Accordingto a new study by Transparency Market Research, the sales of organic shrimp areexpected to reach ~US$ 350 Mn in 2019, and record a CAGR of 7% throughoutthe forecast period till 2029. Growth of the organic shrimpmarket remains driven by a slew of factors, which rangefrom rising demand for organic seafood products and changing regulations in thefood & beverage industry, to growing awareness regarding the benefits oforganic food products among consumers.
Organicshrimp is used in various applications by the food industry, feed industry,food service providers and households. The usage of organic shrimp isincreasing rapidly in households. Among the various species of organic shrimp,white leg shrimp is becoming popular, and the demand for this type of organicshrimp is expected to grow rapidly during the forecast period of 2019-2029,as such boosting the growth of the overall organic shrimp market.
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OrganicShrimp Market: New Farms in Key Producing Countries to Augment Supply
Organicshrimp is an import-oriented market, offering ample scope for players and newfarms to enter the domestic and international markets. The demand for organicshrimp is high across the globe, especially in the U.S. and in Europeanregions. With Asia representing ~40% of totalorganic shrimp production, new farms have been set up in key countries byplayers anticipating new opportunities for the growth of the organic shrimpmarket in the region.
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China is byfar a large organic shrimp producing country, followed by India, which reportedan extraordinary increase in production during the early 2000s. On the otherhand, production in Thailand and Vietnam has developed significantly during thepast decade in terms of volume. Such markets provide ample opportunities forexisting and new players to set up new farming facilities in the organic shrimpmarket.
Increasing Adoption of Free Tradeto Create New Opportunities for Organic Shrimp Market
Regionalintegration was lacking in Latin America as a result of major economies such asBrazil and Argentina that had not adopted free trade policies. However, thescenario has changed in recent years. After the successful adoption of freetrade agreements by Peru and Mexico, other countries have started adopting freetrade due to its various benefits. Free trade has helped in the integration ofthe supply chain, which results in increasing trade activities and boosts tradevolumes between countries.
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Free tradehas increased access to higher-quality, lower-priced goods. Cheaper imports,particularly from countries such as China and India, have also easedinflationary pressure in the Latin American region. Organic shrimpmanufacturers are now gaining easier access to other countries in the LatinAmerican region, which is expected to bolster the growth of the organic shrimpmarket over the forecast period.
Rise in Demand by Organic &Natural Feed Ingredient Industry to Boost Sales
Pet ownersare becoming more cautious about their pet’s health and diet, due to which, thedemand for organic and natural feed is witnessing an increase. A shift toorganic and natural food is perceived to alleviate allergies in pets. Thesefood offerings are free from chemical additives, toxic pesticides, andartificial components, which may cause discomfort to pets. Additionally, theuse of natural ingredients strengthens the immune system of pets.
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Theconsumption of organic shrimp helps increase life expectancy and quality oflife. Organic shrimp products provide pets with the necessary energy, as theycontain larger amounts of nutrient-dense calories. The incorporation of organicshrimp in the diet of pets also helps reduce the risk of obesity.
Global Organic Shrimp Market:Competitive Landscape
Some of thekey players in the global organic shrimp market are OmarsaS.A, MSeafood Corp, Ristic GmbH, Vinnbio India Pvt. Ltd., Seajoy Group, DomInternational Limited, Caribbean Shrimp Company Limited, Artisanfish LLC,Ananda Group, and Orchid Marine.
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