Shrimps most wonderful time of the year.
The best time for shrimp sales is near, shrimp prices have fallen and demand has decreased, let’s put this in perspective, from 2019 to 2020 there was a 6% increase in imports, mainly a cheap spot price business, and from 2020 to 2021 there was a big increase of 17% a panic of shrimp sales due to covid also, this cause an inventory increase on importers and all supply chain pipelines. From 2021 to 2022 there was a decrease of -7%, regardless of restaurants and dining out was returning to normal, but not at the same import rate.
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Nowadays in 2023 we still are experiencing low demand and low prices, and markets are still adjusting, if we compare 2022 (Jan-Aug) to 2023 (Jan-Aug) we have a big decrease -14%. But there is a good part in the next weeks we have Thanksgiving, Christmas, New Year’s Eve and the Super Bowl, importers and shrimp producers are hoping these events will stimulate and increase demand and prices in US market.
On the other hand, we have a record production worldwide 3.1 million tons, this oversupply in addition to high inflation and economy decrease in US has made a tough year for shrimp. The most eaten seafood per-capita in US in the last 5 years is shrimp. There is still a big opportunity to eat shrimp in different modalities like poke, ramen, sushi, cebiche, hamburgers, grilled. We need to create new ways to eat and repeat shrimp consumption like other animal proteins, but with less carbon footprint and more sustainable.
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