Global shrimp production is expected to remain flat at around 3.9 million metric tons in 2024 in a market where oversupply is likely to remain a factor, according to Rabobank analysts.

For Rabobank Global Strategist Justin Sherrard, who authored a just-released animal protein outlook report, the story of 2024 looks to be about how quickly production and demand can realign after a prolonged period of low prices that have hurt producers.

"It's going to be a year where there is lingering uncertainty unfortunately.