Rabobank: Farmed fish, shrimp production to bounce back in 2024

Rabobank: Farmed fish, shrimp production to bounce back in 2024

Global seafood supply is likely to rise next year, with key aquaculture production sectors returning to a period of growth after a turbulent 2023, according to new analysis compiled by the RaboResearch unit of Dutch financial services company Rabobank.

Summarizing key takeaways from Rabobank’s annual production survey with support from the Global Seafood Alliance, the report, “What to Expect in the Aquaculture Industry in 2024,” anticipates worldwide shrimp production will recover in the year ahead after a modest 0.4 percent decline in output in 2023. At the same time, global salmon harvests are likely to rise after two years of flat or declining yields, and various farmed whitefish sectors are expected to see an upturn.

Compiled by Rabobank seafood analysts Novel Sharma and Gorjan Nikolik, the report forecasts shrimp production will grow by around 4.8 percent in 2024, surpassing 2022’s peak volumes, but Ecuador’s shrimp production will grow at a lower year-over-year rate. Sharma said El Niño effects could “pose downside risks,” with the potential for heavy rains to increase flooding risks and cause possible damage to the country’s pond infrastructure.

Elsewhere, the survey found that Asian shrimp producers are optimistic about returning to a growth level of around 4 percent next year after seeing its first decline in a decade in 2023.

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