Global Shrimp Supply Contracted, Leading to Anticipation of Price Surge in 2024

Due to losses in the farming sector in 2023, there has been a reduction in the farming area, particularly in major shrimp-producing countries like Vietnam, Ecuador, and India. This decrease in supply is expected to persist in the first half of 2024. Simultaneously, there is a forecasted increase in demand for shrimp. As a result of the limited supply and rising demand, export shrimp prices and raw material costs are anticipated to continue their upward trend.