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World - Frozen Crustaceans - Market Analysis, Forecast, Size, Trends And Insights
Report Update: Apr 1, 2024

World - Frozen Crustaceans - Market Analysis, Forecast, Size, Trends And Insights

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Article Publishing Date: Jan 12, 2022

Shrimp Prices to Soar in 2022 on Rising Logistical Costs

IndexBox has just published a new report: 'World - Frozen Crustaceans - Market Analysis, Forecast, Size, Trends And Insights'. Here is a summary of the report's key findings.

This year, the average annual shrimp price is forecast to soar by 7% y-o-y to $15 per kg. High freight rates, the rising cost of marine fuels and boosting global demand for crustaceans remain the critical reasons for the price increases. In 2021, the average annual shrimp price ($12.7 per kg) was approximately 10% higher than in 2020.

High freight rates, the rising cost of marine fuels, and logistical disruptions, including bottlenecks at seaports and shortages of lorry drivers in the U.S. and Europe, will further propel wholesale prices. According to the World Banks' October forecast, the average annual shrimp price is set to soar by 7% y-o-y to $15 per kg in 2022. Demand for shrimps is expected to boost at the fastest rates in East and Western Europe and the U.S.

In 2021, the average annual shrimp price ($12.7 per kg) was approximately 10% higher than in 2020. Rising logistic expenditures were the main driver for that spike. From O1 to Q3 of 2021, international freight costs from Asia to North America for 20-foot and 40-foot containers rose by 500-700% (at $13K and $20K, respectively) due to shortages of frozen food containers (FAO estimates).

Despite that, the global shrimp trade remained stable due to increased imports in the western markets. Demand in Europe is strong as the HoReCa sector resumed its work. During H1 2021, shrimp imports in the EU reached a 5-year record at 367K tons, rising by 16% against the same period of the previous year. Russia, Ukraine, the UK and Northern Ireland also experienced a sharp spike in shrimp purchases. The U.S., the world's largest market for crustaceans, imported 404K tons of shrimps worth $3.4B in H1 2021, which was 30% more in terms of tonnage than a year earlier.

Global Shrimp Exports

In 2020, approx. 3.3M tons of shrimps were exported worldwide, waning by -3.6% compared with the previous year's figure. In value terms, shrimp supplies reduced to $24.5B.

Ecuador (692K tons) and India (580K tons) represented roughly 39% of global exports of shrimps in 2020. Vietnam (383K tons) took a 12% share (based on tons) of total supplies, which put it in second place, followed by Indonesia (7.3%) and China (4.9%). The following exporters - Thailand (144K tons), Argentina (129K tons), Greenland (118K tons), Denmark (95K tons), the Netherlands (85K tons) and Canada (52K tons) - together made up 19% of total volume.

In value terms, the largest shrimp supplying countries worldwide were India ($4.3B), Ecuador ($3.9B) and Vietnam ($3.5B), together accounting for 48% of global exports. Indonesia, China, Thailand, the Netherlands, Argentina, Greenland, Denmark and Canada lagged somewhat behind, together accounting for a further 34%.

Among the main exporting countries, Indonesia (+18.6%) saw the highest growth rate with regard to the value of exports, while shipments for the other global leaders experienced more modest paces of growth in 2020.

Top Largest Shrimp Importers in 2020

The U.S. (749K tons) and China (609K tons) were the key importers of shrimps across the globe, together comprising 44% of global purchases. Japan (212K tons) ranks next in the total imports with a 6.8% share, followed by Spain (5%). The following importers - France (114K tons), South Korea (98K tons), Denmark (98K tons), the Netherlands (85K tons), the UK (77K tons), Italy (73K tons), Germany (71K tons), Russia (57K tons) and Canada (50K tons) - together made up 23% of global volume.

In value terms, the largest shrimp importing markets worldwide were the U.S. ($6.7B), China ($3.5B) and Japan ($2.1B), with a combined 52% share of total supplies. Spain, France, the UK, the Netherlands, Germany, South Korea, Denmark, Italy, Canada and Russia lagged somewhat behind, together comprising a further 29%.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the global frozen crustaceans market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • Prodcom 10203100 - Frozen crustaceans, frozen flours, meals and pellets of crustaceans, fit for human consumption

Country coverage:

Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

+ the largest producing countries

Data coverage:

  • Global market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Global production, split by region and country
  • Global trade (exports and imports)
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. CONSUMPTION BY COUNTRY
    3. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. GLOBAL PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE
    2. PRODUCTION BY COUNTRY

  8. 8. GLOBAL IMPORTS

    The Largest Importers on The Market and How They Succeed

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. GLOBAL EXPORTS

    The Largest Exporters on The Market and How They Succeed

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. 11. COUNTRY PROFILES

    The Largest Markets And Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
    • United States
    • China
    • Japan
    • Germany
    • United Kingdom
    • France
    • Brazil
    • Italy
    • Russian Federation
    • India
    • Canada
    • Australia
    • Republic of Korea
    • Spain
    • Mexico
    • Indonesia
    • Netherlands
    • Turkey
    • Saudi Arabia
    • Switzerland
    • Sweden
    • Nigeria
    • Poland
    • Belgium
    • Argentina
    • Norway
    • Austria
    • Thailand
    • United Arab Emirates
    • Colombia
    • Denmark
    • South Africa
    • Malaysia
    • Israel
    • Singapore
    • Egypt
    • Philippines
    • Finland
    • Chile
    • Ireland
    • Pakistan
    • Greece
    • Portugal
    • Kazakhstan
    • Algeria
    • Czech Republic
    • Qatar
    • Peru
    • Romania
    • Vietnam

  12. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption, By Country, 2018–2023
    5. Production, In Physical Terms, By Country, 2012–2023
    6. Imports, In Physical Terms, By Country, 2012–2023
    7. Imports, In Value Terms, By Country, 2012–2023
    8. Import Prices, By Country Of Destination, 2012–2023
    9. Exports, In Physical Terms, By Country, 2012–2023
    10. Exports, In Value Terms, By Country, 2012–2023
    11. Export Prices, By Country Of Origin, 2012–2023

  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Consumption, By Country, 2023
    4. Market Volume Forecast to 2030
    5. Market Value Forecast to 2030
    6. Products: Market Size And Growth, By Type
    7. Products: Average Per Capita Consumption, By Type
    8. Products: Exports And Growth, By Type
    9. Products: Export Prices And Growth, By Type
    10. Production Volume And Growth
    11. Exports And Growth
    12. Export Prices And Growth
    13. Market Size And Growth
    14. Per Capita Consumption
    15. Imports And Growth
    16. Import Prices
    17. Production, In Physical Terms, 2012–2023
    18. Production, In Value Terms, 2012–2023
    19. Production, By Country, 2023
    20. Production, In Physical Terms, By Country, 2012–2023
    21. Imports, In Physical Terms, 2012–2023
    22. Imports, In Value Terms, 2012–2023
    23. Imports, In Physical Terms, By Country, 2023
    24. Imports, In Physical Terms, By Country, 2012–2023
    25. Imports, In Value Terms, By Country, 2012–2023
    26. Import Prices, By Country, 2012–2023
    27. Exports, In Physical Terms, 2012–2023
    28. Exports, In Value Terms, 2012–2023
    29. Exports, In Physical Terms, By Country, 2023
    30. Exports, In Physical Terms, By Country, 2012–2023
    31. Exports, In Value Terms, By Country, 2012–2023
    32. Export Prices, 2012–2023

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