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In 2021, the global warm water shrimp market will increase in volume and price, and the export value will exceed 20 billion US dollars

View: 44 Author: Site Editor Publish Time: 2022-07-06 Origin: site

According to data from the International Trade Center (ITC), in 2021, the world's seven largest shrimp exporters (Ecuador, India, Vietnam, Indonesia, Argentina, Thailand and China) will export a total of 2.57 million tons of shrimp products, an increase of 15% over the previous year; It exceeded US$20 billion and reached US$20.79 billion, an increase of 23% over the previous year.
In 2021, the global warm water shrimp market will increase in volume and price, and the export value will exceed 20 billion US dollars

Gorjan Nikolik, chief seafood analyst at Rabobank, said: "2021 is the best year for the  shrimp industry." Last year, the  global shrimp market  showed a trend of both volume and price, thanks to governments' efforts to prevent and control the epidemic. , the opening of the catering industry, and the rebound in consumption in North America and Europe promoted the growth of sales.

Last year, the global export battle was driven mainly by Ecuador and India, with both exporters breaking records in terms of export volumes. Among them, Ecuador exported 816,000 tons, an increase of 24% over the previous year, and the export value was 5.15 billion US dollars, an increase of 41%. India exported 734,000 tons, an increase of 28%, and the export value was 5.73 billion US dollars, an increase of 34%.

Nikolik believes that Ecuador's export overtaking India is mainly due to its unique low-density, vertically integrated production model. In addition, Ecuador has advantages in logistics and freight, as well as customized processing for US and European needs.

In Southeast Asia, Vietnam remains the largest exporter. Last year, due to the epidemic, Vietnam's exports fell by 11% to 345,000 tons. Indonesian exports rose 5% to 241,000 tonnes.

In the whole year of last year, the pond price and export price of each production area have increased. The unit price of Ecuador increased by 14% to $6.31/kg, and the unit price of India increased by 5% to $7.81/kg.

However, inflationary pressures in 2022 have dampened consumer spending, and the seafood consumption boom appears to be fading. Jim Gulkin, CEO of Siam Canadian Group, said: "Inflation is showing negative sentiment in many aspects of the aquaculture industry, and the global market for shrimp products is completely different from what it was 12 months ago. Consumers are starting to tighten their belts. And wallets, in key markets such as North America and Europe, higher prices have had a cooling effect on consumption.”

On the other hand, the enthusiasm of farmers in many countries has not subsided because of relatively ideal prices. In the first four months of 2022, Ecuador's export volume increased by 33% year-on-year, and its export value increased by 66% year-on-year.

In January, Nikolik predicted that prices and demand will remain strong this year, with supplies from major global exporters continuing to grow, with exports from Ecuador expected to exceed 1 million tons.