Global shrimp production will decline by 1% in 2023

Frozen Common Shrimp & Prawn
United States
Market & Price Trends
Published Nov 15, 2023

Tridge summary

In 2023, global shrimp production is expected to decrease by one percent compared to 2022, but a recovery of 4.8 percent is forecasted for 2024. China will continue to import shrimp heavily towards the end of 2023 to meet high consumption during December, January, and February, while the United States will rely on imports from Latin America to meet increased demand due to lower logistics costs. In Europe, inflation is decreasing, but traders are hesitant to purchase crustaceans like shrimp for the Christmas season as demand remains weak. However, shrimp demand is expected to improve in Southeast Asia and the Far East by the end of the year due to upcoming celebrations, leading to price strengthening during this period.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Total farmed shrimp production in 2023 is expected to be about 5.6 million tons, down about one percent from 2022. The 2024 forecast calls for a recovery of 4.8 percent from that volume. In international trade, China is likely to maintain a strong import trend in the last quarter of 2023 to cover the high consumption season in December, January and February. However, in the United States of America, any increase in consumer demand will be met by imports from Latin America due to lower logistics costs. Inflation is falling in all major European countries. However, traders are reluctant to start buying for the Christmas period as demand for crustaceans, including shrimp, remains weak. Shrimp demand in Southeast Asia ...
Source: Fishretail
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