Consumers' Willingness to Pay (WTP) for Organically Farmed Fish in Bangladesh

This study aims to assess the market potential for organically farmed shrimp. The rank-ordered logit model was employed to investigate consumer perceptions; the findings reveal that consumers prefer organic shrimp from mariculture, and inland-farmed shrimp to the coastal version. The willingness to pay (WTP) for conventional shrimp amongst consumers with low knowledge is less than that for organic shrimp amongst highly knowledgeable ones. In addition, the lower WTP for organic shrimp compared with safe shrimp amongst those with a medium knowledge level shows that the organically farmed shrimp market is lagging behind due to limited knowledge and confusion.

Automated summary

The study found that consumers prefer organically farmed shrimp from mariculture, and their willingness to pay for it is influenced by their knowledge level. The market for organically farmed shrimp lags behind due to limited knowledge and confusion among consumers.