Page 21 - Think Grain Think Feed - December 2023

www.benisonmedia.com INDUSTRY NEWS 2024 Shrimp Industry Outlook

Think Grain Think Feed - Volume 10 | Issue 2 | Dec 2023

Remains Uncertain

Image Source: The Economics Times

The global shrimp industry is output or switch to other industry remains uncertain.
expected to face a aquaculture species. The Oversupply is likely to persist
challenging year in 2024, situation is expected to be in 2024, and producers will
with oversupply continuing particularly difficult in India, need to find ways to reduce
to be a major concern. where shrimp production is costs and improve efficiency
Rabobank analysts predict forecast to decline by as to remain competitive.
that global shrimp much as 20% in 2024. Rabobank analysts suggest
production will remain flat at Despite the challenges, there that producers focus on
around 3.9 million metric are some reasons for improving feed efficiency,
tons, while demand is optimism. Demand for reducing disease losses, and
expected to grow only shrimp is expected to developing new markets for
marginally. This imbalance is continue to grow in the long their products.
likely to put further term, driven by increasing The global shrimp industry is
downward pressure on incomes and urbanization in at a crossroads. Oversupply
shrimp prices, which have major markets such as China and low prices are posing
already been declining for and India. Additionally, there major challenges, but there
several years. is growing interest in shrimp is also potential for growth in
The situation is particularly as a sustainable source of the long term. Producers
dire for shrimp producers in protein, as shrimp farming who can adapt to changing
Asia, who account for most has a relatively low market conditions and
of the global production. environmental impact improve their efficiency will
These producers have been compared to other forms of be well-positioned to
hit hard by low prices and animal agriculture. capitalize on this growth.
rising production costs, However, the short-term Source: seafoodofIndia
leading many to reduce their outlook for the shrimp

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