You should, and in fact must loop to send the data in chunks.
As explained in Beej's networking guide:
"send() returns the number of bytes actually sent out—this might be less than the number you told it to send! See, sometimes you tell it to send a whole gob of data and it just can't handle it. It'll fire off as much of the data as it can, and trust you to send the rest later."
This implies that even if you set the packet size to 1MB, the send() function may not send all of it, and you are forced to loop until the total number of bytes sent by your calls to send() total the number of bytes you are trying to send. In fact, the greater the size of the packet, the more likely it is that send() will not send it all.
Aside from all that, you don't want to send 1MB packets because if they get lost, you will have to transmit the entire 1MB packet again, whereas if you lost a 1K packet, retransmitting it is not a big deal.
In summary, you will have to loop your send() calls, and the receiver will even have to loop their recv() calls too. You will likely need to prepend a small header to each packet to tell the receiver how many bytes are being sent so the receiver can loop the appropriate number of times.
I suggest you take a look at Beej's network guide for more detailed info about send() and recv() and how to deal with this problem. It can be found at http://beej.us/guide/bgnet/output/print/bgnet_USLetter.pdf