Organic Shrimp Market
Organic Shrimp Market (Species: White Leg Shrimp, Giant Tiger Prawn; Form: Fresh, Processed [Frozen, Cooked, Peeled, Canned, Others]; End Use: Food Industry, Feed Industry, Food Service Providers, Household/Retail; Distribution Channel: Direct, Indirect [Modern Trade, Convenience Stores, Online Retail]) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2029
Press Release :
Organic Shrimp Market: Increasing Awareness about Responsible Aquaculture to Contribute to Growth
The growing demand for seafood, globally, has led to the controlled cultivation of aquatic organisms specifically meant for human consumption. Rising awareness among people about the methods employed in aquatic farming, and the detrimental effects that they can have on both, humans and the environment, when practiced incorrectly, has led to a growing inclination toward responsible aquaculture practices. This shift toward improved farming, in recent years, has had a positive impact on the growth of the global organic shrimp market.
Growth in the popularity of organic shrimp can be attributed to the nutritional benefits it offers. These include iodine, selenium, and others, which can promote heart health. Increasing demand can also be attributed to the rise the consumption of wholesome protein-rich products, as healthy lifestyle foods gain traction in the global food & beverage industry.
Manufacturers in the global organic shrimp market are looking to capitalize on this trend as they ramp up production to keep pace with the global demand for the same. In 2018, the organic shrimp market witnessed sales of ~33 Bn tons, which is projected to increase at a CAGR of ~7% over the forecast period, to reach ~68 Bn tons by 2029.
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Transparency in Food Packaging to Positively Impact Market
The trend of transparency and clean packaging that is sweeping through the food & beverage industry has also influenced the global organic shrimp market, where market players are looking to incorporate the tenets of clean packaging to improve sales, globally. Coupled with this, producers in the organic shrimp market are also looking to preserve the quality and integrity of the product as it travels through the supply chain, right from hatching and harvesting, until it reaches the end user. They are doing this primarily by adhering to the various regulations set out by governing bodies, and keeping up with the certifications and labels that pertain to them, including organic labels and BAP certification. This has resulted in the standardization of the quality of organic shrimp, and, in turn, a reduction in consumer mistrust, which has had a positive impact on the growth of the global organic shrimp market.
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Food packaging has also had an indisputable impact, as consumer preference is shifting to ready-to-eat foods that is available in convenient packaging. With the rising popularity of seafood as a snack, manufacturers are exploiting this trend by focusing on convenience packaging, which has had an instrumental effect on the organic shrimp market as well.
APAC to Remain a Significant Market
In 2018, Asia Pacific accounted for nearly one-third of the total share of the global organic shrimp market, making it the most significant region in the landscape. The region is expected to hold its place at the head of the table during the forecast period, with more than 2X increase in value to reach the ~US$ 270 Mn mark by 2029. This is due to rising awareness of the health benefits of organic food, focus on the quality of products, and demand for convenient packaging or ready-to-eat food. Also contributing to this popularity is the presence of facilities in the region that cater to this rising demand from consumers.
Due to increasing responsible aquaculture and sustainable farming, there has been an increase in the consumption of seafood in North America, including shrimp. The organic shrimp market in North America, which was valued at ~US$ 80 Mn in 2018, is expected to grow the fastest during the forecast period, doubling in value by the end of 2029.
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Analysts’ Overview of Organic Shrimp Market
The growing popularity of organic products and consumers demanding information about the source and production processes have contributed to the popularity of organic foods in recent years. This trend has also had a positive impact on the global organic shrimp market, which, according to analysts at Transparency Market Research, is expected to grow steadily at a decent CAGR of ~7% over the forecast period. Manufacturers in the organic shrimp market, focusing on enhancing the quality of packaging to improve the shelf life and protect the integrity of shrimp, are likely to witness profitable gains and strengthen their foothold in the market.
Asia Pacific is set to remain the umost lucrative region for players in the global organic shrimp market, as awareness of the health benefits of organic food is rising in this region. This has also had an impact on the market in North America, which is set to expand the fastest by both, value and volume. Manufacturers looking to expand into these regions are likely to benefit from lucrative opportunities and maximize profits during the forecast period.
Organic Shrimp Market: Overview
- According to Transparency Market Research’s latest market report on the organic shrimp market for the historical period of 2014-2018 and forecast period of 2019-2029, globally, revenue generated by the organic shrimp market has been estimated at ~US$ 350 Mn in 2019, and is expected to increase at a CAGR of ~7% in terms of value throughout the forecast period.
- As such, the global organic shrimp market is projected to reach a value of ~US$ 715 Mn by the end of 2029.
Organic Shrimp Market: Stable Supply in the U.S. to Create Favorable Environment
- The organic shrimp market has gained traction in the U.S. because of its popularity among consumers. Organic shrimp is a rich source of proteins, due to which, health-conscious consumers are eager to include it in their regular diet.
- Despite the high demand, the U.S. has stable organic shrimp supplies, owing to high imports into the country. Around sixty percent of the organic shrimp consumed domestically in the U.S. is imported from abroad.
- A majority of the organic shrimp imported into the United States comes from India, China, and Taiwan, followed by Indonesia, Ecuador, Costa Rica, Columbia, and Thailand.
- Hence, although there is high demand and low production, organic shrimp is a flourishing market in the U.S. because of the large import volumes of frozen organic shrimp from across the globe.
Organic Shrimp Gaining Retail Shelf Space in Potential Markets
- Apart from major producers such as China and Ecuador, or significant importers such as the U.S. or other European countries, the production of organic shrimp is widespread in other developing markets such as Thailand and India.
- Slowly and steadily, organic shrimp products are gaining retail shelf space in the far remote areas of these regions, due to the ability of shrimp to breed quickly and survive in harsh environmental conditions.
Organic Shrimp Market: Selective Breeding Programs to Enable Better Yield
- Selective breeding has a very high potential for enhancing the genetic quality of organic shrimp in aquaculture, as it improves the growth rate and other phenotypes, thereby yielding better fillets for customers in the market. Selective breeding programs are performed on shrimp to select and mate exclusively, the best shrimp in terms of size, weight, health, and desired color.
- It is expected that the shrimp selected through these programs would pass on their superior genes to the next generation, which consequently will be more valuable as a result of their increased market value. The genetic gain thus received is nearly higher than twelve percent per generation for growth rate and disease resistance.
- Selective breeding has emerged as an efficient method to enhance the breeding value of the organic shrimp population, and is boosting sales in the global organic shrimp market.
Restaurants & Hotels to Boost Demand for Organic Marine Products
- Owners of restaurants and hotels focus on staying aware of the latest trends to increase their revenue. Awareness regarding the necessity of leading a healthy lifestyle and the benefits of nutritious food is increasing amongst consumers. Consumers are concentrating on weight management, and are showing preference towards organic and natural products to manage obesity and reduce the risk of health diseases. These factors are expected to boost the sales of organic shrimp.
Organic Shrimp Market: Competitive Landscape
- Key manufacturers such as Omarsa S.A and Ristic GmbH, in the organic shrimp market, are trying to increase their global presence in developing countries.
- Tier I players include Omarsa S.A, Ristic GmbH, and Vinnbio India Pvt. Ltd, which account for more than five percent of the global players present in the organic shrimp market.
- Tier II players include MSeafood Corp, Seajoy Group, Dom International Limited, Caribbean Shrimp Company Limited, and some other players. Tier III usually consists of unorganized players in the organic shrimp market.
Organic Shrimp Market: Key Developments
Some of the key developments witnessed in the organic shrimp market during the past few years are as follows:
- In April 2016, Ristic GmbH and Morubel NV became co-shareholders of Dutch Telson B.V. GBC and took fifty percent stake in Telson B.V. Telson mainly offers unpeeled and peeled North Sea shrimp, which is also known as brown shrimp. The aim behind this joint venture was to expand the range of shrimp offerings.
- In January 2018, Marine Products Export Development Authority partnered with COOP Cooperative, one of Switzerland's biggest retail and wholesale companies. This strategic partnership was made to boost sustainable and organic shrimp farming, and to develop export-oriented organic aqua-farming in India.
Organic Shrimp Market - Scope of the Report
Transparency Market Research (TMR) recently published a study on the organic shrimp market. This report provides detailed assessment on key market dynamics, including the drivers, trends, opportunities & restraints, and detailed information about the organic shrimp market structure. The report also presents exclusive information about how the organic shrimp market is anticipated to grow during the forecast period of 2019-2029.
Key indicators of market growth, which include year-on-year (Y-o-Y) growth of the market, value chain, supply chain analysis, and compounded annual growth rate (CAGR) are explained in TMR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the organic shrimp market for the forecast period.
The study is relevant for stakeholders in the organic shrimp market, including organic shrimp manufacturers, suppliers, distributors, and investors, and can help them in developing suitable strategies to grow in the market. Industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in TMR’s study.
The report also includes statistics as well as facts related to the macro as well as microeconomic factors that are impacting developments in the organic shrimp market. It also offers actionable insights based on the future trends in the organic shrimp market. Furthermore, small businesses and new entrants in the organic shrimp market can also make use of the information presented in this study, based on which, they can make effective business decisions in order to establish themselves in the market.
Key Questions Answered in TMR’s Organic Shrimp Market Report
- Which regions will continue to remain the most profitable regional markets for players in the organic shrimp market?
- Which factors will induce a change in the demand for organic shrimp during the assessment period?
- How will changing trends impact the organic shrimp market?
- How can market players leverage opportunities in the organic shrimp market in developed regions?
- Which companies are leaders in the organic shrimp market?
- What are the winning strategies of stakeholders in the organic shrimp market to improve their market position?
Organic Shrimp Market: Research Methodology
In TMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the organic shrimp market, and to reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions drawn in the report.
Secondary resources referred to by analysts during the study of the organic shrimp market include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources acts as a validation from companies in the organic shrimp market, and makes TMR’s projection on the growth prospects of the organic shrimp market more accurate and reliable.
Key Segments of Organic Shrimp Market
TMR’s study on the organic shrimp market offers information divided into important segments—species, form, end use, distribution channel, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
White Leg Shrimp
Giant Tiger Prawns