The Nicaraguan shrimp industry faces a dire crisis, with forecasts predicting a 39.9% drop in shrimp production for 2024.

Steady Decline: From Prosperity to Peril

The decline in farmed shrimp production in Nicaragua began in 2023 and has continued unabated into 2024. This downturn has precipitated the closure of numerous shrimp farms along the country’s Pacific coast. These closures have not only affected the farms themselves but have also had profound implications for the livelihoods of those who depended on them, whether as employees or employers.

In 2022, Nicaragua produced nearly 69.5 million pounds of shrimp. However, by 2023, production plummeted by 27.4 million pounds, marking a 39.4% decrease from the previous year, with total production amounting to 42.1 million pounds, as reported by the Central Bank of Nicaragua (BCN).

Continuing Decline: Bleak Forecasts for 2024

The decline persisted throughout 2023, with statistics as of August showing a 39.5% decrease compared to the same period in the previous year. The third-quarter data provided little respite, reinforcing the industry’s downward spiral.

Looking ahead, the forecast for 2024, outlined in the National Production, Consumption, and Trade Plan, paints an even grimmer picture. It anticipates a further 39.9% reduction in production, projecting a year-end total of only 25.3 million pounds of shrimp. If this forecast materializes, it would signify a cumulative decrease of 63.6% over just two years, underscoring the severity of the crisis facing Nicaraguan shrimp producers.