Assessing Market and Business Prospects for Shrimp Processing in Bangladesh

The Opportunity

LightCastle Partners, on behalf of a leading US-based conglomerate, conducted a value chain assessment study to understand the prospect of entering the shrimp processing industry in Bangladesh. Having a presence in multiple industries globally, the industry giant wanted to explore the potential of Black Tiger Shrimp and Vannamei Shrimp farming and processing in Bangladesh.

With the global shrimp industry witnessing a significant change in consumer preferences, LightCastle Partners was commissioned to take a deep dive into the shrimp processing industry of Bangladesh by analyzing market trends, growth potential, and defining characteristics, to subsequently derive a financially viable strategy for them to enter the Bangladeshi market.

The Approach

The study sought a holistic view of the national shrimp breeding, farming, and processing sectors. To get a representative understanding, LightCastle Partners conducted In-depth Interviews and Key Informant Interviews (KIIs) with shrimp farmers, hatcheries, dealers, retailers, research organizations, processors, exporters, associations, and government officials across major shrimp farming and processing regions in Bangladesh, Khulna, and Cox’s Bazaar. Additionally, LightCastle has utilized data from secondary resources to provide in-depth insights into the global market. Furthermore, to validate and triangulate the market details, primary interviews were conducted with market players and other distinguished stakeholders from March-May 2022. The key findings were analyzed, and market projections were undertaken to identify the best viable investment opportunities for the client.

Future

The study is expected to help the client understand the most crucial factors to determine their market entry strategy into Bangladesh. Moreover, the study provides comprehensive market projections for two possible scenarios and strategic recommendations for the client regarding how and when to enter the market.