GCC Prawn Market

GCC Prawn Market Overview:

The GCC prawn market was worth US$ XX Billion in 2022, expanding at a CAGR of X% during 2017-2022. Looking forward, the market is projected to grow at a CAGR of around X% during 2023-2028, reaching a value of US$ XX Billion by 2028. Prawns refer to crustaceans naturally found in calmer waters, wherein they lay their eggs among aquatic plants. They are one of the most commonly used seafood products in making soups, salads, sushi, curries, and pasta. Some popularly consumed prawn variants include jumbo tiger, wild carabineros, tiger, brown, cocktail, langoustine, wild Argentinian, and Gambero Rosso prawns. The regular consumption of prawns has been associated with fighting Alzheimer’s disease, building strong bones, preventing cancer, and maintaining heart health. They help improve skin texture, control active white blood cells, and boost muscular metabolism, as they are rich in selenium and antioxidants. Since they also aid in strengthening the immune system, prawns are gaining immense traction across the GCC countries.

The GCC prawn market is primarily driven by the rising product utilization in the preparation of various cuisines. Moreover, the introduction of processed prawns in ready-to-eat (RTE) packaging and prolonged shelf life is positively influencing the market growth. Additionally, prawns are one of the most popular seafood items as they a rich source of proteins and vitamins A, D, E, B1, B2, and B3. In line with this, the increasing incorporation of animal protein in regular diet plans due to the shifting consumer preferences toward protein-based diets has augmented the product demand. Besides this, the rising willingness among individuals to experiment with international cuisines is another major growth-inducing factor. Along with this, the shifting consumer inclination toward the consumption of seafood owing to rising health consciousness has catalyzed market growth. Furthermore, the expanding marine and inland water infrastructures and significant improvements in cold storage facilities are contributing to the market growth. Apart from this, the rising penetration of prawns in the food service sector across various GCC countries due to the convenience of usage is propelling the market growth. Other factors, including the escalating demand for organic prawns, increasing prevalence of lifestyle diseases, changing dietary patterns, busy schedules, inflating consumer disposable incomes, and rapid expansion of the food service sector, are also anticipated to drive the market further.

Beginning with a regional overview, the report explores the dynamics that have a strong influence on the GCC prawn market and can also impact its future growth. Taking 2022 as the base year, the report covers historical market scenario from 2017-2022 and provides forecasts till 2028. This includes the study of value and volume trends and pricing history. Growth inducing factors, market restraints and recent developments have also been analysed in the report in order to provide a deeper knowledge about the industry. On a regional basis, the report examines the GCC prawn market in Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. For each of these regions, the report studies the GCC prawn market in detail for latest trends, outlook and opportunities.

The report analyses the competitive structure of the GCC prawn market industry and provides the profiles of major players operating in the market. The price margins for the products along with the various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the GCC prawn market industry along the parameters of the Porter’s Five Forces model. This model examines the degree of competition in the GCC prawn market industry by analysing the threat posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities and threats pertaining to the GCC prawn market industry. Furthermore, the value chain analysis of the GCC prawn market industry has also been covered in the report. This comprises of all the activities in the value chain, such as the procurement of various raw materials, manufacturing, sales and distribution. 

GCC Prawn Market Segment Insights:

The GCC Prawn market has been analysed as followed:

By Species:

• Litopenaeus Vannamei
• Penaeus Monodon
• Others

By Prawn Size:

• <21
• 21-25
• 26-30
• 31-40
• 41-50
• 51-60
• 61-70
• >70

By Country:

• Saudi Arabia
• United Arab Emirates
• Qatar
• Kuwait
• Oman
• Bahrain

Country-wise, the market has been segmented into Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. Amongst these, Saudi Arabia represents the largest market, accounting for majority of the GCC region.

Competative Landscape: 

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Highlights of the GCC Prawn Market Report:

• Historical and current scenario
• Trends and developments
• Market forecast
• Price analysis and forecast
• Porter’s five forces analysis
• SWOT analysis
• Value chain analysis

Report Customization:

The GCC prawn market report can be customized to as per your requirements. You can get in touch with our analyst, who will make sure that the report suits your research needs.