Demand for shrimp products to strengthen in Asian markets

      Shrimp farming in Asia enters the production off-season in January-February, while shrimp farming in Latin America continues until February-March of the following year. Total global production of farmed shrimp in 2023 will be about 5.6 million tonnes, about 1% lower than in 2022, and production in 2024 is expected to increase by 4.8% from the 2023 level. On the international trade front, China is likely to maintain a strong import trend in the last quarter of 2023 in anticipation of the peak consumption seasons in December, and January and February of '24.

      Consumer demand in the US market will come mainly from Latin America due to lower logistics costs. Inflation is falling in all major European countries, but market demand for crustaceans, including shrimp, remains weak and buyers are reluctant to start buying over the Christmas period. In Asia, market demand for shrimp products in South-East Asia and the Far East is expected to improve towards the end of the year due to the Christmas, Lunar New Year and Lunar New Year celebrations between December and February, driving prices stronger.