Organic Shrimp Market to Grow at CAGR of 7% by 2029

According to a new study by Transparency Market Research, 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.

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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.

Organic Shrimp Market: Innovations and Advancements to Encourage Growth

Organic Shrimps are farmed naturally and make use of chemical-free feeding and processing methods (no antibiotics). Most shrimp are sold frozen and marketed based on their presentation, grading, color, and uniformity. Shrimps have high omega-3 fatty acids, calcium, iodine, and protein but low in food energy. Shrimp consumption is considered healthy for the circulatory system.

In many parts of the world, seafood is a staple food. It is consumed by a large part of the population living near the seashore. This has resulted in a strong base for shrimp consumption as a huge widespread population is dependent on the daily intake of protein from seafood.

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The demand for organic and sustainable seafood is increasing due to awareness among consumers as well as standards are rising in all the sectors – with retailers, restaurants and hotel chains. They are making aggressive commitments to ensure their seafood comes from stable and responsible sources. The key drivers include the working class and the growing urbanization of people, adhering with safe and nutritious seafood consumption and rising consumption of processed organic seafood products including salads and snacks. Increasing demand for shrimps over other seafood due to high nutritional content, a traditional food among Europeans and its availability at cheaper prices is expected to drive the market in the projected period.

Lack of planning and support from the government in production for organic shrimp regarding the environmental permits and difficulties being faced by the producers are some of the factors expected to prohibit the growth of organic shrimp market in near future.

However, the rising health awareness among consumers for consumption of protein-based products rather than calorie based products is the growing trend as well as organically grown products like organic shrimp with clean labeling certifications, is being widely accepted due to a responsible commitment in its source of production and processing methods. Advancement in organic shrimp farming is expected to grow the market for organic shrimp in the projected period.

In North America and Europe, growing penetration for organic products, manufacturers are also optimistic about the growing demand for organic sea foods in the regions. For instance, producers like Organic Shrimp Farming Co. Ltd., Anova Seafood BV, and others are producing organic shrimp and processing products to meet the rising consumer demands for organic seafood products. The North America, the EU, and Japan being the consumers since traditional times are still looking out for protein-based products, organic shrimps in particular, with availability in frozen form as well as in processed forms too. Top importers for organic shrimp and its products are U.S., Japan, France, Spain, U.K., Germany, Belgium, Italy, Canada Denmark and others. Hence, rising consumption for organic food products & health awareness among their minds is expected to fuel the demand in the coming years.

The market is expanding globally thus the producers are exporting the shrimp and it’s based products from Thailand, China, India, Ecuador, and Indonesia. Changing eating habits due to acclimation of westernized diet among Asia Pacific consumers is expected to affect the consumption of seafood products in this region. As a result, increasing consumption of western diet among consumers is shifting their preference from seafood products towards other food products such as beef, poultry, and others.

From past one decade, the Brazilian shrimp sector was at its stagnated position, earlier being the country was leading exporter of shrimps in Latin America region. Factors such as shrimp diseases, poor quality of shrimps, floods, and droughts were some unfavorable factors decimated the growth of shrimp market in the region. But in the recent years, improvement in shrimp farming technology and increasing domestic demand for shrimp products in Brazil is driving the demand for the products in the seafood market.

In Latin America region shrimp industry is back on the growth track and is expected to trace the fastest pace in the upcoming years, factors such as increasing production of shrimps from inland farming, areas that use fresh water and focus towards use of certified organic shrimp production in Brazil and Mexico is contributing towards future growth of shrimps over the forecast period.

Some of the prominent players of Organic Shrimp are Organic Shrimp Farming Co. Ltd., Anova Seafood BV, Ristic GmbH, DOM Intentional, Omarsa S.A., OSO, MSeafood Corp., Artisan Fish LLC and various other regional manufacturers.

Organic Shrimp Market: Rising Health Awareness for Consumption of Protein-based Products Drives Growth

Market Introduction:

Organic Shrimps are farmed naturally and make use of chemical-free feeding and processing methods (no antibiotics). Most shrimp are sold frozen and marketed based on their presentation, grading, color, and uniformity. Shrimps have high omega-3 fatty acids, calcium, iodine, and protein but low in food energy. Shrimp consumption is considered healthy for the circulatory system.

In many parts of the world, seafood is a staple food. It is consumed by a large part of the population living near the seashore. This has resulted in a strong base for shrimp consumption as a huge widespread population is dependent on the daily intake of protein from seafood.

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Drivers, Restraints, and Trends:

The demand for organic and sustainable seafood is increasing due to awareness among consumers as well as standards are rising in all the sectors – with retailers, restaurants and hotel chains. They are making aggressive commitments to ensure their seafood comes from stable and responsible sources. The key drivers include the working class and the growing urbanization of people, adhering with safe and nutritious seafood consumption and rising consumption of processed organic seafood products including salads and snacks. Increasing demand for shrimps over other seafood due to high nutritional content, a traditional food among Europeans and its availability at cheaper prices is expected to drive the market in the projected period.

Lack of planning and support from the government in production for organic shrimp regarding the environmental permits and difficulties being faced by the producers are some of the factors expected to prohibit the growth of organic shrimp market in near future.

However, the rising health awareness among consumers for consumption of protein-based products rather than calorie based products is the growing trend as well as organically grown products like organic shrimp with clean labeling certifications, is being widely accepted due to a responsible commitment in its source of production and processing methods. Advancement in organic shrimp farming is expected to grow the market for organic shrimp in the projected period.

Regional Outlook:

In North America and Europe, growing penetration for organic products, manufacturers are also optimistic about the growing demand for organic sea foods in the regions. For instance, producers like Organic Shrimp Farming Co. Ltd., Anova Seafood BV, and others are producing organic shrimp and processing products to meet the rising consumer demands for organic seafood products. The North America, the EU, and Japan being the consumers since traditional times are still looking out for protein-based products, organic shrimps in particular, with availability in frozen form as well as in processed forms too. Top importers for organic shrimp and its products are U.S., Japan, France, Spain, U.K., Germany, Belgium, Italy, Canada Denmark and others. Hence, rising consumption for organic food products & health awareness among their minds is expected to fuel the demand in the coming years.

The market is expanding globally thus the producers are exporting the shrimp and it’s based products from Thailand, China, India, Ecuador, and Indonesia. Changing eating habits due to acclimation of westernized diet among Asia Pacific consumers is expected to affect the consumption of seafood products in this region. As a result, increasing consumption of western diet among consumers is shifting their preference from seafood products towards other food products such as beef, poultry, and others.

From past one decade, the Brazilian shrimp sector was at its stagnated position, earlier being the country was leading exporter of shrimps in Latin America region. Factors such as shrimp diseases, poor quality of shrimps, floods, and droughts were some unfavorable factors decimated the growth of shrimp market in the region. But in the recent years, improvement in shrimp farming technology and increasing domestic demand for shrimp products in Brazil is driving the demand for the products in the seafood market.

In Latin America region shrimp industry is back on the growth track and is expected to trace the fastest pace in the upcoming years, factors such as increasing production of shrimps from inland farming, areas that use fresh water and focus towards use of certified organic shrimp production in Brazil and Mexico is contributing towards future growth of shrimps over the forecast period.

Key Players:

Some of the prominent players of Organic Shrimp are Organic Shrimp Farming Co. Ltd., Anova Seafood BV, Ristic GmbH, DOM Intentional, Omarsa S.A., OSO, MSeafood Corp., Artisan Fish LLC and various other regional manufacturers.