Greenland's Arctic Shrimp Quota Reduced by Nearly 20%, Chinese Market Remains Critically Important

The company explained: "The quota reduction follows the biological recommendations of the Marine Stewardship Council (MSC), aimed at protecting and restoring wild populations. Overall, catch volumes have been declining in recent years, and Arctic shrimp sizes have changed, with average catch sizes becoming increasingly smaller. Some unused quotas in 2024 will be transferred to 2025."

The company also stated that after several difficult years, the cooked and peeled shrimp business began to improve in 2024, with European prices dropping 20-25% due to the COVID-19 pandemic and Brexit. The business returned to profitability in 2024, but earnings remain lower than in previous years.

The shell-on shrimp business is a key pillar for Royal Greenland, with main products sold in Northern Europe and China. Greenland Arctic shrimp prices face challenges from rising Norwegian Arctic shrimp production, with category-wide profits declining. In 2024, per-kilogram profits dropped DKK 5 compared to 2023, with sales volume decreasing by 95 million Danish kroner.

In 2024, Royal Greenland achieved revenues of 5.6 billion Danish kroner, with Asian market income declining by 200 million Danish kroner to 1.8 billion Danish kroner.

The company stated: "The Chinese market remains a strong and important market for Royal Greenland, with Greenland halibut and Arctic shrimp accounting for over 73% of sales, snow crab around 10%. Sales of other species are increasing, with turbot sales approaching 100 million Danish kroner."