The global shrimp market is expected to grow at a CAGR of ~8% between 2021-2027, according to a new report published by UnivDatos Market Insights.
Frozen shrimp exports climbed by 4.2% in value from USD17.1bn in 2016 to USD17.8bn in 2020. Exports of frozen shrimp declined by -7.6% year over year from 2019 to 2020. Fresh, salted, and smoked shrimp exports, on the other hand, fell by 99.4% from USD522.2m in 2016 to USD3.1m in 2020. Export sales of frozen seawater shrimps were USD16.2bn in 2020, up 4.4% from USD15.6bn in 2016, but decreased -7.8% from 2019 to 2020.
The COVID-19 pandemic has impacted positively and negatively both on the Shrimp market. In comparison to 2019, production increased moderately in Ecuador, Indonesia, and Vietnam, but harvests decreased in India, Thailand, Malaysia, and Bangladesh. China’s production declines may have been far greater than in other countries. The Ecuadorian National Chamber of Aquaculture forecasted a 7-8% increase in farmed shrimp production in 2020, compared to the 650,000 tonnes gathered in 2019. In addition, Shrimp ex-farm prices peaked in the fourth quarter of 2020 and since then firmed up, particularly for large and medium-sized shrimp. However, due to the lockdown, the demand from hotels & restaurants declined on the other hand retail sales of shrimp increased due to low prices and increased demand from households, according to the report.