Turmoil in the Global Shrimp Market in 2024: Slowdown in Chinese Production, Market Saturation, Other Countries Growing Against the Trend

At the Global Shrimp Forum 2024, shrimp industry leaders and experts from around the world gathered to discuss the evolving trends and challenges of the shrimp market. Statistics released at the forum show that the global shrimp market is undergoing significant changes, especially the growth rate of shrimp production in China has slowed down, and the market is trending toward saturation.

1. Overview of global shrimp market

According to Willem van der Pijl, co-founder of the Global Shrimp Forum, EU shrimp imports are expected to increase by 3% to 330,337 metric tons in 2024. The supply of shrimp from South and Central American countries increased by 10% in the first half of the year. However, the supply of shrimp from Asian countries fell by 10%, with exports from Vietnam falling particularly sharply. In addition, shrimp imports from the United States are expected to decrease by 3 percent to 764,962 metric tons, and supplies from Indonesia are also down.

2. China's shrimp production growth slows

As the world's largest aquaculture producer, China's annual output is about 54 million tons, of which shrimp production accounts for only 5 percent. In recent years, the growth rate of shrimp production in China has slowed significantly, from more than 5 percent per year to just 1 percent. This trend indicates that the market is gradually reaching saturation, and the balance between production and demand is gradually being achieved. Although China's shrimp production is still growing in terms of volume and land use, the future market expectations are full of uncertainty.

3. Indian shrimp exports continue to grow

In contrast to the slowing trend in China, India's shrimp exports maintained growth momentum in 2024, growing by 5% in the first quarter and 4% in the second quarter. Thanks to the recovery in prices, shrimp farmers in India are actively stocking up, especially in Andhra Pradesh, where they have increased their acreage by 44 per cent compared to the same period last year. Many shrimp farmers choose to harvest small size shrimp early to achieve three harvests per year, further contributing to a stable yield.

4. Ecuador's continued growth

Although Ecuador's export growth to China has slowed, the country's shrimp exports are expected to grow by about 10 percent in the second half of this year. Exports to the US and EU markets have increased significantly, and Ecuador's export growth rate is expected to continue to slow down through 2025, with a gradual shift in market share to other regions.

5. Indonesia's shrimp production is down

The Global Shrimp Forum also pointed out that Indonesia's shrimp production will continue to decline, possibly down to 190,000 tons. The country is facing multiple challenges such as transport crisis, currency appreciation and disease, resulting in export difficulties and market competition pressure.

At present, the global shrimp market is going through a series of complex changes. Slowing production and market saturation in China, as well as dynamic changes in other countries, portend a more complex and volatile market ahead. Companies need to improve technology and efficiency to respond to changing market demands.