Recently, Avanti Feeds, India's largest shrimp feed producer, held an investor meeting and believed that the global shrimp market has not bottomed out at this stage, and the wait-and-see period for importers and exporters may continue for two to three months.

Nikhilesh Alluri, CEO of Avanti Frozen Foods, mentioned, "Demand in the U.S. is currently very weak. Our U.S. customers, including large retailers and catering companies, are sitting on a lot of inventory. So we have to see how quickly they can clear their inventory. only When they are able to take orders, we can send more products.”

"Currently, Avanti is expanding its US order sales of cooked shrimp to make up for the weak raw shrimp market. We will continue to observe and see how the market will develop in the next two to three months. It is now the holiday season and the main season for consumption , we still need to wait and see, because there is no clear answer at present."

The Chinese market performed not well too, Alluri said, as demand fell and sales were sluggish due to epidemic control and lockdowns. "We can feel that China still has a lot of inventory, and we only know that China may not start bulk purchases until December to early January. Frankly speaking, the Chinese market has been very delicate in the past 6 to 8 months, and many buyers are asking us to renegotiate, and a lot of them are starting to back off."

In the medium and long term, as long as China loosens control, Alluri is still very optimistic about the Chinese market. "We know that China is facing up with many difficulties, and the reasons given by importers are usually China's lockdown policy, as well as weak economic conditions. So will the Chinese market recover? The answer is yes. once China lifts the lockdown, we are very sure that they will be like the rest of the world."

"As long as China is fully opened, consumption will increase, and I'm pretty sure China will become a dominant market like the US. China is very close to India, and in the long run, it is a good export destination for India," Alluri said. "But in the short term, it is very difficult for shrimp farmers in India and Ecuador. We have seen some reports that prices in Ecuador have plummeted, and the government and companies seem to be trying to find a way to ensure that shrimp farmers do not lose their livelihoods due to low prices."