The global shrimp industry is reaching an "inflection point" in the near term amid rising costs and falling prices, Rabobank senior analyst Gorjan Nikolik told attendees at this week's North Atlantic Seafood Forum in Bergen, Norway.

While shrimp farmers' feed costs have increased by as much as 30 percent, freight costs have doubled and even tripled in some cases as the world emerges from the COVID-19 pandemic and grapples with the fallout of Russia's invasion of Ukraine.

"There has been a pretty serious decline in the price," Nikolik said, adding that vannamei shrimp prices dipped below 2019 levels this month.