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FAO-Globefish - Shrimp Market Overview

WORLDWIDE
Wednesday, June 18, 2025, 00:10 (GMT + 9)

Global Shrimp Imports Declined in 2024, Mixed Recovery Emerges in Early 2025 Amid Tariff Uncertainty

While European and Japanese markets saw increases, a broader dip in demand, particularly from China and the US, led to an overall contraction; Ecuador poised for significant production growth.

Global shrimp imports experienced a notable downturn in 2024, with volumes dropping by 1.6 percent and values declining by 5.9 percent. Despite year-on-year increases in the European Union (+2.4 percent) and Japan (+8 percent), this growth was insufficient to offset a broader market contraction, largely influenced by reduced demand in leading markets like China and the United States.

According to industry data, the combined share of China and the US in global shrimp trade marginally decreased from 49 percent in 2023 to 48 percent in 2024, representing a shortfall of 100,000 tonnes.

Supply and Trade Dynamics

In 2024, Ecuador, India, Vietnam, Indonesia, and China were the leading shrimp exporters by volume. However, early 2025 presented a mixed picture for suppliers. During January–April, India reported lower harvests of vannamei shrimp, while Ecuador saw increased output, contributing significantly to a global farmed shrimp production forecast of 6 million tonnes in 2025 by Rabobank. China's steady domestic greenhouse farming production continued to reduce its reliance on imports.

International trade data for January–March 2025 shows moderate export increases from Ecuador, Vietnam, China, and Argentina. Conversely, exports from India and Thailand declined, driven by concerns over potential high US tariffs, though China's tariff implementation has been paused until July.

Key Market Insights

• United States: Imports weakened throughout 2024 (down 3.2% volume, 5.8% value to $6.07 billion), creating an oversupply. However, January–March 2025 saw a recovery, with imports rising 12.63 percent to 205,840 tonnes. India remained the largest supplier. Consumer demand, particularly during Lent, favored discounted and competitively priced products due to inflation and looming tariffs.

• China: Imports of 1 million tonnes valued at $5.07 billion in 2024 made it the top importer by volume. Yet, during January–March 2025, imports were 11.55 percent lower, largely due to increased domestic supply from its greenhouse sector and a post-Lunar New Year slowdown in the restaurant trade. Ecuador and India remain the top two suppliers. Conversely, China's shrimp exports surged 26 percent in the same period, primarily to Asian markets.

• Europe: The EU imported 852,520 tonnes in 2024, a 4.28 percent increase in quantity, valued at $6.36 billion. Ecuador, India, and Argentina were leading suppliers. While overall demand was stable in 2024, the first quarter of 2025 was slower, improving with the Easter festive period.

• Asia-Pacific: Consumer demand remained reasonably stable in 2024. Imports increased in non-producing countries like Japan (+8.04% to 215,439 tonnes), South Korea, and Hong Kong. Japan saw brisk demand from its hotel, restaurant, and catering (HORECA) sector in early 2025, boosted by foreign tourism.

Prices

Prices In Southeast Asia and the Far East, fresh shrimp prices have declined by 20–30 percent from their high levels reached in December 2024. However, in comparison with the Western markets, consumer demand for shrimp has been stable in these markets. Medium and small sizes head-on farmed shrimp are popular for household consumption.  In the export trade during January–May 2025, offer prices are the highest from Viet Nam and lowest from Ecuador. In China, prices of domestic shrimp weakened in April–May 2025 due to the increased harvests of local shrimp. Import prices are under pressure.

Outlook

Supplies of farmed shrimp are expected to increase in Asia from July to October. However, US tariffs remain a concern for Asian exporters, while Ecuador is set to gain a competitive edge due to a lower 10 percent tariff rate for South American producers entering the US market. Overall demand for imported seafood in the US is likely to see a reduction from July 2025. In contrast, consumer demand for shrimp in Asia-Pacific markets is projected to remain stable, with China's drive to increase exports persisting throughout 2025.

editorial@seafood.media
www.seafood.media

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