Freight rates and many other costs remaining high may push shrimp price on world markets to continue its increase in 2022.
According to the Ministry of Industry and Trade, experts at the Global Seafood Market Conference of the US National Fisheries Institute (NFI) predict that global shrimp output in 2022 will continue to increase, reaching 5,011 million tons, a significant increase compared to 4,569 million tons in 2021 and 4.086 million tons in 2020.
Ecuador made a highlight thanks to its impressive growth in shrimp output and exceeded 1 million tons in 2021 – the highest in over a decade. Ecuador’s shrimp production increased thanks to technological change and this momentum is expected to strongly continue.
Countries in Asia are producing approximately 65% of the world’s shrimp, while the proportion is 30% considering those in America. Shrimp output of India, Vietnam and Indonesia all have progressed steadily. The three countries’ shrimp production volume accounts for 55% of Asia’s shrimp output. If China is included, the proportion will increase to 80%, but China usually consumes shrimp domestically.
Vietnam’s shrimp production volume is forecasted to maintain its stable growth in 2022.
World Bank prognosticates that the average shrimp price in 2022 will increase by 7% compared to 2021, to USD 15/kg.
High freight rates, rising marine fuel costs and logistical disruptions, plus congestion at seaports and the lack of truck drivers in the USA and Europe, are likely to push wholesale shrimp prices even higher