Oversupply and major price declines continue to plague the global shrimp industry, but promoting consumption remains a top priority for the sector, as an increase in consumption could lead to drastically needed price stabilization, according to the latest industry report from the Global Shrimp Forum Foundation (GSFF).
Compiled by GSFF Marketing and Branding Consultant Arnd Jan Gulmans, “The Future is in High Demand” found that in order to effectively increase shrimp consumption, the sector must target the entire spectrum of consumers, including both occasional and first-time buyers.
By “getting the marketing right,” Gulmans said the industry can set a cycle in motion where prices stabilize, confidence grows in the value chain, stronger conditions for investment arise, and better products start hitting the market.
“All of this will, in turn, create more demand, but that’s [only] if we get our collective strategy right,” the report said.
Primarily focusing on farmed shrimp, which accounts for 55 percent of shrimp consumed worldwide, Gulmans said that in order to expand the shrimp market, there must be a focus on ...
Photo courtesy of the Global Shrimp Forum Foundation
