(seafood.vasep.com.vn) Vietnamese shrimp exports to the EU market, after 2 months of deep decline, recovered to growth in April 2024. The EU was the main import market, recording the best growth in April this year.
Shrimp exports to the EU reached 38 million USD in April this year, up 28% over the same period. Cumulatively, in the first 4 months of this year, export value to the market reached 119 million USD, almost equivalent to the same period last year.
In April of this year, shrimp exports to the EU were quite exciting. Export value to the main single markets in the bloc all grew by double digits. Exports to Germany, the Netherlands,and Belgium increased by 29%, 37%, and 39%, respectively; exports to Denmark increased sharply by 88%.
The Global Seafood Exhibition 2024 takes place in Spain in April with the participation of many Vietnamese shrimp exporters. Here, fresh value-added shrimp products from Vietnam were promoted to European consumers and importers. Instant shrimp products are processed by businesses into many diverse dishes and attracted visitors to enjoy right at the booths.
In 2023, Vietnamese shrimp exports to the EU decreased significantly compared to 2022. The Russia-Ukraine war, consumers spending frugally, rising prices, rising gasoline, and devaluing the EUR are the reasons for demand consumption in this market is slow.
In the EU market, Vietnamese shrimp have to compete strongly with Ecuadorian shrimp. Ecuador has the advantage of cheap shrimp and lower shipping costs. Ecuador is still the largest shrimp supplier to the EU market.
The EU market requires farmed shrimp to meet safety standards (ASC), requires suppliers to have solutions to reduce emissions (farming, processing), and requires full traceability (shrimp feed ingredients, shrimp broodstock), requiring animal welfare (brood shrimp do not have their eyes cut off during artificial reproduction, are raised at moderate density...). Shrimp exporters to this market need to have a more systematic market access strategy and further promote the marketing and promotional activities of their products.
In Northwest Europe (including markets such as Germany, the Netherlands, Belgium, etc.), these markets are tending to convert to more convenient forms of shrimp products and value-added shrimp products.
In Southern Europe, including the markets of Spain, Portugal, Italy, France, etc., prices play an important role in determining market dynamics. Therefore, affordable white-leg shrimp products will be more popular.
With an expected compound annual growth rate (CAGR) of around 7% in the coming years, the EU is also a shrimp consumption market that offers many opportunities. Adapting to changing market dynamics and product innovation is important to maintain competitiveness in this market.