Global Shrimp Production Experienced a 1% YoY Decline in 2023, with 4.8% Anticipated Growth in 2024

The Import-Export Department of Vietnam's Ministry of Industry and Trade predicts that global shrimp farming production at the end of 2023 will reach 5.6 million tons, reflecting a 1% year-over-year (YoY) decrease, with an anticipated 4.8% YoY increase in 2024.

China is expected to maintain its shrimp import trend by the end of 2023, particularly during the peak consumption season from Dec-23 to Feb-24. Similarly, the United States (US) is projected to experience an increase in shrimp demand during Christmas, potentially leading to a rise in shrimp prices.

In Ecuador, the shrimp industry faces substantial losses, estimated at up to USD 5 million per day, due to energy rationing caused by a drought-induced reduction in electricity output. Ecuador's frozen shrimp exports are primarily directed towards China, which is recovering from the impacts of the COVID-19 pandemic. Experts anticipate a 15% YoY increase in Ecuador's shrimp production in 2023, reaching 1.3 to 1.4 million tons. In 2024, the shrimp production is expected to remain consistent with 2023. Given economic challenges in China, Ecuador may focus on producing value-added goods rather than solely relying on raw shrimp exports.