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 2020-2027. 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.
New York, Aug. 11, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Organic Shrimp Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Source, Species, Application" - https://www.reportlinker.com/p05950861/?utm_source=GNW
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.
Increasing awareness regarding the organic food products and high nutritional profile of seafood are the major factors contributing to the growth of the organic shrimp market worldwide.The market is fragmented in nature, with a large number of well-established international players having broad geographic reach and well-diversified product offerings.
Moreover, the market also includes some regional players with limited geographic focus.
APAC holds the largest share of the global organic shrimp market owing to growing awareness regarding the health benefits of organic shrimps.Countries such as Bangladesh, India, Vietnam, Malaysia, Indonesia, and the Philippines are the key exporters of organic shrimp globally.
Supportive government initiatives contribute significantly to the growth of the organic shrimp market in this these countries. APAC accounted for 52.8% of the total market in 2019. The global organic shrimp market players have an opportunity to expand their presence in APAC to achieve a significant market share.
Impact of COVID-19 Pandemic on Organic shrimp Market
North America, especially the US, has witnessed an exponential rise in number of confirmed COVID-19 cases, which has resulted in large-scale lockdown across different countries in the region.Moreover, the retailers and brands are facing various short-term challenges regarding maintaining the supply chain activities through retailers, distributors, and suppliers of organic shrimp across the North American countries.
As a result, countries such as the US and Canada have limited the volume of shrimps import from Asian countries, especially China, to check the spread of the virus.However, owing to the ease of lockdown restrictions, along with emphasis toward effective retention of food industry through restoration of supply chain operations, has mitigated the negative influence of the COVID-19 on the market in North America.
Further, the notable presence of domestic suppliers has ensured the continuous supply of the organic shrimps in the region.
In Europe, there was country-wise variation in the impact of COVID-19 pandemic as selected countries witnessed a surge in number of confirmed cases, and subsequently attracted stringent as well as long-spanning lockdown or social isolation.For instance, Italy, Russia, and Spain experienced a notable disruption of supply chain activities due to the prolonged lockdown imposed by their governments.
As a result, the shutdown of national borders and restricted movement of goods have disrupted the sales of meat and fish products in selected European countries.The region witnessed a shortage in its import of organic shrimp-based products and goods from the Asian and African countries.
Subsequently, the region mainly emphasized over the products sourced within the region. The notable number of small and medium enterprise owners faced financial difficulty due to limited movement or transportation of goods across the region as the several countries closed their borders upon the wide spread of the virus.
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