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KUALA LUMPUR: The domestic demand for locally-bred shrimps still far exceeds the supply in Malaysia's marine shrimp aquaculture market, as the sector still needs to overcome several challenges in production and meet local demand.
MAG Holding Bhd (MHB) executive chairman Stephen Ng Min Lin said Malaysia's marine shrimp aquaculture market faces three key challenges - diseases such as white spot syndrome and early mortality syndrome, sustainability and intense market competition.
"On disease, we are tackling this through biosecurity measures, investment in health management practices and teaming up with external professional parties in the research and development (R&D) effort to enhance our farming activities.
"Secondly, sustainability is a challenge, with the need to balance productive farming with environmental preservation.
"To address this, we are deploying technologies to increase efficiency and lessen environmental impact.
"And, as market competition intensifies, locally and internationally, our strategy is to differentiate ourselves through superior product quality and sustainable farming practices," he told The New Straits Times.
Data shows that Malaysia's marine shrimp aquaculture market is expected to reach RM1.99 billion in 2025 from RM1.13 billion in 2020, at a compounded annual growth rate (CAGR) of 11.9 per cent.
The domestic frozen seafood market, which stood at RM2.16 billion in 2020, is expected to reach RM2.64 billion in 2025 at a CAGR of 4.1 per cent.
Further, the global shrimp and seafood market size is expected to grow at a CAGR of 5.2 per cent from 2019 to 2025.
The increased health awareness among consumers is the major driver for the seafood market's growth.
