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3-Minute Market Insight

EP 469 | AIRED 12/30/2019

The Chilean Shrimp Market

December 30th, 2019 ---- This week we discuss the unexplored Chilean Shrimp Market, analysing current TAC's & Quotas.

Overall global shrimp production is set to continue rising over the coming years, despite the recent period of low prices.

The forecast has shrimp production increasing 5% in 2020 to just over 5 million metric tons and expecting 5 percent growth in 2021, to almost 5.3m metric tons, 11 percent up from roughly 4.7 million in 2018.

Compound annual growth rate is expected to slow over the next few years, though, from 6.2 percent between 2015 and 2017, to 3.5 percent between 2018 and 2021.

--- The Chilean shrimp industry is an industry within itself, growing and producing extremely high quality product, with a firmer texture, exquisite flavor and amazing coloring which are all competitive to other shrimp industries.

The Chilean industry is based on a quota system which has remained steady for the past three years, with 2017 - 2019 hovering around 5000 MT of raw material per year.

Due to these low quotas, Chilean shrimp fisheries have to carefully choose their customer base, as the resources can not sustain too much demand.

Chile exports 80 percent of their Heterocarpus reedi production, however does not import any cold water shrimp. Chile does however import different species, like Vannamei (Whiteleg Shrimp).

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--- Moving onto pricing. Chilean Shrimp has varried between 14.00 - 15.85/kg USD in European and Latin countries, with current North American finished product pricing at $7.42/lb for 100-200 count, and $7.22/lb for 150-250 count.

Currently, we are seeing a strong demand from North America, but more recently, high demands for Brine finished product into the EU. We believe the market trend is working the product for the refresh market, as they are doing in Canada with vacuum packied products, commonly known as a 'pillow pack'.

Pollock Warning

We are keeping a close eye on the current Chilean political situations, as riots and regular protesting has slowed down international trading for some industries, but had yet to affect the shrimp market whatsoever.

--- HERE AT TRADEX, we have the privilege of having exclusive access to the short supply of high quality Chilean Shrimp, so if you are interested, please don't hesitate to inquire.

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