Shrimp prices fall 15% on weak demand

Odisha produces Black Tiger shrimp, a major export value item that has a significant demand in Japan, UK and US

Shrimp prices in Odisha have slumped about 15 per cent, owing to weak global demand.

“Shrimp prices have plunged to Rs 530 a kg due to slackening demand in the international market. This rate is likely to continue, as of now,” said Manoranjan Panda, vice-president, Odisha Shrimp Farmers Association.

Odisha produces Black Tiger shrimp, a major export value item that records significant demand from countries such as Japan, the UK and the US. “However, demand for Indian shrimp has come down because of high domestic prices and good harvests in other countries,” said Gora Chand Mohanty, president, Sea Food Exporter Associations of India (Odisha region).

About a month ago, the prices had hit a high of Rs 630 a kg, a rise of about 200 per cent rise compared to last year, owing to short supply in the aftermath of cyclonic storm Phailin and the subsequent floods in coastal districts.

However, most farmers could not reap any gains from the high prices, as about 2,000 hectares of shrimp culture ponds, with a combined production capacity of 3,000 tonne (valued at about Rs 300 crore), were damaged because of the cyclone and the floods.

Shrimp farmers estimate the total loss due to the devastation wreaked by Phailin in Ganjam, Puri and Jagatsinghpur districts and the floods in Balasore district at Rs 350 crore. Balasore accounts for about 80 per cent of the shrimp farming in the state.