Organic Shrimp Market to Grow at a CAGR of 7.7% to reach US$ 6.16 Billion from 2020 to 2027

The organic shrimp market was valued at US$ 3.40 billion in 2019 and is projected to reach US$ 6.16 billion by 2027; it is expected to grow at a CAGR of 7.7% during the forecast period.

There is unprecedented growth in the demand for certified organic food, and new areas of organic food production, such as seafood, are proving increasingly popular. About the Codex Alimentarius Commission, organic aquaculture refers to the production processes and practices of ecological production management systems that promote and enhance biodiversity, biological cycles, and biological activity. It is based on minimal use of off-farm inputs and on holistic management practices that restore, maintain, and enhance species diversity and ecological harmony. More generally, the primary goal of organic agriculture is to optimize the health and productivity of interdependent communities of soil life, plants, animals, and people..

Presently, APAC holds the largest share of the global organic shrimp market owing to growing awareness regarding the health benefits of the organic shrimp. The region has the presence of countries such as Bangladesh, India, Vietnam, Malaysia, Indonesia, and the Philippines, which are key exporters of organic shrimp globally. Moreover, the supportive government initiatives to expand the organic shrimp business is one of the major factors supporting the growth of organic shrimp market in the region. APAC accounted for 52.8% of the total market share in the year 2019. The companies operating in the market have an opportunity to expand their presence in APAC to achieve a significant market share.

The recent COVID-19 pandemic also has brought the overall wet market under the strict scrutiny of numerous government authorities. The spread of infection has also resulted in limited demand for wet market goods from the retail consumers. Moreover, the country-wide lockdown imposed in numerous countries have severely impacted the overall logistics and supply chain activities. However, the organic shrimp market in APAC has witnessed a mixed impact of the COVID-19 outbreak. For instance, India witnessed a decline in the demand for wet market-based goods and products resulting in the decline in the shrimp prices owing to limited exporting opportunities. Whereas, the Indonesian market hardly witnessed any impact in the demand for shrimps and the prices fell sharply owing to the abundant supply as the international exporting plummeted. China, which has emerged as the second-largest importer of shrimp after the US, also witnessed negligible decline in demand for shrimps following the pandemic. However, the country did impose import restriction on shrimps exported by selected Latin American countries due to detection of the virus in imported shrimps

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Organic Shrimp Market: Strategic Insights

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Market Insights

Increase in scope of application

As majority of aquaculture and marine based foods are extensively rich in numerous proteins, nutrients, minerals and other critical amino acids have resulted in their versatile benefits in commercial applications apart from consumption. Similarly, shrimps also owing to their rich proteins and nutrients are rich sources for numerous minerals, proteins, nutrients and omega fatty acids. For instance, the shrimps are commonly known for their low-calorie content along with rich sources several nutrients such as iodine, omega-3 fatty acids, Vitamin B12, Iron, Zinc, Phosphorus and others per 84 grams of the shrimp. Apart from its considerably vast scope of utility in the food industry, the shrimps also have extensive scope of commercial applications in cosmetics, pharmaceutical and other industries. For instance, the wasted shrimps’ scientists have been able to generate a specialized polymer extracted from shrimp shells capable of having wide range of applications in numerous personal care and other industrial product formulations. Whereas, Chitosan a linear polysaccharide compound present in the shrimps has profound scope of application across pharmaceutical products beneficial in treatment of high cholesterol, kidney failure, blood pressure, and numerous other treatments in humans. In addition to this, the shrimps also have abundant presence of antioxidants such as carotenoid which is also known as astaxanthin has tremendous application in minimizing several chronic diseases along with the reducing the changes of heart attacks and preventing damage to brain cells. Thus, scientists are continuously exploring other commercial applications of various other benefits that can be extracted from shrimps and subsequently anticipated to aid in the fueling the growth of the market during the coming years.

Source Insights

The organic shrimp market based on source has been segmented into cold water and warm water. In 2019, the cold water segment accounted for the largest share in the global Organic Shrimp market. The cold-water shrimp mainly feed on the zooplankton and are generally found on the water floor living for about eight years. The cold water-based shrimp are popularly used frozen and imported for their consumption in restaurants along with fresh consumption by the individuals in the retail sector. The cold water-based shrimp are known for their rich omega-3 fatty acids along with various other nutrients depending on their species. The cold-water shrimp generally are suitable for water temperature ranging between 0-8 degree Celsius and quickly grow within the span of six months. The most commonly available species among cold-water shrimp are known as Pandalus borealis and are extensively present across the North American and European regions.

Species Insights

The organic shrimp market based on species is segmented into gulf shrimps, farmed whiteleg shrimps, banded coral shrimps, royal red shrimps, and other species of shrimp. In 2019, the farmed whiteleg shrimps segment is dominating the Organic Shrimp market. The farmed whiteleg shrimp are one of the world’s most commonly available and popular species of the shrimp. The other commonly accepted names of the farmed whiteleg shrimp are Pacific white shrimp, king prawn or tiger prawn. Some of the major producing countries of this type of shrimp are Brazil, India, Philippines, Peru, China, Thailand, Malaysia, United States, and Indonesia among several other countries. The farmed whiteleg shrimp appear translucent white in colour and are generally confused with white-coloured Gulf Mexico. However, based on the shrimp feed, water turbidity and substratum the shrimp can also appear in different colour bands ranging from green, brown, red, grey, and transverse colour bands. In addition to this, the farmed whiteleg shrimp are one of the most traded aquaculture commodities in the Asia and continues to dominate the overall global market as well owing to its extensively popularity and production across the major countries worldwide. Thus, the farmed whiteleg shrimp is expected to provide substantial business opportunities for the market players during the coming years.

Application Insights

The organic shrimp market based on application is segmented into food, pharmaceuticals, cosmetics, and others. In 2019, the food segment is dominating the Organic Shrimp market. The food industry remains the undisputed market leader for the application of shrimp owing to its extensive popularity among sea food category and consumption in numerous cultures. Depending on the nature of food or beverages, the shrimp can be either consumed fresh or frozen shrimp products and are extensively popular among sushi restaurants. In retail food industry, the frozen shrimp are the most commonly available form of the products present throughout the year for varying shrimp species. Owing to their extensive rich nutrients, proteins and low-calorie value their have gained unprecedented popularity among the international market in different food industry verticals. Though the shrimp are popular among larger masses irrespective of source, however, the recent change in lifestyle inclined towards healthy eating habits and practices has fueled the demand for organic shrimp especially across the US and Western European countries.

Cooke Inc., Nippon Suisan Kaisha, Ltd., amongst others are the key players present in the global Organic Shrimp market. These companies are implementing new product development and mergers and acquisition strategies to enlarge the customer base and gain significant market share across the world, which, in turn permit the players to maintain their brand name globally.

Organic Shrimp Market Regional Insights

The regional trends and factors influencing the Organic Shrimp Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Organic Shrimp Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Organic Shrimp Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Organic Shrimp Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Organic Shrimp Market are:

1. Charoen Pokphand Foods PCL
2. High Liner Foods Incorporated
3. Maruha Nichiro Corporation
4. BLUE STAR SEAFOOD CO. LTD. (Blue Snow Food Co, Ltd.)
5. The Clover Leaf Seafoods Family

Disclaimer: The companies listed above are not ranked in any particular order.

Report Spotlights 

• Progressive industry trends in the global organic shrimp market help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the global organic shrimp market from 2017 to 2027
• Estimation of global organic shrimp demand across various industries
• PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
• Recent developments to understand the competitive market scenario and global organic shrimp demand
• Market trends and outlook coupled with factors driving and restraining the growth of the global organic shrimp market
• Decision-making process by understanding strategies that underpin commercial interest with regard to global organic shrimp market growth

• Global Organic Shrimp market size at various nodes of market
• Detailed overview and segmentation of the global organic shrimp market, as well as its dynamics in the industry
• Global organic shrimp market size in various regions with promising growth opportunities

Global Organic Shrimp Market – By Source

• Cold Water
• Warm Water

Global Organic Shrimp Market, by

Species

• Gulf Shrimps
• Farmed Whiteleg Shrimps
• Banded Coral Shrimps
• Royal Red Shrimps
• Others

Global Organic Shrimp Market, by

Application

• Food
• Pharmaceutical
• Cosmetics
• Others

Company Profiles

• 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 S.A.