IndexBox has just published a new report: ‘World – Frozen Crustaceans – Market Analysis, Forecast, Size, Trends And Insights‘. Here is a summary of the report’s key findings.

This year, the average annual shrimp price is forecast to soar by 7% y-o-y to $15 per kg. High freight rates, the rising cost of marine fuels and boosting global demand for crustaceans remain the critical reasons for the price increases. In 2021, the average annual shrimp price ($12.7 per kg) was approximately 10% higher than in 2020. 

High freight rates, the rising cost of marine fuels, and logistical disruptions, including bottlenecks at seaports and shortages of lorry drivers in the U.S. and Europe, will further propel wholesale prices. According to the World Banks’ October forecast, the average annual shrimp price is set to soar by 7% y-o-y to $15 per kg in 2022. Demand for shrimp is expected to boost at the fastest rates in East and Western Europe and the U.S.

In 2021, the average annual shrimp price ($12.7 per kg) was approximately 10% higher than in 2020. Rising logistic expenditures were the main driver for that spike. From O1 to Q3 of 2021, international freight costs from Asia to North America for 20-foot and 40-foot containers rose by 500-700% (at $13K and $20K, respectively) due to shortages of frozen food containers (FAO estimates).

Despite that, global shrimp trade remained stable due to increased imports in the western markets. Demand in Europe is strong as the HoReCa sector resumed its work. During H1 2021, shrimp imports in the EU reached a 5-year record at 367K tonnes, rising by 16% against the same period of the previous year. Russia, Ukraine, the UK and Northern Ireland also experienced a sharp spike in shrimp purchases. The U.S., the world’s largest market for crustaceans, imported 404K tonnes of shrimp worth $3.4B in H1 2021, which was 30% more in terms of tonnage than a year earlier.

Global Shrimp Exports

In 2020, approx. 3.3M tonnes of shrimp were exported worldwide, waning by -3.6% compared with the previous year’s figure. In value terms, shrimp supplies reduced to $24.5B.

Ecuador (692K tonnes) and India (580K tonnes) represented roughly 39% of global exports of shrimp in 2020. Viet Nam (383K tonnes) took a 12% share (based on tonnes) of total supplies, which put it in second place, followed by Indonesia (7.3%) and China (4.9%). The following exporters – Thailand (144K tonnes), Argentina (129K tonnes), Greenland (118K tonnes), Denmark (95K tonnes), the Netherlands (85K tonnes) and Canada (52K tonnes) – together made up 19% of total volume.

In value terms, the largest shrimp supplying countries worldwide were India ($4.3B), Ecuador ($3.9B) and Viet Nam ($3.5B), together accounting for 48% of global exports. Indonesia, China, Thailand, the Netherlands, Argentina, Greenland, Denmark and Canada lagged somewhat behind, together accounting for a further 34%.

Among the main exporting countries, Indonesia (+18.6%) saw the highest growth rate with regard to the value of exports, while shipments for the other global leaders experienced more modest paces of growth in 2020.

Top Largest Shrimp Importers in 2020

The U.S. (749K tonnes) and China (609K tonnes) were the key importers of shrimp across the globe, together comprising 44% of global purchases. Japan (212K tonnes) ranks next in the total imports with a 6.8% share, followed by Spain (5%). The following importers – France (114K tonnes), South Korea (98K tonnes), Denmark (98K tonnes), the Netherlands (85K tonnes), the UK (77K tonnes), Italy (73K tonnes), Germany (71K tonnes), Russia (57K tonnes) and Canada (50K tonnes) – together made up 23% of global volume.

In value terms, the largest shrimp importing markets worldwide were the U.S. ($6.7B), China ($3.5B) and Japan ($2.1B), with a combined 52% share of total supplies. Spain, France, the UK, the Netherlands, Germany, South Korea, Denmark, Italy, Canada and Russia lagged somewhat behind, together comprising a further 29%.

Source: IndexBox Platform