Ecuador leads global shrimp production with approximately 1.49 million metric tonnes annually, while India produced around 713,000 metric tonnes in 2023. Vietnam contributes around 10 to 11 percent of global supply, and Thailand - although has been struggling, remains a key player.

India's shrimp production has seen some recovery this year after it declined in 2023 due to adverse weather, labor shortages, and rising costs. Ecuador expanded production by 8 percent, driven by favorable conditions and growing demand from key markets, while Vietnam saw modest growth despite high costs and disease challenges. Thailand faced production declines due to disease outbreaks and rising costs.



Throughout 2023, global shrimp demand remained strong, with U.S. and China imports recovering by late 2023, Europe maintaining consistent demand for sustainably farmed shrimp, and Japan favoring premium products. Shrimp prices peaked in early 2023 due to supply chain disruptions and high feed costs but stabilized by mid-year as production improved in Ecuador and Vietnam.

Fast forward to now, and shrimp prices have been volatile due to oversupply and weakening demand from China, where high inventories and a slightly weaker currency are limiting price recovery. Despite a 20 to 40 percent drop in shrimp prices since last year, consumer demand in many regions remains stable, with shifting preferences toward larger shrimp sizes due to affordability.

Ecuador has gained market share in Europe by diversifying its exports to include more value-added products like peeled and deveined shrimp, while countries like Vietnam are focusing on marinated and coated products to meet demand in both the U.S. and Europe.

Our recommendation is to consider developing a strong shrimp program for the holiday season, as snow crab supplies are scarce with the new Canadian snow crab season not until April and potential delays in the Dungeness crab season until after the new year. As a word of caution, shrimp prices may experience a short-term increase as demand rises over the holidays, but should stabilize by early 2025.

Indian shrimp prices are expected to spike soon due to the end of the harvest season and new U.S. import duties.



Keep tuned-in to our 3MMI as we will report on the state of the Crab market in coming weeks.

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