Shrimp farming in Upper Midwest shows enormous economic potential
Animal Nutrition Company Ralco says an economic impact study shows shrimp farming has enormous potential in the Upper Midwest.
TruShrimp, a division of Ralco, is in the process of validating patented technology to establish commercial-scale shrimp production facilities called Harbors.
TruShrimp president and CEO Michael Ziebell says the company intends to employ a modified contract grower model.
“We will create a center of excellence, and in that center will be the hatchery where the small shrimp come from. And also a genetics center that feeds the brood stock that feeds the hatchery. And we’ll have our own processing center (and) sales and marketing organization.”
Ralco, based in southwest Minnesota, will also supply nutritional products and expertise.
Ziebell tells Brownfield research by the University of Minnesota indicates the value of just one Harbor would generate more than $48 million dollars to the local economy.
“The other thing in the economic impact study that we found quite remarkable is they are projecting that the soybean market could increase by as much as 15 cents a bushel just from one Harbor. Soybean meal and soybean concentrates are among the primary ingredients of the shrimp diet.”
He says each Harbor will require 15 million pounds of feed annually using a combination of soybean meal, corn and wheat.
This spring, TruShrimp will build a training center at its headquarters in Balaton, with plans to break ground on its first production facility the following year.