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Organic Shrimp Market to hit $ 6.16 billion, Globally, by 2027 at 7.7% CAGR: The Insight Partners

Increasing awareness regarding organic food products & nutritional profile of seafood are the major factors supporting the global organic shrimp market growth

NEW YORK, UNITED STATES, December 2, 2021 /EINPresswire.com/ -- According to our latest market study on "Global Organic Shrimp Market to 2027 - COVID-19 Impact and Global Analysis by Source (Cold Water, Warm Water); Species (Gulf Shrimps, Farmed Whiteleg Shrimps, Banded Coral Shrimps, Royal Red Shrimps, Others); Application (Food, Pharmaceutical, Cosmetics, Others), and Geography," the 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% from 2020 to 2027.

Report Coverage Details
Market Size Value in- US$ 3.40 Billion in 2019
Market Size- US$ 6.16 Billion by 2027
Growth rate- CAGR of 7.7% from 2019-2027
Forecast Period- 2019-2027
Base Year- 2019
No. of Pages- 173
No. Tables- 88
No. of Charts & Figures- 84
Historical data available- Yes
Segments covered- Source, Species, Application
Regional scope- North America; Europe; Asia Pacific; Latin America; MEA
Country scope- US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage- Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Historically, the demand for shrimps has increased unprecedentedly; this has reflected in the rise in export volumes across the western countries such as the US as well as Western European countries, accounting for the substantial share in total demand for the shrimp imports from Asian countries. For instance, the demand for shrimp rocketed up to 359% during 2000–2015 from 1.13 million metric tons to 4.87 million metric tons, according to data by the GGN food certification authority. This has subsequently escalated the number of organic shrimp farming companies, providing the products for several commercial applications.

As a result, the supply for organic shrimp farming gained major traction across numerous Asian countries, such as Bangladesh, Thailand, India, Indonesia, and China, as well as selected Latin American countries, which witnessed a surge in the aquaculture-based shrimp farming enterprise. Thus, several government and state-level organizations have facilitated infrastructure, raised awareness and have encouraged aquaculture farming techniques that aid in the growth of organic shrimp across their respective countries.

Impact of COVID-19 Pandemic on Organic Shrimp Market

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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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.

The Organic Shrimp market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). 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 S.A. are among the key players in the global Organic Shrimp market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/organic-shrimp-market
More Research: https://clarkcountyblog.com/author/theinsightpartners/

Sameer Joshi
The Insight Partners
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