Vietnam’s shrimp exports regain momentum

Published 2024년 2월 28일

Tridge summary

Vietnam's shrimp export value fell by 21.7% to US$3.38 billion in 2023 due to high inflation, reduced demand, and increased competition from Ecuador and India. However, growth is expected in 2024 as demand for shrimp imports in major markets is predicted to rise. Meanwhile, the Canadian seafood industry is projected to grow at an average annual rate of 4.9%, potentially reaching a revenue of US$4.79 billion in 2024. Companies are advised to adapt to new consumer preferences in China and South Korea, such as a preference for ready-to-eat food and seafood processed products.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In 2023, Vietnam's shrimp export value reached US$3.38 billion, a decrease of 21.7% from 2022. Compared with 2022, the proportion of shrimp in Vietnam's total aquatic product exports in 2023 will decrease in both quantity and value. In high Under the influence of inflation, market demand has dropped sharply, and competition between Vietnamese shrimp and shrimp supplies from Ecuador and India is fierce. Data from the Import and Export Bureau of the Ministry of Industry and Trade of Vietnam show that shrimp is the product with the largest decline in Japan's imports from most markets in 2023, with imports falling by 9.4% to 212,400 tons. The average price of Japanese shrimp imports in 2023 It was US$9.6/kg, down 1.4% from 2022. Although Vietnam has maintained its position as Japan's third largest aquatic product supply market, its output has seen the second largest decline, second only to Russia, falling 13.2% from 2022 to 132,000 tons. Vietnam's aquatic product market share ...

Source: Foodmate