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3-Minute Market Insight

EP 660 | AIRED 10/02/2023

Global Shrimp Market Report: Key Supply, Trade, and Market Dynamics shaping the Global Shrimp Industry in 2023

Oct 2nd, 2023 - The global Shrimp market saw a mixed supply landscape with Asia's Shrimp farming season yielding low to moderate harvests, meanwhile Ecuador set an ambitious target to produce an astounding 1.5 million tonnes of farmed Vannamei this year.

Ecuador is a leading shrimp supplier internationally with an export volume of over 1 million tonnes in 2022.

Starting with exports, during Q1 2023 Ecuador exported almost 300,000 tonnes (or 650 million pounds) of Shrimp, worth over USD $1.6 billion.

During the same time, India's exports rose, driven by sales to China, Vietnam, and Japan, but the U.S. market contracted.

China broke records with over half a million tonnes of imports.

Western markets faced declines due to economic challenges and inflation, with China emerging as the top shrimp importer, experiencing a 46.5 percent increase in the first half of 2023.

Moving onto imports, in the U.S. & Europe, the U.S. witnessed an 11-month consecutive decline in shrimp imports, impacting all types from all sources except from Ecuador.

Global Shrimp Market Report: Supply, Trade, and Outlook

Europe's Q1 2023 EU imports dropped by 11.65 percent, affecting France, Denmark, Germany, and the Netherlands, while non-EU sources reported lower imports.

In other regions, United Kingdom Shrimp imports decreased but showed an increase from Iceland and Bangladesh.

Russia's imports recovered in Q1 and surged in June due to summer demand.

Global Shrimp Market Report: Supply, Trade, and Outlook

Shrimp demand in Switzerland remained subdued.

Over in Asia Pacific, Japan's Q1 2023 shrimp demand reached a five-year low. Meanwhile, Hong Kong and Malaysia boosted shrimp imports, while Australia and Taiwan reported declines.

Southeast Asia's domestic markets maintained steady demand at firm prices.

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Moving onto pricing, the first half of 2023 fluctuated, with low farm gate prices in key producing countries.

Global frozen shrimp prices stabilized but didn't stimulate Asian production.

The U.S. experienced price fluctuations, whereas Argentina's prices decreased, except for larger sizes.

Lastly, the outlook on the global Shrimp markets is that challenges loom in the second half of 2023, with potential slowdowns in Asian shrimp production due to weak demand and lower prices.

China's consumption is poised to surge during festivals, the U.S. may continue to grapple with price pressures, Europe's high inflation dampens demand, and Japan's market may not rebound until year-end.

Global Shrimp Market Report: Supply, Trade, and Outlook

Our recommendation is to closely monitor these market dynamics as we navigate the market this next quarter.

The global shrimp market remains dynamic and unpredictable, with China playing an increasingly influential role.

Shrimp is the most popular seafood category in America. If you are interested in getting a Shrimp program going, please contact your Tradex Foods Business Representative.

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