Russian market for cold-water shrimp contracting

News 08:14 05/07/2013 496
The growth of demand for cooked shrimp in Russia over the past six years has been one of the key factors in rising coldwater shrimp prices. The heavy demand for this shrimp reduced the amount going to cooked and peeled, and limited the impact of twice frozen shrimp on the cooked and peeled market. However, that may now be changing, as the demand for the smaller size cooked and peeled shrimp in Russia is waning. Neil Ramsden, ofUndercurrent News, has a report.

 Consumers in Russia are losing their appetite for small shrimp, with imports of coldwater shrimp falling due to the lower demand, one Russian importer has found.

Current imports for Agama, a $200 million revenue importer, processor and distributor of shrimp, are currently practically nothing, Igor Salagaev, marketing manager at the firm, told Undercurrent News.

“Demand is very slow. Normally we import around 3,000 tons per month raw material, but at the moment, nothing,” he said.

Looking at yearly import statistics for shrimp, of which cooked, head-on, shell-on is the main product for the Russian market, it is clear that demand is dwindling. The volume of shrimp imported in 2012 was 30,245 metric tons – 21% lower than just two years previously.

So far for 2013 Agama has imported 10,843t, and Salagaev forecasts the year total will reach 26,500t – another 12% drop year-on-year.

 “The big picture is that the coldwater shrimp market is going down,” he said. “The market will lose 10%, 15% of imports.”

 “Just look at the monthly figures: the standard monthly imports is around 2,500 – 3,000 mt. In April- May it was about 1,000-1,400t. We have not been importing for the past months as well.”

There are two reasons for this drop in imports, and the first is the price for the importer.

Several of the largest Russian firms have traditionally focused on importing small sizes shrimp, 180+ pieces per kg, or 200+, said Salagaev, whose own firm Agama has been paying more attention to larger shrimp.

The prices for these shrimp have been increasing for several years now, and has stabilized at a level much higher than it used to be.

“People only just started to care about quality, last year maybe. Now they are beginning to buy good quality shrimp” “Russian importers are not interested. They were buying cheap, and selling on as a cheap product,” he said. “Now if they buy it they have to sell it at a worse margin.”

He also pointed out that the ruble has lost 10% against the euro and the dollar, which makes it even less worthwhile purchasing expensive products to sell cheaply.

The second reason for the drop in imports is that Russian consumers are buying less prawns at better levels of quality.

The MSC certification of Greenland’s shrimp fishery means little to Russia, said Salagaev, because consumers are barely aware of it.

“People only just started to care about quality, last year maybe. Now they are beginning to buy good quality shrimp.”

Once again he has the statistics to back this: last year Agama’s sales of own-brand, larger sized shrimp was around 195t per month. This year sales have been 260t per month.

Around three months ago the firm, which is in the process of setting up a chain of stores throughout Russia stocking only seafood it has imported, launched a new product of coldwater shrimp sizes 70/90. Sales have achieved 20t per month so far.

“Another item is the 50/70, which is popular in Scandinavia too. This size we buy direct from Far East companies, and around a year ago we were selling about 8t per month, now it’s 16t. These sizes blowing up, while small sizes dying,” he told Undercurrent. “People are trying to buy something better.”

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