As we enter the new year, shrimp market news reflects some significant shifts in the dynamics of the warm-water shrimp market. While 2023 and 2024 saw steady growth in imports from key regions like the EU, UK, U.S., and China, November 2024 marked a crucial turning point. Despite a typical winter slowdown, the market remains dynamic, influenced by seasonal patterns, trade disruptions, and regional demand fluctuations.
November 2024: A Steady Increase in Shrimp Imports
In November 2024, global shrimp imports showed a moderate increase. According to customs data, the total volume of shrimp imported by the EU, UK, U.S., and China reached 213,000 MT, representing a 2.8% increase compared to the previous year. This uptick was driven by notable growth in imports from China (+9.2%) and the U.S. (+1.1%). However, Western Europe experienced a more modest rise of 3.2% for the month.
This seasonal shift demonstrates the resilience of the shrimp market in key importing regions. As expected, the market saw an increase in demand during the spring months, which continued into the autumn, before entering the usual winter lull.
Year-to-Date Trends: Shrimp Market Declines Overall
When considering the year-to-date performance until November, however, the picture changes. The total volume of warm-water shrimp exports to the EU, U.S., and China showed a 1.3% decline year-on-year, with a total of 2,529,000 MT imported by these regions.
The U.S. and China both saw declines, with imports down 3.5% and 9.6% respectively. On the other hand, the EU & UK markets saw a 4.3% increase, reflecting a steady growth trajectory. In terms of global market share, China remains the largest importer, accounting for 33% of global imports, though this is down from 36% in 2023. Meanwhile, the EU & UK combined share increased from 21% to 23%, and the U.S. maintained a stable share of 27%.
Regional Market Insights: China and the U.S. Lead in Shifting Patterns
In the U.S., imports of warm-water shrimp saw gradual monthly increases during the summer, peaking at an 11-month high in October 2024. However, the overall trend for the year is a 3.5% decline in shrimp imports, following a 7.4% decrease in 2023. This drop is partly due to a combination of factors, including economic slowdowns and changes in domestic demand.
China, which is typically a strong driver in the global shrimp market, faced significant challenges in 2024. A collapse in shrimp imports in September can be attributed to a slowdown in the Chinese economy, along with a drop in production capacity in Ecuador, a major shrimp supplier to China, due to an electricity crisis over the summer. Despite this, China’s imports are expected to see a seasonal rebound in the coming months as they prepare for the Chinese New Year celebrations, a period marked by strong demand.
Meanwhile, the EU & UK markets experienced a gradual increase in shrimp imports throughout the year. The peak in October 2024—which reached a two-year record high of 61,669 MT—was a clear indicator of sustained demand. This was the highest monthly import figure since November 2022, with demand remaining resilient even as other regions slowed down.
Looking Ahead: Shrimp Market Trends for the Coming Months
As we move into 2025, the shrimp market is expected to follow typical seasonal trends, with demand slowing down in Western Europe and the U.S. due to post-festive season reductions in consumption. However, China is likely to experience another import peak towards the end of the year as it prepares for the Chinese New Year festivities, continuing the pattern observed in 2022 and 2023.
These trends highlight the ongoing evolution of the global shrimp market, influenced by regional factors, seasonal shifts, and production challenges. As the industry adapts to these changing dynamics, market participants will need to stay informed about these fluctuations to navigate supply and demand successfully in the coming months.
Written by Fabienne O'Donoghue
