(TSVN) – The world shrimp industry in 2022 is considered a “bumper harvest” year, although some major shrimp producing countries still face many difficulties. Let’s take a look back at the global shrimp industry over the past year, from farming, breeding, feed to market and consumption.
Production still growing
There are no full statistics on world shrimp production in 2022, however, based on current figures, global shrimp production is expected to increase by 4% after an 11.5% increase in 2021, reaching 5.6 million tonnes. Much of this growth is driven by Ecuador, which is expected to increase by 18% year-on-year. Meanwhile, Indian shrimp production is expected to decline due to disease, weather, feed costs and falling prices. Indian shrimp production increased by 11% in 2021 but is expected to decline by 4.7% in 2022, said Rabobank senior analyst Gorjan Nikolik.
In addition, there is a strong shift towards farmed shrimp species. Many shrimp producing countries in Asia are returning to black tiger shrimp and moving away from whiteleg shrimp, which is highly susceptible to disease and has increasing farming costs. Robins McIntosh, senior vice president of Charoen Pokphand Foods (CPF), said that black tiger shrimp production increased to 546,000 tonnes in 2021, up from 382,000 tonnes in 2019. However, whether the market is ready to absorb an increased supply at a higher price remains a question mark.
New progress in breeds
The shortage of high-quality whiteleg shrimp broodstock and dependence on imports are concerns for many shrimp-producing countries in the world, including China. In early August 2022, the Guangdong Provincial Agricultural Administration, China, said that companies in the province had just successfully produced two new whiteleg shrimp varieties, Haimao No.1 and Hisenor No.3. The industry regulator has now granted circulation licenses for these two varieties.
Haimao No.1 Breeding Stock Producer – Haimao Group Company has acquired the US-based Primo Shrimp Company and launched a foreign shrimp breed with high disease resistance to the domestic market, while successfully developing a new shrimp breed with a high survival rate. Meanwhile, Hisenor No.3 Company is based on genetic research that the Company has conducted for many years.
With an estimated 600,000 broodstock shrimp imported in 2020, China is still the world’s largest broodstock market for broodstock shrimp. The successful start in the field of broodstock production has shown the efforts of Chinese companies in achieving the goal of improving the quality of domestic shrimp products.
Also in 2022, Evergreen Company in Zhanjiang, China expanded its cooperation with Sun Yat-sen University to develop a stronger shrimp breed that is resistant to some common diseases. Evergreen is planning to apply for a marketing authorization for this product.
Shrimp Feed Market Growth
The global shrimp feed market was valued at USD 6.1 billion in 2021 and is expected to grow to USD 9.45 billion in 2022, growing at a CAGR of 9.9% during 2018-2022.
Shrimp feed is manufactured to meet the nutritional requirements of farmed shrimp. It helps regulate the adequate levels of vitamins, minerals, essential amino acids, and fatty acids in shrimp. Common ingredients of shrimp feed include fish oil, fishmeal, squid meal, cereal meal, and other additives. Shrimp feed helps improve production cycles, harvest per unit area, and profits; while reducing environmental pollution.
One of the major factors driving the growth of the global shrimp feed market is the changing dietary patterns coupled with the growing health awareness among consumers. This has led to a higher demand for healthy shrimp, thereby positively influencing the expansion of the shrimp feed industry. Furthermore, the commercialization of TCT due to strong demand from both developing and developed countries has also fueled this demand.
High Potential Market
Shrimp has benefited greatly from the income elasticity of demand as it is considered a healthy, premium, convenient product. The latest report by IMARC Group titled “Shrimp Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022 – 2027” provides a comprehensive analysis of the industry, stating that the global shrimp market was valued at USD 62.8 billion in 2021. Looking ahead, IMARC Group expects the market to reach USD 84.2 billion by 2027, registering a CAGR of 4.8% during 2022 – 2027. With affordable prices, nutritional benefits such as being a rich source of phosphorus, antioxidants, protein, selenium, copper, iron, magnesium, Omega-3 fatty acids, Vitamins B and D, etc., shrimp remains one of the most popular commodities globally.
The largest shrimp producing countries in the world include: China, India, Vietnam, Indonesia, Thailand and Ecuador. Ecuador is one of the world’s largest shrimp exporters. Japan, France, Spain, the US, China and Europe are major shrimp consuming markets, with the US still the leading market.
Source: thuysanvietnam.com.vn
