According to the International Trade Center (ITC) data, in 2021, the world’s seven largest shrimp exporters (Ecuador, India, Vietnam, Indonesia, Argentina, Thailand and China) exported a total of 2.57 million tons of shrimp products, an increase of 15% over the previous year. The export value exceeded 20 billion US dollars, reaching 20.79 billion US dollars, an increase of 23% over the previous year.
In terms of export volume, after experiencing the global pandemic in 2020, governments of various countries were more effective in controlling the epidemic, the impacted market economy has begun to recover, and the catering market has recovered, especially in North America and Europe. Lately, consumption has rebounded, which has promoted the growth of shrimp product sales.
The two major exporting countries, Ecuador and India, have fierce competition, and their export volumes have both broken historical records. In particular, Ecuador has surpassed India to become the world’s largest exporter of shrimp products.
In 2021, the Ecuadorian shrimp industry adjusted the type and structure of export products. In order to gain market share in the United States and Europe, shrimp companies carried out targeted customized processing and increased the supply of head less and shell less shrimp. In addition, at least in the North American market, Ecuador has advantages in logistics and freight.
In 2021, the export volume of Ecuadorian white shrimp to China is about 390,000 tons, a year-on-year increase of 9%; the export value is nearly 2.3 billion US dollars, a year-on-year increase of 22%. Exports to the Chinese market accounted for 46% of all export markets, and this proportion decreased compared with the previous two years (the Chinese market accounted for more than 50% in the previous two years).
In 2021, China’s shrimp production exceeded 1.6 million tons, and in the next few years, China’s shrimp production is expected to stabilize at around 1.5 million tons. Due to the huge consumption of shrimp products in China, the market supply still needs to rely on imports to a large extent, so the growth of imports will be a long-term trend.
On the demand side, “shrimp, as the favorite seafood product of Chinese consumers, will continue to grow in household consumption.” Import demand for shrimp products in the Chinese market will be stronger.
In terms of supply, the Global Seafood Market Conference (GSMC) predicts that in 2022, the global production of farmed vannamei shrimp will reach 5.011 million tons, a year-on-year increase of 22.6%. Its growth will be mainly driven by Ecuador and India.