Shrimp Market Will Increase to 6.5m Metric Tons by...
Dear Valued Customer,
In order to catch the market trend, we would like to share one latest forecast report with you from Matt Graze’s report from Undercurrent news on Nov.8th saying that Guolian, China’s largest farmed shrimp company, predicts shrimp market will still grow by 2025:
“Zhanjiang Guolian Aquatic Products, China’s largest farmed shrimp company, predicts global consumption will increase to 6.5 million metric tons in 2025, from 5.2m in 2020 and 4.5m in 2017, deputy general manager Wu Liqing said.
Much of that growth will be driven by China as private urban consumption is set to increase to CNY 26.5 billion ($3.8bn) by 2022, compared with CNY 10bn in 2012. About 70% of that consumption will come from middle-class consumers, she said, adding the US market should show stable demand over that period.
China accounted for 42% of global shrimp consumption in 2017, followed by 15% from the US market and 13% from the European Union.
A forecast produced by the Global Aquaculture Alliance for the Global Outlook on Aquaculture Leadership, or GOAL, conference in September predicted that global shrimp production will reach as much as 5m metric tons by 2020, if the industry achieves an 18% growth rate as expected.
That news, however, came as the industry suffered with an "oversupply" situation that caused global prices to drop. Observers such as Rabobank have predicted that lower prices could be here to stay.”
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