaces and are primarily grown in Asia. They serve a niche clientele looking for excellent seafood, even if their manufacturing costs are lower.

• Skull Island Tiger Prawn: The market is dominated by Skull Island Tiger Prawns because of their rapid growth, high output, and versatility in a variety of farming conditions. They are in high demand in both domestic and international markets because to their extensive cultivation and reduced manufacturing costs.

By Application

Based on application, the global market can be categorized into Residential, Commercial.

• Residential: Due to growing consumer demand for handy, ready-to-cook shrimp products, the family division is expected to dominate the market. Shelled shrimp are becoming more common in everyday meals due to rising domestic cooking trends and an increase in online supermarket buying.

• Commercial: The resort area benefits from room service options that include shelled shrimp and high-give-up meal options. Gourmet shrimp dishes are offered by upscale lodges and hotels, and this phase's sales are fueled by the expanding global travel and hospitality sector.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

Driving Factors

"Growing Interest in Premium Seafood to Boost the Market"

This is the major factor attributing the growth of this particular market. This factor is majorly involved in taking the revenue numbers above the skies and soaring greater heights and also the sales and demands have been proliferation and increased its value to greater extent. The demand for premium seafood, such as black tiger prawns, is being driven by the world's expanding population and rising level of wealth. Customers are looking for seafood as they become more health conscious. choices that are high in omega-3 fatty acids and protein. Due to their high content of both of these nutrients, black tiger prawns are a favorite among consumers who are concerned about their health. The demand for black tiger prawns is also being influenced by the rising popularity of sushi and other seafood dishes. Due to the growing demand for premium seafood, the global black tiger prawn market is anticipated to rise significantly over the course of the projected period. This particular product has recorded to be profiting for the market growth. This particular factor has been proved to a boon for this particular product market. These factors are anticipated to drive the Tiger Prawn Market growth during the forecast period.

"Growing Emerging Market Demand to Expand the Market"

This is the second major factor attributing the growth of this particular market and has resulted in the hike of revenue numbers so much so that they are touching the skies. Clients benefit from it. This particular product market has touched new levels of lucrative revenue numbers and has also recorded to be the boon for this particular product market growth. The global black tiger prawn market industry is expanding as a result of rising demand from emerging regions. Demand for seafood is rising in emerging nations like China and India as a result of a rapidly expanding middle class. In these markets, black tiger prawns are a popular seafood option, and the market is predicted to continue expanding due to rising demand. This factor has attributed the overall growth of this market and helped with the hike of revenue numbers as well. These factors are anticipated to drive the Tiger Prawn Market growth in the present times and also during the forecast period.

Restraining Factor

"Challenges of Sustainable Sourcing Impede Market Growth"

These particular solutions have been very helpful yet extremely costly as well. This particular restraining factor has caused the revenue numbers to impede with extremely low yields and declining the sales and demand for this market. The market is significantly hampered by the pursuit of environmentally friendly practices and sustainable sourcing. Prawn population declines and environmental damage can result from overfishing and unsustainable aquaculture methods. The craze for sustainable seafood and consumer awareness of environmental issues have increased scrutiny of shrimp growing methods. The Aquaculture Stewardship Council (ASC) and Marine Stewardship Council (MSC) certification criteria increase the cost and complexity of manufacturing. By limiting consumer options and raising operating costs for manufacturers who must adhere to tight environmental regulations, these sustainability concerns might impede market expansion. This particular factor is anticipated to restrain the market growth and drastically reduce the sales and demands of this particular product market.

Opportunity

"Growing Customer Convenience Is a Major Factor To Create Opportunity for the Product in the Market"

This particular opportunity has been attributing the market growth immensely. The growing consumer need for convenience is a major factor driving the expansion of the Tiger Prawn market. Customers are searching for ready-to-prepare meals and easy-to-prepare food alternatives that fit healthily into their hectic schedules as life becomes busier. This trend is perfectly complemented with shelled shrimp, which require little preparation time and practice. Furthermore, advancements in packaging technology have improved product freshness and shelf life, making shelled prawn easier for consumers to purchase and store. This tendency is further supported by the growth of online grocery shopping and meal delivery services, which give customers easy access to high-quality, easily used seafood products. The market is expanding as a result of consumers' increasing preference for convenience.

Challenge

"Environmental Degradation Could Be a Potential Challenge for Consumers"

This particular factor has been drastically challenging for the market growth and has become another major restraining factor. The sustainability of prawn farming ecosystems is threatened by environmental degradation, which includes pollution, habitat loss, and problems with water quality. This affects shrimp health, growth, and survival rates and can result in public outrage and regulatory scrutiny.

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TIGER PRAWN MARKET REGIONAL INSIGHTS

• Asia Pacific

The Asia Pacific region has augmented a lot in the past few years in this particular product market. The Asia Pacific Tiger Prawn Market has anticipated to augment immensely over the forecast period. Because of growing innovation and technological developments in all of the region's manufacturing sectors, Asia Pacific held the second-largest market share in 2019. Due to rising seafood consumption in nations like China, India, and Indonesia, the Asia Pacific region is anticipated to lead the market. Due to the rising demand for premium seafood, North America and Europe are also important markets for black tiger prawns. The consumption of black tiger prawns is predicted to steadily increase throughout South America, the Middle East, and Africa due to shifting dietary patterns and growing disposable incomes. There are several prospects for market participants in the vibrant and expanding global black tiger prawn market.

• Europe

The european market for this particular market has been accounted for attributing the overall global shares for this particular product service market.

• Asia

Asia-Pacific is anticipated to expand at the fastest rate during the projection period due to a rise in the demand for cutting-edge technologies. This particular region has experienced immense proliferation in the market shares and has attributed to the global market revenue. Asia Pacific holds the largest market share for shelled shrimp and is predicted to grow at the fastest rate. This area benefits from a sizable aquaculture sector, with major shelled shrimp producers and exporters coming from countries like China, Thailand, and India.

KEY INDUSTRY PLAYERS

"Leading Players adopt Acquisition Strategies to Stay Competitive"

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List Of Top Tiger Prawn Companies

• Austral Fisheries (Australia)
• Tassal Group (Australia)
• Pacific American Fish Company, Inc (U.S.)
• Gold Coast Tiger Prawns (Australia)
• Tropic Co (U.S.)
• CSIRO (Australia)

KEY INDUSTRY DEVELOPMENT

July 2021: This particular company has attributed the market growth in terms of revenue and shares system. This particular development and investment the global market has been recorded to be a boon for the market growth. With the opening of its new shrimp processing facility in Thailand, Thai Union claimed a significant boost to its operations. This facility focuses in integrating cutting-edge technology for sustainability and increasing industrial efficiency. The plant aims to minimize its impact on the environment while meeting the increasing demand for exceptional, traceable seafood products worldwide. The enhancement helps the agency achieve its strategic objectives of increasing its operational and market reach.

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change market affecting the forecasting period. With detailed studies done, it also offers a comprehensive.