The decade-long boom of the shrimp aquaculture industry has been halted by the outbreak of Early Mortality Syndrome (EMS). By impacting the three largest producers, China, Thailand and Vietnam, EMS is responsible for the industry's largest ever contraction in supply and subsequent record prices. Nonetheless, Rabobank believes this offers an opportunity for second-tier shrimp producing regions to step up production and capture market share. With the recent discovery of the cause of EMS, there is hope the disease will be under control in the short to medium term. Rabobank expects the industry to emerge more consolidated, with larger, diversified and more vertically integrated multinational producers leading the next growth wave. …