The Shrimp industry is currently on the edge of balancing production and market demand. This balancing alignment if achieved through discernment and wise decisions will create the mandate for successful shrimp farming in 2024.

Rabobank Global Strategist Justin Sherrard stated, “It’s going to be a year where there is lingering uncertainty unfortunately. We are looking at oversupply unless we can really find some better demand, some better growth on the consumption side,” he said. 2024 will be a year of uncertainty for all Asian Farmers and the challenge will be to juggle between production and consumption in profitable ways.

Profitable growth has been achieved by Ecuadorian producers while Asian farmers are struggling to make ends meet with mounting operational costs

Indian Shrimp Industry is facing more challenges to keep afloat, with the high cost of production mainly the costing of components such as feed, power, labour, probiotics, and chemicals burning holes in the farmers pockets and cutting down their profit margins.

The production – consumption balance can also be tipped and upset by market decisions made in China, Europe or North America.

Sherrard explained that Global Shrimp Industry is on a rocky road with hurdles to overcome in 2024.