Summary of our market study

Since 2020, the global shrimp market has continued to grow, with Ecuador emerging as a dominant player, projected to close 2023 with 1.5 million tons of exported shrimp, marking a 30% increase from 2022. Ecuador has experienced a remarkable 22-fold increase in production since the beginning of the 21st century, surpassing India as the leading shrimp exporter after India faced production setbacks due to disease. In contrast, Vietnam and Indonesia have seen declines in shrimp exports, with Indonesia experiencing a 19% drop in the first half of the year. The Danish shrimp market has maintained a generally robust and competitive stance despite the pandemic's impact. Nevertheless, the export trend has shown an 18.3% increase from 2018 to 2022, while imports have climbed even higher by 31.1% during the same period. In the Danish non-cold-water shrimp trade, a reversal occurred in 2021, with import values surpassing export values, likely driven by changing domestic consumer demand. Denmark’s exports are mainly consumed by countries like China, Sweden, Norway, Albania, and Morocco, whereas the majority of its imports come from Greenland. The ongoing conflict between Russia and Ukraine has led to a 14.4% increase in the consumer price index for fish and seafood in Denmark from January 2022 to October 2023, reflecting the sector's susceptibility to global events affecting fuel prices and supply chains.

Trends in the Danish Shrimp Market Demand Analysis

The Danish shrimp market has witnessed considerable changes influenced by various factors such as health consciousness, technological advancements, and geopolitical events. Mapping out the main trends, we can see that consumers in Denmark are increasingly attentive to the health benefits associated with shrimp consumption. Shrimp, being a low-fat, high-protein alternative with essential nutrients like Omega-3, is highly valued among Danish consumers. With a growing emphasis on health and fitness, there's an evident inclination towards seafood that aids in muscle strengthening and disease prevention, evidenced by the recommended daily shrimp intake of between 75 and 100 grams. Technological advancements have also made a significant impact, with initiatives such as the TEKNOFISK and AUTOCATCH projects introducing smarter and more sustainable trawl fishing practices. Moreover, the adoption of 'smart' technologies in sectors such as fisheries and seafood processing is contributing to increased efficiency and sustainability within the industry. On the economic front, Denmark has experienced fluctuations in the fisheries sector turnover. Between the years 2017 and 2020, there was a growth of about 5.7 percent which was subsequently followed by a decline of approximately 11.5 percent, potentially as an effect of the Covid-19 pandemic and its accompanying restrictions.

Despite these challenges, the Danish shrimp export value reveals a robust and competitive market, with exports increasing by about 18.3 percent between 2018 and 2022. The import side also demonstrates a growth trend, increasing from somewhere around $187.5 million in 2018 to over $250 million in 2022. The major exporters to Denmark are countries like Vietnam and Ecuador, with Vietnam accounting for over 34.3 percent of total shrimp imports into Denmark. In terms of regional expenditure within Denmark, the Hovedstaden region, which includes the capital Copenhagen, tops the list in spending on food products, with figures close to 37,000 Danish kroner annually. Meanwhile, Nordjylland stands at the other end of the spectrum with annual spending of slightly over 30,000 Danish kroner. Regarding the impact of the conflict between Russia and Ukraine, there has been a notable increase in the consumer price index for fish and seafood. This escalation in prices aligns with a broader concern for global food security and affordability instigated by the conflict and other market dynamics. In terms of market structure, Denmark's fishing tradition remains strong, positioning it.

Key Shrimp Industry Players in Denmark

Denmark’s shrimp industry is enriched by the presence of several noteworthy companies that play crucial roles in the fishing, processing, and distribution of shrimp both domestically and internationally. Here is an overview of the primary enterprises contributing to Denmark's thriving shrimp sector:

Iceberg Seafood:*At the forefront of offering premium seafood globally, Iceberg Seafood specializes in a variety of products, with cold-water shrimp being their star export. Originating in Greenland, and now operating from Hirtshals, Denmark, Iceberg Seafood is synonymous with sustainability, holding Marine Stewardship Council (MSC) certifications that affirm their dedication to eco-friendly fishing practices.
Launis: Focusing primarily on capturing and supplying Danish shrimp, Launis has become a name synonymous with quality and sustainability within Europe. With an emphasis on complying with stringent food production regulations, Launis upholds International Food Standard (IFS) certification, ensuring their practices meet high standards for food safety.
Maresco Seafood A/S: With over four decades of expertise in the shrimp industry, Maresco Seafood has grown to specialize in a wider seafood range, while maintaining their focus on offering MSC-certified high-quality shrimp.
Danish Seafood Association (DSA): Comprising 116 member companies engaged in fish and seafood processing and trading, the DSA is vital in steering the direction of the Danish seafood industry. Through collaborative efforts and independent operations, they provide a concentrated voice for their industry’s concerns and ambitions.
Wecofish A/S: A well-established entity in the global shrimp market, Wecofish A/S operates a robust business model that emphasizes large-scale purchases and sales of shellfish. Their operations, spread across the North Atlantic region, cater to both the local and international markets, including the UK and other Scandinavian countries.
Ocean Prawns: As one of the largest suppliers of MSC-labeled shrimp and halibut, Ocean Prawns has a substantial workforce committed to sustainable fishing operations across multiple regions. With a presence in various parts of the world, they cater to international markets, including the EU and Asia, through their comprehensive sales department, ensuring the global dissemination of high-quality shrimp products.

These companies highlight Denmark’s prominence within the global shrimp market and the concerted effort to maintain sustainable and eco-friendly fishing practices. Their contributions solidify Denmark’s position as a stronghold of excellence in the seafood industry.

The shrimp market - Denmark

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Last update : 27/11/2023

Summary and extracts

1 Synthèse du marché

1.1 Introduction

In the global seafood market, shrimp occupy a significant role, with demand steadily increasing. The market, valued at $68.40 billion in 2022, is expected to grow 5.5 percent annually through 2030, driven by the quest for healthy and sustainable food. Shrimp, because of its low fat content and high protein intake, is at the centre of this trend.

In Denmark, the fishery experienced sustained growth through 2020, followed by a decline in 2021, influenced by the COVID-19 pandemic. The common shrimp fishery had a remarkable expansion between 2017 and 2018, underscoring the importance of this species in the local market.

The Danish market is distinguished by the strength of the industry and the ability to outperform imports with exports. The variety of species present, from common shrimp to cold-water shrimp, highlights the diversity of the market. Distribution makes use of a network that includes large retailers, speciality stores and the wholesale trade. This structure makes it possible to meet the diverse needs of consumers, offering various products from fresh to frozen.

Projects such as TEKNOFISK and AUTOCATCH highlight the focus on sustainability and efficiency, improving fishing operations and optimizing catches.

2 Analyse de la demande

3 Structure du marché

4 Analyse de l'offre

5 Règlementation

6 Positionnement des acteurs

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