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Thailand to import 10,500 tonnes of shrimpAugust 09, 2022
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Shrimp market frequently asked questions
Increasing consumption of processed/ready-to-cook (RTC) seafood and rising disposable income are major driving forces for the global shrimp market. In addition, market players are increasingly adopting aquaculture technology to gain a competitive edge.
China, accounting for nearly half of the global shrimp production, will continue to attract stakeholders over the forecast period. The majority of the supply comes from aquaculture and wild capture. Despite the reduced shrimp demand in 2020 due to the COVID-19, China’s shrimp market is poised to make a gradual rebound.
As per Beroe’s category intelligence study, the global shrimp production is expected to surpass 6 MMT, at a 4% CAGR.
China (32%) is the leading shrimp exporter, followed by Thailand (26%) and Malaysia (8%).
Surging demand for frozen and premium seafood and rapid shift from conventional agricultural methods to tech-driven aquaculture practices are the key trends impacting the global shrimp market growth.
South Korea makes up for a quarter of the global shrimp import, with Singapore and Hong Kong share the same divide, followed by Thailand.
Governments worldwide have imposed their own control mechanism to avoid overfishing and exhaustion of resources. For example, countries including China and Thailand have enabled fishing licenses and quotas for their fisheries and seafood industries.
Seafood raising and processing are subject to disease outbreaks. For instance, early mortality syndrome (EMS) has led to a significant decline in shrimp production in China, Vietnam, and Indonesia.
Shrimp market report transcript
Global Market Overview on Shrimp
The global seafood industry is highly fragmented, with a supply of approx. 170.9 MMT of fishes annually (both wild caught and aquaculture, 2018) and is estimated to reach 180 MMT in 2020.
Fish capture over the decade has taken a more inland approach, with the major capture type being aquaculture and tuna, shrimp, salmon are the most captured and traded species
- Aquaculture currently holds 48 percent of the market share, and it is expected to increase its share in the total capture beyond 50 percent by the end of 2021
Market Drivers and Constraints
Increasing demand for processed/ready-to-cook seafood:
- The seafood industry is gaining momentum, due to convenience and time-saving factors
- Increasing disposable income and per capita consumption are also seen favorable for the growth of the industry
- Aquaculture is gaining dominance over traditional agricultural practices, wild fish harvesting, etc., due to its volume production
Shorter shelf life and disease outbreaks:
- Disease outbreaks can occur both during raising and processing seafood. EMS or Early Mortality Syndrome had caused a substantial decrease in the shrimp production of the leading countries, like China, Vietnam, Indonesia, etc.
- Every country has its own control mechanism to prevent overfishing and the exhaustion of its resources. Countries, like Thailand, China, have fishing quotas and licenses in place, with respect to their fisheries and seafood industry
- Global shrimp production is expected to reach 6 MMT, with an average growth rate of 4 percent, with the nearly complete eradication of EMS in China.
- Currently, more than 65 percent of the shrimp supply is through aquaculture, than wild capture, with China occupying majority of share in harvesting both types of supply
- COVID could impact supplies of shrimp in China, however, the market could suffer from low demand. Demand for shelf stable canned shrimp could increase in H2 2020