The shrimp industry in Bangladesh is experiencing a decline that has raised concerns about its future viability. The once-thriving industry is grappling with a combination of factors that are contributing to its downfall.

Factors Behind the Decline

Stakeholders within the industry point to two primary factors responsible for the collapse. First, there’s been a notable decrease in demand due to a global market slowdown. Second, shrimp farming has suffered from stringent regulations and mismanagement, which have hindered its growth.

In Mongla, one of Bangladesh’s largest shrimp farming areas, the number of shrimp enclosures has halved, dropping from around 20,000 to 10,000. Similarly, shrimp enclosures in other regions like Chattogram, Cox’s Bazar, Khulna, Satkhira, and Bagerhat are also witnessing a decline.

Export Performance

According to the latest report from the Bangladesh Export Development Bureau, shrimp exports totaled USD 300.26 million in 2022–23. However, the export target for the current financial year is set higher at USD 328 million. Despite this ambitious target, actual shrimp exports have declined significantly, totaling USD 212.29 million up to April, a 21.27% decrease compared to the same period last year.

Interestingly, even as global market prices for most products have increased, the price of shrimp has been on the decline over the past few years.

Efforts to Diversify

In an attempt to diversify shrimp farming, the government approved the cultivation of Vannamei shrimp, a variety known for its higher production rate compared to the Bagda variety. However, the adoption of this new variety has faced challenges due to limited hatcheries and strict conditions attached to its cultivation.

Officials like Khulna District Fisheries Inspection and Quality Control Department Deputy Director Monirul Islam are hopeful about the potential of Vannamei shrimp farming to revive the industry with proper marketing and availability. However, to restore Bangladesh’s golden era in shrimp exports, significant structural reforms and increased investments will be essential, as emphasized by industry experts like Kazi Belayet.