In 2024, Madagascar’s shrimp exports experienced a decline in value, with earnings dropping to $22.5 million from $26.6 million in 2023. According to Minister of Fisheries and the Blue Economy Paubert Mahatante, this decrease aligns with trends seen in other shrimp-producing countries, pointing to global market forces rather than local issues.

The Food and Agriculture Organisation (FAO) reported a 3.4% decrease in global shrimp imports in the first nine months of 2024 compared to 2023, with total imports reaching 2.6 million tons. This reduction reflects weaker demand in major markets.

Global Market Trends and Madagascar’s Position

The United States and China, key consumers of shrimp, showed stable or decreased demand in 2024. Low shrimp prices further exacerbated the situation, affecting export revenues. Despite this, global farmed shrimp production in 2024 remained similar to 2023 levels, as per the FAO.

Madagascar’s primary shrimp export markets are the European Union and China, with additional exports to the United States, the United Kingdom, India, Mauritius, South Africa, Japan, Malaysia, Thailand, and Vietnam. This wide range of destinations highlights the country’s integration into the global shrimp trade.