The seafood industry in Chattogram, Bangladesh, is facing tumultuous times as a cascade of challenges leads to the closure of fish exporting companies. Despite historically dominating the processed fish export market, businessmen in Chattogram find themselves grappling with insurmountable hurdles, ranging from financial constraints to difficulties in meeting foreign demand.

Challenges in Meeting Foreign Demand

Industry insiders reveal a critical issue: the inability to meet the burgeoning foreign demand for shrimp and fish. This shortfall has triggered a sharp decline in exports, compelling numerous factories to shutter their operations. The primary culprit is the overwhelming demand for vannamei shrimp, which constitutes 90 percent of shrimp demand in importing countries.

Data from the Fish Inspection and Quality Control (FIQC) office in Chattogram paints a bleak picture: from 54 factories engaged in fish exports in 2006, the number plummeted to 24 by 2023, marking a significant exodus from the market. This alarming trend underscores the severity of the crisis gripping the once-thriving fish industry.

Impact on Local Businesses

The repercussions of dwindling foreign orders are dire for local businesses, leading to a cascade of closures. Prominent names in the industry, such as Minhar Sea Food Ltd, Minhar Fisheries Ltd, and others, have succumbed to the unforgiving economic climate, further exacerbating the crisis.

Fish researchers highlight the potential of vannamei shrimp as a game-changer in revitalizing Bangladesh’s fish export sector. With significantly higher production rates and lower production costs compared to local shrimp varieties, vannamei shrimp presents a promising avenue for rejuvenating the industry.

Hurdles in Adoption

Despite its potential, the adoption of vannamei shrimp farming in Bangladesh faces hurdles. While neighboring countries and various global players are actively ramping up production, Bangladesh lags behind due to ongoing research into its viability. As a result, the country grapples with a widening gap in shrimp exports despite overall growth in fish production.