According to the Bangladesh Export Promotion Bureau (EPB), frozen and live fish exports, including shrimp, rose by 14.45% in the first eight months (July–February) of FY2024-25, reaching USD 316.2 million. Of this, shrimp exports alone surged by 17.06%, hitting USD 215.9 million. February marked a particularly strong month, with export growth of 23.25%. Bangladesh’s main export destinations are mostly UK and EU countries.

The upward trend has continued for six consecutive months, from September to February. Despite this, many processing plants in key hubs, Khulna and Chattogram remain closed due to a shortage of raw materials, financial constraints, and high operational costs.

Industry leaders state that the sector was severely disrupted during student protests in July–August last year. Yet, EPB data suggests that shrimp exports have been gradually increasing since the fall of the previous government.

Recently elected as the Senior Vice President of the Bangladesh Frozen Foods Exporters Association (BFFEA), Md. Tarikul Islam Zaher, Managing Director of Achia Sea Foods, said:

“We’re getting a significant volume of export orders, and global demand for shrimp has risen considerably. However, the raw material shortage poses a serious threat to sustainable growth.”

Zaher added that most shrimp producers are struggling due to multiple challenges, resulting in the shutdown of many processing factories. Of BFFEA’s 200 member companies, only about 25% are currently operational, while 75% have suspended activities.

Even in Khulna, where nearly 30 factories remain technically open, only 10–12 are functioning steadily. The situation in Chattogram is reportedly just as grim.

Mixed Performance Among Listed Shrimp Exporters

While the export numbers show positive signs, the financial performance of publicly listed shrimp companies on the Dhaka Stock Exchange (DSE) tells a mixed story.
Apex Foods, one of the largest listed exporters, saw its revenue drop by 2% and profits decline by 20%, according to unaudited financials. Meanwhile, Gemini Sea Foods suffered substantial losses due to reduced revenue and shrinking profit margins.

Calls for Policy Support

Exporters and processors are urging the government to extend financial incentives, improve infrastructure, and offer policy support to help smallholder farmers restart operations. Industry insiders believe such measures will not only sustain the current growth momentum but also enhance overall export earnings.

European and Middle Eastern markets are showing robust demand, and Bangladesh could significantly increase its seafood exports with the right support. However, the shortage of shrimp seed and raw material remains a critical bottleneck.

Focus on Vannamei Shrimp

Sheikh Kamrul Alam, Managing Director of Rupali Sea Foods Ltd. and BFFEA Vice President, blamed the previous government’s restrictive policies for factory closures. Still, he remains optimistic about the future, especially with the growing interest in Vannamei shrimp farming.

“Vannamei shrimp is highly profitable for processors, but approval for farming was delayed. Now that it’s been allowed, we’re seeing encouraging results,” Kamrul said.

Vannamei shrimp—also known as Whiteleg shrimp or Pacific white shrimp—originates from the Pacific coasts of Mexico and Central/South America. In Bangladesh, trial farming began in 2021 under the Bangladesh Fisheries Research Institute (BFRI) in Paikgacha, Khulna.

Following early success, the government authorized 12 companies to commercially farm Vannamei in 2022. These ventures have reported promising yields, signaling a bright future for commercial Vannamei farming in Bangladesh.

Kamrul added,

“Vannamei can yield 8,000–10,000 kg per hectare, compared to just 1,000 kg from traditional Bagda farming (Black Tiger shrimp). If we invest in production and scale up, shrimp exports can skyrocket, significantly boosting the country’s foreign exchange reserves.”

While vannamei shrimp may seem like a promising addition to Bangladesh’s aquaculture export basket, the reality on the ground tells a different story. Bangladesh’s shrimp sector is still heavily dependent on extensive aquaculture, where average Black Tiger shrimp (P. monodon) yields are less than 300 kg per hectare.

Even after years of commercial farming, local Monodon hatcheries continue to fall short of the mark—lagging in traceability, technical standards, and the consistent production of quality post-larvae (PL). As a result, the sector relies heavily on wild-caught PL to fill the demand gap, a practice that’s further depleting the country’s already stressed natural shrimp stocks.

On top of that, a large portion of Bangladesh’s shrimp farmers are smallholders who are deeply accustomed to the low-input, low-cost farming practices of native Black Tiger shrimp. For these farmers, transitioning to vannamei—which demands higher biosecurity, hatchery-sourced SPF stock, commercial feed, and controlled water systems—is not only unfamiliar but also financially burdensome. Without significant support systems and reliable inputs, it’s unlikely these farmers will be able to adapt quickly or sustainably.

In this context, if we haven’t been able to build a resilient and sustainable system around our native species after many decades of commercial farming, it’s unrealistic to assume we can suddenly succeed with vannamei—a species that demands far stricter management, infrastructure, and compliance.

And beyond our borders, the vannamei shrimp market is already intensely competitive and nearing saturation. Countries like India, Ecuador, Vietnam, and Indonesia—who are decades ahead in vannamei farming—are dominating global supply chains with economies of scale, integrated systems, and strong government support. Bangladesh, by contrast, is just starting out, with no foothold yet.

So the question remains—should we chase a crowded market we’re not ready for, or double down on our strength?

Vannamei of course hold the long-term potential, but in the present context, betting big on Black Tiger shrimp remains the most strategic, realistic, and sustainable path forward—for both the industry and the tens of thousands of farmers who rely on it for their livelihoods.

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According to VASEP, its member companies, which account for 80-84% of Vietnam’s total seafood export value, comply with national laws, international food safety standards, and social responsibility protocols. These companies play a key role in producing seafood that meets environmental protection standards, contributing to the growing global popularity of Vietnamese seafood.

Shrimp alone accounts for 40-45% of Vietnam’s seafood export value, generating approximately $3.5-4 billion annually. The products are exported to over 100 countries, including the U.S., Europe, Japan, China, and South Korea. Vietnam now ranks among the top four shrimp-exporting nations globally, holding a 10-13% share of the world shrimp market.

VASEP highlighted Vietnam’s efforts to improve labour standards across the seafood sector, including shrimp farming. The government has implemented rigorous labour laws, enforced corporate social responsibility, and established effective inspection protocols to ensure compliance with ethical labour practices.

The shrimp industry is a crucial economic driver for Vietnam, providing livelihoods for millions, especially in rural regions. With more than 200 shrimp processing factories approved by the European Commission, VASEP ensures regular inspections to maintain high standards of worker welfare, food safety, and environmental sustainability.

Vietnamese shrimp farms boast numerous international certifications, including Best Aquaculture Practices (BAP), Global GAP, and Aquaculture Stewardship Council (ASC). These certifications require strict adherence to social responsibility, worker health and safety, environmental conservation, and compliance with national labour laws like the 2012 Labour Code.

In response to the Sustainability Incubator report, which was based on research conducted from July 2023 to May 2024, VASEP reaffirmed its commitment to ethical shrimp farming and dismissed the report’s findings as inaccurate and unfounded. VASEP maintains that the Vietnamese shrimp industry continues to operate sustainably while adhering to international and national standards for labour and food safety.

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Furthermore, Vietnam’s shrimp exports have increased this year due partly to the expansion of minor markets. Vietnam so hopes to generate between US$4 and US$4.3 billion in shrimp export revenue this year.

In 2023, Vietnam’s shrimp exports were approximately $3.38 billion, a 21.7 percent decrease from the previous year. This drop is driven by reduced global market demand and increased competition from nations such as Ecuador and India.

However, it is anticipated that the shrimp export sector will generate between $4 and $4.3 billion in revenue this year. In the meantime, Vietnam’s shrimp exports made $242 million in January 2024; a 71% increase over the same month the previous year. In certain areas, the cost of raw shrimp also increased in January of this year.

Exports of black tiger and white leg shrimp increased by double digits, while the value of exports of other shrimp varieties increased by triple digits. Products made from frozen or fresh shrimp grew more rapidly than those made from processed shrimp.

In 2024, the US and China will still be the two biggest destinations for Vietnamese shrimp exports, making up between 40 and 45 percent of the export value of the shrimp sector.

Vietnam’s major market for shrimp consumption is the US, which accounts for around 20% of the country’s total export value. 

Shrimp exports to the United States increased by 77% to $41 million in January 2024, continuing an upward trend that began at the end of 2023. Forecasts indicate that demand will only increase starting in the first quarter of this year.

Due to higher inventory in the EU market and the unlikely improvement of the Japanese Yen/US dollar exchange rate this year, FPT Securities predicted that demand in the EU and Japanese markets will rebound a quarter later than in the US market.

However, In the first month of this year, shrimp exports to Japan and South Korea grew by 30% and 21%, respectively, to $37 million and $23 million.

Furthermore, shrimp shipments to the EU increased 22% in the first month of this year, reaching $30 million.

Meanwhile, China is probably going to draw in more companies this year that export shrimp from Vietnam due to its close proximity, inexpensive shipping, and simpler regulations.

Moreover, Ecuador’s unstable security situation, coupled with increasing transportation challenges and expenses, would undoubtedly result in a decrease in supplies to China which will ultimately benefit Vietnam.

Therefore, China will need to import more shrimp from Vietnam and other Asian nations.

According to Deputy Minister of Agriculture and Rural Development Phung Duc Tien, to increase the value of shrimp and ensure the long-term development of the shrimp industry, localities, particularly the Mekong Delta provinces, must focus on developing high-quality seed sources to ensure proactive production, reduce production costs, and limit disease transmission. At the same time, investment is required to improve the infrastructure system for the expansion of agricultural areas and logistics, as well as to promote green production, low emissions, and the use of digital technologies in aquaculture.

Jaber Bin Abdul Bari
Department of Oceanography, NSTU

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The American Shrimp Processors Association (ASPA) initiated this move by urging the US Department of Commerce to impose duties on shrimp imports from specific countries, citing harm to local fishermen. Last month, the department accepted this request and launched an investigation into shrimp imports from India, Ecuador, Indonesia, and Vietnam, which collectively account for 90 percent of shrimp imports to the USA.

India, with an annual shrimp exports value of approximately USD $2.4 billion, faces a significant impact if the US decides to impose duties. Gujarat alone contributes around USD $72 million to this export value. The Seafood Exporters Association of India (SEAI) and the Marine Products Export Development Authority (MPEDA) are actively engaging with US agencies, providing necessary data, and countering allegations put forth by ASPA.

Jagdish Fofandi, the Vice President of MPEDA and President of SEAI, addressed ASPA’s claim that Indian exports are subsidized by the Indian government through the RoDTEP scheme. Fofandi emphasized that they are working to convince US authorities that the scheme aligns with WTO compliance and aims to reimburse domestic taxes for exporters.

Should India fail to persuade US authorities and duties are imposed, it could have severe consequences for Indian exporters. The proposed 6 to 10 percent duty would increase the cost of Indian products in the US market, necessitating a reduction in procurement prices and directly impacting Indian fishermen.

This development adds to the challenges already faced by Indian exporters, including the economic slowdown in China (which receives 50 percent of exports from Gujarat) and sluggish demand from the inflation-affected European market. With restaurant attendance declining during the period of increased demand for Indian fish, the situation poses a double challenge for marine exporters in India.

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In this biologically safe approach, commercial white-legged shrimps are raised in three phases using circular technology. Huynh Thai Nguyen, a farmer in Cai Nuoc District, has invested VND2 billion to implement this innovative model on a 1-hectare farm.

The closed-circular system comprises various ponds and ditches ensuring a controlled environment. There is one nursery pond, one pond to process input water, two Gracilaria tenuistipitata ponds, one tilapia pond, one biological filter ditch, one bioflocs ditch, and four shrimp ponds with a surface area of 1,000m² each. Shrimps can be collected after 90 days, reaching a weight of 26 shrimps per kilo. Shrimp maturity is achieved in just 90 days, with a remarkable output increase of 20% to 60 tonnes per hectare.

Unlike traditional models, super-intensive farming reduces feed ratios, input water treatment costs, and labor requirements. The system operates without antibiotics, decreasing disease occurrences, and eliminates wastewater discharge into the environment. This sustainable and efficient model aligns with the Mekong Delta’s push for digital technologies like cloud computing and AI to enhance environmental control and disease management for economic benefits.

Farmers in Tra Vinh Province are adopting the Tomgoxy model, developed by Rynan Technologies Vietnam JSC., which integrates AI and multidisciplinary knowledge. Through a smartphone app, farmers can control measuring and testing devices to monitor water quality and shrimp health. AI facilitates disease detection, significantly cutting costs and increasing output by 40% to 70%. The app also records daily farming activities for traceability and safety certification purposes.

The Mekong Delta, a key region for shrimp farming, sees AI-powered super-intensive techniques as a strategic shift from traditional models. The National Action Plan aims to boost brackish water shrimp exports to $8.4 billion by 2025. However, challenges such as price competition with other countries underscore the importance of innovation for economic viability.

Phan Tan Thanh, Director of the Science and Technology Department of Ca Mau Province, emphasizes the necessity of AI and advanced technologies to control diseases and environmental factors, reducing operational and labor costs. Meanwhile, Bac Lieu Province aims to become the shrimp-raising capital, introducing a Hi-tech Industrial Park for Shrimp Raising and implementing disease monitoring programs. These initiatives seek to establish disease-free shrimp production chains, obtaining certifications for international markets and ensuring the sustainable growth of the shrimp industry.

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Two state-owned companies, CELEC and CNEL, will manage this project. They will use the money to work on 194 different projects in several areas, including El Oro, Esmeraldas, Guayas, Manabi, and Santa Elena.

Here’s what they will do:

Ecuador will make the power stations stronger so they can handle more electricity, about 392 megawatts. They will also build 411 kilometers (about 255 miles) of power lines. And the govt will make sure there’s enough electricity for the shrimp farms, which need about 324 megawatts.

The main goal is to improve how things work, make them more modern, and give more people access to electricity in places near shrimp farms of Ecuador. In fact, this project will help 5,025 homes that don’t have electricity right now, and it will make things better for 1,379 homes that already have power.

Shrimp farming is super important for Ecuador’s economy, so the government wants to make it better. By using electricity instead of diesel, the shrimp farmers can do their jobs better and even sell more shrimp to other countries. This is because they can get a special green certification for being more eco-friendly.

This plan is a big step for Ecuador. It helps the environment, the shrimp farmers, and the people who live near the farms. Plus, it makes shrimp of Ecuador more attractive to buyers around the world.

It’s noteworthy to mention, Ecuador has become the world largest shrimp exporter by surpassing respectively India, Vietnam, Indonesia and china. Their shrimp export market is dominated by P. Vannamei.

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The development of innovative aquaculture techniques, focusing on sustainability and efficiency, has led to the expansion of shrimp production capabilities, in order to meet the escalating demand for shrimp. In addition, the expansion of international trade agreements and streamlined supply chains have enabled shrimp to be sold in a wide variety of markets, which has increased export opportunities.

Key Shrimp Market Driver

A growing number of products based on shrimp are driving market growth. Due to their health benefits, shrimp-based products are rapidly gaining popularity. A growing demand for food products is prompting vendors to introduce new products. Launching new products successfully will help vendors increase revenue and market share.

Major Shrimp Market Challenge

Changing climatic conditions and contamination pose major challenges to market growth. Climate change is a result of excessive carbon dioxide levels in the atmosphere and other greenhouse gases. In turn, this has significantly disrupted aquatic ecosystems’ natural processes and patterns. As climate change occurs, sea levels will rise, weather patterns will change abruptly, and oceans will become acidic. Shrimp production worldwide can be adversely affected by such weather changes, negatively impacting the market.

Significant Shrimp Market Trend

A new trend in market growth is the emergence of sustainable fishing practices. Increasing awareness of shrimp’s health benefits has led to an increase in shrimp demand worldwide. Due to this growing demand for shrimp, shrimp aquaculture has grown.

Additionally, consumer concerns about the environment have led to an emphasis on eco-friendly shrimp farming practices and the emergence of certification programs. Furthermore, ready-to-cook and ready-to-eat shrimp products have opened up new avenues for market expansion due to the recent trend towards value-added shrimp products. The government’s support and investments are also creating a positive outlook for the seafood industry.

Fastest-Growing Segment in the Shrimp Market

Shrimp products are extremely popular among end users, driving the global market. This is often attributed to rising income levels, changing lifestyles, and significant improvements within online and offline retail platforms. Aside from these features, processed and frozen shrimp products are rarely available at affordable prices, are easy to prepare, and have a longer shelf life. They have become increasingly popular among working professionals with hectic schedules and hectic lifestyles as a result of these factors. End users and buyers are increasingly requesting shrimp due to its nutritional value and low-fat content.

There are no carbs in it, and it is extremely low in calories. As a result of these factors, shrimp is incorporated into consumers’ diets as a source of protein. Consequently, shrimp production increased to meet the increased demand, resulting in production growth and thus raising demand.

Asia Pacific to Lead the Global Market for Shrimp

Global Shrimp Market categories include China, India, Vietnam, Indonesia, Thailand, Philippines, Bangladesh, Malaysia, and Latin America. Due to its low labor costs and the economy of scale, it has achieved by becoming one of the largest producers of farmed shrimp, India is recognized as a significant supplier of value-added shrimp worldwide. Adding Pacific white shrimp to India’s aquaculture industry, especially within a contract farming industry, is one of the many factors that help the country expand into the US shrimp market.

Due to improving living standards, Vietnam’s shrimp industry faces the challenge of ramping up production to meet growing demand. Over the years, the country’s shrimp production has increased significantly. This is mainly due to vannamei shrimp cultivation, which yields high yields when intensively farmed, while black tiger shrimp have low productivity when extensively farmed. As farming areas are expanded and vannamei shrimp productivity is boosted, Vietnam’s shrimp production is expected to rise.

Highest-sold Species of Shrimp Worldwide

The global shrimp market is segmented by species into L. vannamei, P. monodon, M. rosenbergii, and others. With over 70% of global shrimp production coming from Litopenaeus vannamei, or Pacific white shrimp, the species has emerged as the most popular species in the market.

The ability to adapt to a wide range of environments is the reason for its adaptability to various environments, high growth rate, and ability to withstand extreme conditions. The L. vannamei shrimp are mainly produced in Ecuador, China, India, Indonesia, and Vietnam. According to current forecasts, M. rosenbergii and P. monodon shrimp markets will continue to grow, driven by increasing imports from countries like China and the United States that consume large amounts of shrimp.

Jaber Bin Abdul Bari
Department of Oceanography, NSTU

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