INCREASING AWARENESS ABOUT RESPONSIBLE AQUACULTURE
Increasing awareness about responsible aquaculture to contribute to growth. According to a new study, the sales of organic shrimp are expected to reach ~US$ 350 Mn in 2019, and record a CAGR of 7% throughout the forecast period till 2029. Growth of the organic shrimp market remains driven by a slew of factors, which range from rising demand for organic seafood products and changing regulations in the food & beverage industry, to growing awareness regarding the benefits of organic food products among consumers.
Organic shrimp is used in various applications by the food industry, feed industry, food service providers and households. The usage of organic shrimp is increasing rapidly in households. Among the various species of organic shrimp, white leg shrimp is becoming popular, and the demand for this type of organic shrimp is expected to grow rapidly during the forecast period of 2019-2029, as such boosting the growth of the overall organic shrimp market.
Organic Shrimp Market: New Farms in Key Producing Countries to Augment Supply
Organic shrimp is an import-oriented market, offering ample scope for players and new farms to enter the domestic and international markets. The demand for organic shrimp is high across the globe, especially in the U.S. and in European regions. With Asia representing ~40% of total organic shrimp production, new farms have been set up in key countries by players anticipating new opportunities for the growth of the organic shrimp market in the region.
China is by far a large organic shrimp producing country, followed by India, which reported an extraordinary increase in production during the early 2000s. On the other hand, production in Thailand and Vietnam has developed significantly during the past decade in terms of volume. Such markets provide ample opportunities for existing and new players to set up new farming facilities in the organic shrimp market.
Increasing Adoption of Free Trade to Create New Opportunities for Organic Shrimp Market
Regional integration was lacking in Latin America as a result of major 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 have started adopting free trade due to its various benefits. Free trade has helped in the integration of the supply chain, which results in increasing trade activities and boosts trade volumes between countries.
Free trade has increased access to higher-quality, lower-priced goods. Cheaper imports, particularly from countries such as China and India, have also eased inflationary pressure in the Latin American region. Organic shrimp manufacturers are now gaining easier access to other countries in the Latin American region, which is expected to bolster the growth of the organic shrimp market over the forecast period.
Rise in Demand by Organic & Natural Feed Ingredient Industry to Boost Sales
Pet owners are becoming more cautious about their pet’s health and diet, due to which, the demand for organic and natural feed is witnessing an increase. A shift to organic and natural food is perceived to alleviate allergies in pets. These food offerings are free from chemical additives, toxic pesticides, and artificial components, which may cause discomfort to pets. Additionally, the use of natural ingredients strengthens the immune system of pets.
The consumption of organic shrimp helps increase life expectancy and quality of life. Organic shrimp products provide pets with the necessary energy, as they contain larger amounts of nutrient-dense calories. The incorporation of organic shrimp in the diet of pets also helps reduce the risk of obesity.
Global Organic Shrimp Market: Competitive Landscape
Some of the key players in the global organic shrimp market are Omarsa S.A, MSeafood Corp, Ristic GmbH, Vinnbio India Pvt. Ltd., Seajoy Group, Dom International Limited, Caribbean Shrimp Company Limited, Artisanfish LLC, Ananda Group, and Orchid Marine.
These insights are based on a report on Organic Shrimp Market by Transparency Market Research