Thailand Aquaculture Market Intelligence
Thailand aquaculture: ~270K t farmed shrimp, tilapia, seabass, pangasius FY2024. TFM, CPF aquafeed; integrated farming; disease, El Nino cycle exposure.
Key takeaways
- 1
Thai farmed shrimp production fell to ~ tonnes FY2024 (down YoY) on Early Mortality Syndrome (EMS), White Spot Syndrome Virus (WSSV) disease pressure, weak global prices, El Nino weather.
- 2
Upstream structure: ~ smallholder shrimp, tilapia farmers supply ~300-400 primary processors, exporters. Vertical integration by CPF (feed-farm-process), Thai Union (process-plus-captive-farms), Asian Sea (process-plus-upstream) defines the commercial tier.
- 3
Aquafeed is the key upstream margin, tech pool: Thai Union Feedmill (SET: TFM, spun from Thai Union), CPF aquafeed division, Grobest Thailand (regional private) compete. Feed cost typically ~ of farm operating expense.
- 4
Species: farmed shrimp ~ of aquaculture value; tilapia, freshwater fish ~ (domestic); seabass, marine ~; pangasius, catfish ~; other (molluscs, crabs) ~.
- 5
Our read: aquaculture is a cyclical upstream commodity play with structural disease, climate risk. TFM is cleanest aquafeed exposure; CPF is integrated scale. Long-term: BAP/ASC certification, traceability, disease resilience tech are the binding growth levers.
Executive summary
Thailand is one of Asia's top aquaculture producers, with farmed shrimp historically anchoring the export narrative and domestic-focused tilapia, freshwater fish providing volume ballast. FY2024 farmed shrimp production was approximately tonnes β down ~ YoY continuing a multi-year decline from the peak in the late-2000s driven by Early Mortality Syndrome (EMS) outbreaks, White Spot Syndrome Virus (WSSV) persistence, weak global shrimp prices, and El Nino weather stress. The sector employs ~ smallholder farmers across the Gulf of Thailand coast (Surat Thani, Chumphon, Chanthaburi, Rayong) plus central plains.[, , ]
Upstream economics are dominated by aquafeed β ~ of farm operating expense. Thai Union Feedmill (SET: TFM, listed separately from parent Thai Union 2022) is the largest listed specialist; CPF's aquafeed division has vertical integration benefits into its own shrimp, fish farms; Grobest Thailand is a regional private competitor. Hatchery, broodstock is a smaller but strategic sub-segment: disease-free lines, specific-pathogen-free (SPF) shrimp post-larvae from certified hatcheries are critical for farm yields.[, , ]
Species diversification: farmed shrimp (whiteleg Penaeus vannamei ~dominant, tiger prawn Penaeus monodon niche premium) ~ of aquaculture value; tilapia, freshwater fish ~ (mostly domestic consumption); seabass, marine fish ~; pangasius, catfish ~; other (mussels, oysters, crabs, eels) ~. BAP (Best Aquaculture Practices), ASC (Aquaculture Stewardship Council), GLOBALG.A.P. certification penetration is the decision variable for EU/US retailer offtake.[, , ]
Thai farmed shrimp production trend (thousand tonnes, 2020-2024)
2020
Production (K t)
300
Context
COVID export disruption; domestic shift
2021
Production (K t)
290
Context
Price recovery but disease persists
2022
Production (K t)
280
Context
Feed cost spike, weak global demand
2023
Production (K t)
281
Context
Stabilisation; inventory adjustment
2024
Production (K t)
270
Context
El Nino, EMS outbreaks; -4% YoY
| Year | Production (K t) | Context |
|---|---|---|
| 2020 | 300 | COVID export disruption; domestic shift |
| 2021 | 290 | Price recovery but disease persists |
| 2022 | 280 | Feed cost spike, weak global demand |
| 2023 | 281 | Stabilisation; inventory adjustment |
| 2024 | 270 | El Nino, EMS outbreaks; -4% YoY |
Aquaculture species mix (% of FY2024 value)
Farmed shrimp (whiteleg, tiger prawn)
Share %
Notes
Export-dominant; cyclical
Tilapia, freshwater fish
Share %
Notes
Domestic-focused; stable demand
Seabass, marine fish
Share %
Notes
Premium domestic, export
Pangasius, catfish
Share %
Notes
Export, domestic food
Other (molluscs, crabs, eels)
Share %
8%
Notes
Niche, traditional species
| Species group | Share % | Notes |
|---|---|---|
| Farmed shrimp (whiteleg, tiger prawn) | 40% | Export-dominant; cyclical |
| Tilapia, freshwater fish | 30% | Domestic-focused; stable demand |
| Seabass, marine fish | 12% | Premium domestic, export |
| Pangasius, catfish | 10% | Export, domestic food |
| Other (molluscs, crabs, eels) | 8% | Niche, traditional species |
Analyst framing
Why this report
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Key figures
Selected anchors from the report evidence pack.
Thai shrimp export value (2024)
Department of Fisheries, National Fisheries Association of Thailand, Thai Customs Department
Thai canned tuna export value (2024)
Thai Tuna Industry Association, USDA FAS, Thai Union Group annual report
Thailand total aquaculture production volume
FAO FishStat, Department of Fisheries Thailand, NFAT
CPF and Thai Union combined export share
CPF Annual Report, Thai Union Annual Report, SET disclosures
Thai vannamei shrimp farm survival rate (post-EMS era)
Department of Fisheries Disease Surveillance, NACA, CPF operational disclosures
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