According to a new study by Transparency Market Research, sales of organic shrimp are expected to reach ~US$ 350 Mn in 2019, and register a CAGR of seven% throughout the forecast period until 2029. Growth of the organic shrimp market continues to be driven by a host of factors, which range from growing demand for organic seafood products and changing regulations in the food and beverage industry, to rising consumer awareness the benefits of organic food products.
Organic shrimp are used in various applications by the food industry, animal feed industry, food service providers and households. The use of organic shrimp is rapidly increasing in households. Among the various species of organic shrimp, the whiteleg shrimp is becoming popular and the demand for this type of organic shrimp is expected to grow rapidly during the forecast period. 2019-2029thereby driving the growth of the overall organic shrimp market.
Organic shrimp market: new farms in major producing countries to increase supply
Organic shrimp is an import-driven market, providing many opportunities for players and new farms to enter domestic and international markets. The demand for organic shrimp is high all over the world, especially in the United States and European regions. With Asia representing ~40% of the total organic shrimp production, new farms have been established in key countries by players anticipating new opportunities for the growth of the organic shrimp market in the region.
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China is by far a major producer of organic shrimp, followed by India, which reported an extraordinary increase in production in the early 2000s. In contrast, production in Thailand and Vietnam has grown significantly in over the past decade in terms of volume. These markets provide many opportunities for existing and new players to set up new farming facilities in the organic shrimp market.
Increase the adoption of free trade to create new opportunities for the organic shrimp market
Regional integration was lacking in Latin America due to large economies such as Brazil and Argentina that had not adopted free trade policies. However, the scenario has changed in recent years. After the successful adoption of free trade agreements by Peru and Mexico, other countries began to embrace free trade due to its various benefits. Free trade has contributed to the integration of the supply chain, which results in increased trade activities and increased trade volumes between countries.
Free trade has increased access to better quality goods at lower prices. Cheaper imports, especially from countries like China and India, have also eased inflationary pressures in the Latin American region. Organic shrimp manufacturers are now gaining easier access to other countries in the Latin America region, which is expected to drive the growth of the organic shrimp market over the forecast period.
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Increase in industry demand for organic and natural food ingredients to drive sales
Pet owners are becoming more cautious about their pet’s health and diet, which has led to an increase in demand for organic and natural foods. A switch to organic and natural foods is seen to alleviate allergies in pets. These food offerings are free from chemical additives, toxic pesticides and artificial components, which can cause discomfort to pets. In addition, the use of natural ingredients strengthens the immune system of pets.
Eating organic shrimp helps increase life expectancy and quality of life. Organic shrimp products provide pets with needed energy because they contain higher amounts of nutrient-dense calories. Incorporating organic shrimp into pet diets also helps reduce the risk of obesity.
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Global Organic Shrimp Market: Competitive Landscape
Some of the key players in the global organic shrimp market are Omarsa SA, MSeafood Corp, Ristic GmbH, Vinnbio India Pvt. Ltd., Seajoy Group, Dom International Limited, Caribbean Shrimp Company Limited, Artisanfish LLC, Ananda Group and Orchid Marine.
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