Global: Shrimp prices are sluggish, and rising salmon and fish meal may be the new normal in 2024

Rabobank's latest report states that 2024 will usher in the normalization of farmed salmon supply and improvements in fishmeal and fish oil production. Although prices can be reduced to a certain extent, the impact is very limited. ​ For farmed shrimp, the situation is exactly the opposite, and current shrimp prices in all markets are likely to remain low for the foreseeable future. ​ The report noted that demand in Europe and the United States is unlikely to deteriorate further in the first half of 2024, but market growth will be relatively small as macroeconomic headwinds remain. ​ In the Chinese market, demand in the first half of 2024 is likely to remain cautiously positive, and there are some concerns about shrimp import demand. ​ Rabobank added that fishmeal demand remains good but may be affected by lower prices for plant-based alternatives. While overall supply is negative in 2023, the salmon industry is seeing some signs of improvement at the end of 2023, despite ...