Ecuador Seafood insights

According to SeafoodMedia, the United States is expected to purchase 762,804 tons of shrimp in 2024, down 3% from 2023 and 15% from the peak in 2021, but this figure is still 9% higher than in 2019. In 2023 and 2024, the decline in Indian shrimp exports to the United States slowed down, while Ecuador's exports continued to decline. Since 2019, Ecuador has remained the fastest growing shrimp supplier to the United States. The shrimp supply in the United States is stabilizing, and India and Ecuador have Dole's combined market share in the U.S. increases from 55% in 2019 to 63% in 2024. The main reason for the decrease in U.S. purchases of shell-on shrimp is a 17% decrease in Ecuadorian supply. India's supply also fell by 13%, while Indonesia remained stable. Vietnam's shell-on shrimp exports to the U.S. increased by 5%, although Ecuador still dominates this category with a market share of 48%. In the peeled shrimp category, Ecuador and India each achieved a modest increase of 2%, while Vietnam increased by 21%. % in 2017, while Indonesia declined by 15%. India still maintained its leading position with a 57% market share. For cooked and marinated shrimp, India maintained a 40% market share, while Indonesia's supply fell by 16%. Vietnam's supply remained stable, making it a strong competitor to Indonesia. If current trends continue, Vietnam has the potential to surpass Indonesia in this area by 2025. Ecuador has a smaller market share of 4% in this category, but its supply has been growing at a rate of 20% per year. Indonesia will be the largest supplier of breaded shrimp to the United States in 2024, with a market share of 42%. Vietnam is gradually coming to the fore, with its exports increasing by 33%, compared to Indonesia's growth of only 5%. Vietnam and Indonesia together account for 70% of the US breaded shrimp market, with Vietnam's market share at 28%. Although India's supply doubled, it still only accounts for 4% of the market. Ecuador's supply fell by 20%, causing its market share to shrink to 7%.

Production growth expected for key aquaculture species in 2025, with modest growth for salmon and shrimp, according to RaboResearch.

EU October shrimp imports increased 6% YOY. Year-totalis now 5% ahead of 2023. In October, the EU’s shrimp imports reached 54,074 MT.