Shrimp prices are skyrocketing to all-time highs, amid a disease that’s plaguing the three largest prawn producers: Thailand, China and Vietnam. White shrimp prices are nearing $6 a pound, up 56% from a year ago, according to an Urner Barry index.
Interestingly though, the Cadillac of crustaceans is cheaper than it’s been in a long time. Lobster prices, while still a lot higher than shrimp, have fallen recently. But more about that later.
The world is facing an “acute shrimp shortage,” the worst of its kind since industrial shrimp farming emerged, say Rabobank analysts in a report aptly named “Shrimp in a crimp.”
Thailand is the world’s largest shrimp producer and has been hit hardest by the disease. The country alone supplies about 30% of the tropical shrimp in the United States and the European Union, and is expected to see its supply cut in half this year.
Hold onto your wallets or change your tastes to something new!