Shrimp Market Intelligence

Industry Outlook & Drivers

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

 Drivers

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

R&D/technology:

• Aquaculture is gaining dominance over traditional agricultural practices, wild fish harvesting, etc., due to its volume production

Constraints

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.

Government regulations:

• 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

Supply–Demand Analysis

• 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