Madagascar’s shrimp export revenue decline amid production drop, hits US$22.5M
MADAGASCAR – Madagascar’s shrimp exports have generated US$22.5 million (105 billion ariary) in 2024, according to Fisheries and Blue Economy Minister Paubert Mahatante.
This marks an 18% decline from the US$26.6 million (124 billion ariary) earned in 2023, data from the country’s central bank shows.
The drop in earnings is linked to a decrease in shipment volumes, which fell by 17% to 3,065 tonnes compared to the previous year.
Fishing vessels authorized to harvest shrimp contributed US$2.6 million (12.1 billion ariary) in royalties to the government in 2024, Mahatante added.
This comes as shrimp remains Madagascar’s leading fishery export, with the “giant tiger prawn” (Penaeus monodon) being the dominant species farmed.
Production has been shrinking over the last decade, with annual output currently estimated at around 3,500 tonnes, a sharp contrast to the 8,000 tonnes recorded in 2013.
This production decline has impacted export earnings, which have fallen from US$40 million in 2013 to approximately US$27 million in 2023.
Most of Madagascar’s high-quality shrimp is shipped to European markets, with some exports reaching Japan, Mauritius, and other Asian countries.
Global Seafood Market Outlook
The overall Fish & Seafood market in Madagascar is projected to reach US$613.66 million in 2025, with an anticipated annual growth rate of 7.99% from 2025 to 2030.
On a global scale, China is expected to lead with US$104 billion in revenue for 2025.
Revenue per capita in Madagascar’s seafood sector is estimated to be US$18.74 in 2025.
By 2030, the country’s seafood market volume is expected to reach 48.16 million kilograms, with a 2.6% increase forecasted for 2026.
Per capita seafood consumption in Madagascar is projected to be 1.3 kilograms in 2025.
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