Growing awareness of organic food products and nutritional profile of seafood are the major factors supporting the growth of the global organic shrimp market
NEW YORK, UNITED STATES, December 2, 2021 /EINPresswire.com/ – According to our last market study on “Global Organic shrimp market to 2027 – COVID-19 impact and global analysis by source (cold water, hot water); Species (Gulf prawns, Farmed white-legged prawns, Banded coral prawns, Royal red prawns, Others); Application (Food, Pharmaceutical, Cosmetics, Others), and Geography, “the market was valued at US $ 3.40 billion in 2019 and is expected to reach US $ 6.16 billion by 2027; it is expected to grow at a CAGR by 7.7% compared to 2020 to 2027.
Report Coverage Details
Market size value in – US $ 3.40 billion in 2019
Market size – $ 6.16 billion by 2027
Growth rate – 7.7% CAGR from 2019-2027
Forecast period – 2019-2027
Base year – 2019
Number of Pages – 173
No. Tables – 88
Number of graphs and figures – 84
Historical data available – Yes
Segments Covered – Source, Species, Application
Regional scope – North America; Europe; Asia Pacific; Latin America; AEM
Country Scope – US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report Coverage: Revenue Forecast, Company Rank, Competitive Landscape, Growth Factors and Trends
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Historically, the demand for shrimp has increased unprecedentedly; this was reflected in the increase in export volumes to western countries such as the United States as well as western European countries, accounting for the substantial share of the total demand for shrimp imports from Asian countries. For example, demand for shrimp soared 359% between 2000 and 2015, from 1.13 million metric tonnes to 4.87 million metric tonnes, according to data from the food certification authority GGN. This subsequently increased the number of organic shrimp farming companies, supplying the products for several commercial applications.
As a result, the supply for organic shrimp farming has gained ground in many Asian countries, such as Bangladesh, Thailand, India, Indonesia and China, as well as some countries in America. Latin America, which have seen an increase in aquaculture-based shrimp farming. business. Thus, several government and state organizations have facilitated infrastructure, raised awareness and encouraged aquaculture techniques that contribute to the growth of organic shrimp in their respective countries.
Impact of the COVID-19 pandemic on the organic shrimp market
The organic shrimp market in APAC has seen a mixed impact from the COVID-19 outbreak. For example, India has experienced a decline in demand for wet market goods and products, leading to lower prices for shrimp due to limited export opportunities. While the Indonesian market hardly impacted demand for shrimp and prices fell sharply due to the plentiful supply as international export plummeted. China, which has become the second largest importer of shrimp after the United States, has also seen a negligible drop in demand for shrimp in the wake of the pandemic. However, the country has imposed import restrictions on shrimp exported from some Latin American countries due to detection of the virus in imported shrimp.
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The application-based organic shrimp market is segmented into food, pharmaceutical, cosmetic, and others. In 2019, the food segment dominates the organic shrimp market. The food industry remains the undisputed market leader for the application of shrimp due to its great popularity in the seafood category and its consumption in many cultures. Depending on the nature of the food or drink, shrimp can be eaten fresh or frozen and are very popular among sushi restaurants. In the retail food industry, frozen shrimp are the most commonly available form of product present throughout the year for different species of shrimp. Due to their richness in nutrients, proteins and low caloric value, they have gained unprecedented popularity in the international market in different sectors of the food industry. Although shrimp are popular among the larger masses regardless of their source, the recent lifestyle shift in favor of healthy eating habits and practices has fueled the demand for organic shrimp, especially in the United States and the United States. Western European countries.
The organic shrimp market is segmented into five main regions: North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America ( SAT). In 2020,
Organic Shrimp Market: Competitive Landscape and Key Developments
Charoen Pokphand Foods PCL, High Liner Foods Incorporated, Maruha Nichiro Corporation, BLUE STAR SEAFOOD CO. LTD. (Blue Snow Food Co, Ltd.), The Clover Leaf Seafoods Family, Nippon Suisan Kaisha, Ltd, Royal Greenland A / S, Cooke Aquaculture, Seacore Seafood Inc., Omarsa SA are among the key players in the global organic shrimp market . Leading companies focus on expanding and diversifying their market presence and acquiring new customers, thereby exploiting existing business opportunities.
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