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Business News of Sunday, 21 June 2020

Source: Laud Business

Coronavirus to severely hit global shrimp and salmon production

The Food and Agriculture Organisation (FAO) has predicted that the COVID-19 pandemic will continue to heavily affect seafood markets, particularly fresh products and popular restaurant species this year.

On the supply side, fishing fleets are laying idle and aquaculture producers have drastically reduced stocking targets.

The pandemic is set to severely hit, in particular, global shrimp and salmon production, the FAO said.

The shrimp farming season in Asia, which generally begins in April, is now delayed until June/July. In India, for example, farmed shrimp production is expected to fall by 30-40 percent.

Also, worldwide demand for both fresh and frozen shrimp is declining significantly, whilst demand for salmon is expected to drop by at least by 15 percent in 2020. Retail sales, in particular, of fresh salmon and trout have fallen greatly, and this will not recover for some time.

Regarding meat production, the FAO also predicted that the world total meat production will fall by 1.7 per cent in 2020 due to animal diseases, COVID-19-related market disruptions, and the lingering effects of droughts.

International meat trade is likely to register a moderate growth – but considerably slower growth than in 2019 – largely sustained by high imports from China, he FAO said.

International meat prices have fallen by 8.6 percent from January 2020, with the sharpest drop in ovine meat, followed by poultry, pig and bovine meats due to the impacts of COVID-19-related measures, including ensuing logistical bottlenecks, steep decline in global import demand, and substantial volumes of unsold meat products.

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