January 16, 2023

Rabobank: Positive trajectory for global shrimp supply in 2023

Rabobank's latest aquaculture report, "What to Expect in the Aquaculture Industry in 2023," found the global shrimp supply is on a positive trajectory.

Compiled by Rabobank seafood and aquaculture analyst Novel Sharma and senior global seafood specialist Gorjan Nikolik, the report forecasts global shrimp production could reach six million tonnes (MT) in 2023.

Ecuadorian shrimp production is set to grow between 18% and 30% in 2023. Last year, Ecuador produced an estimated 1.35 million tonnes of shrimp, its largest single-year volume growth, adding 300,000 tonnes to its supply. This growth alone is only slightly lower than Thailand's total annual production and will lift production in the Americas beyond two million tonnes, according to Rabobank.

Elsewhere in 2022, Asia – the largest shrimp-producing region – was expected to experience its first volume decline since 2013, albeit just a 0.1% drop. However, this decline will be temporary and the region's output will rebound in 2023 thanks to higher production in China and India, and a slight increase in Vietnam's output, Rabobank found. Collectively, this should push Asian production above four million tonnes in 2023.

Overall, global shrimp supply increased by 4.2% in 2022 and Rabobank remains positive about 2023, with Ecuador's supply growth accompanied by a strong 9.5% recovery in Chinese production, Sharma said.

- SeafoodSource