Bangladeshi shrimp faces tumultuous times as the industry grapples with a significant decline in performance. Factors contributing to this downturn include a dwindling fish supply, limited product diversity, and formidable hurdles in penetrating new international markets.

Global Market Slowdown Takes Toll

The decline in Bangladesh’s shrimp exports can largely be attributed to a global market slowdown, which has curtailed international demand and exerted adverse effects on overall export volumes. Internal challenges, including issues with shrimp farming management, have further compounded the industry’s woes.

As Bangladesh prepares to graduate from its Least Developed Country (LDC) status, looming changes threaten to intensify competition. This transition will phase out tariff preferences and gradually diminish export subsidies from both governmental and importing entities, posing a formidable challenge to the shrimp sector.

Statistical Overview of Decline

Recent data from the Export Promotion Bureau (EPB) underscores the severity of the situation. Shrimp exports, which stood at USD 509.72 million in FY15, have plummeted to USD 226.59 million during the July-May period of FY2023-24, reflecting a stark decline over the years.

The shrimp industry’s struggles were further exacerbated by Cyclone Remal, which ravaged Bangladesh’s coastlines, inflicting severe damage on shrimp farms and related infrastructure. The cyclone’s aftermath resulted in substantial financial losses and setbacks for many shrimp farmers across affected regions.

Challenges and Potential in Shrimp Farming

Despite the challenges, shrimp farming in Bangladesh holds immense potential. Traditional farming methods currently yield relatively low production rates compared to global standards. However, adopting advanced scientific methods could potentially boost production significantly, addressing current deficiencies in quality and yield.

Experts in the field emphasize the need for strategic long-term planning and investments in research and development. Dr. Md Latif ul Islam from the Bangladesh Fisheries Research Institute advocates for comprehensive projects focused on enhancing shrimp farming practices, disease management, and fry production to revitalize the industry.

Transition to Vannamei Shrimp

In response to the decline, there is a growing push towards cultivating vannamei shrimp, known for its higher market demand and profitability compared to native species like bagda. Stakeholders like Ashraf Hossain Masud from the Bangladesh Frozen Foods Exporters Association advocate for government support, including financial incentives, infrastructural development, and research funding to facilitate a successful transition to vannamei shrimp cultivation.