The shrimp market - Portugal (2023)

1.2 The global shrimp market is booming

Global shrimp production is growing fast. Between **** and ****, total shrimp production (***) rose by **%, reaching **,*** thousand tonnes in ****.[***] The following graph shows that aquaculture production is greater than the volume of shrimp caught. By ****, aquaculture production will account for **% of total production. Shrimp is often produced by family farms and sold to local wholesalers, who then distribute it internationally.

Trends in shrimp fishing and production World, ****-****, in thousands of tons source: FAO

Global shrimp production is driven by a handful of countries: China, India and the USA are the main producers and consumers.

Share of global shrimp production World, ****, in Source: FAO In terms of aquaculture production, Asia accounts for around **%.

Main shrimp-producing countries (***) World, ****, % of total Source: FAO The main shrimp fishing countries are also the world's leading producers.

Main shrimp-producing countries (***) World, ****, as % of total Source : FAO Assuming that the value of aquaculture shrimp tonnage is the same as that of fished shrimp, it is possible to estimate the world shrimp market up to ****, with an average annual growth rate of *.*%. [***] Evolution of shrimp market size World, ****-****, US$ billion Source: ****

1.3 Shrimp market size in Portugal

at the time of writing, there is no market size for shrimp in Portugal. We can, however, propose a range for estimating this market by drawing a parallel between Portuguese shrimp consumption and that of the Spanish and French.

Spaniards consume an average of *.** kilograms of shrimp per year[***].

Assuming that the proportion of shrimp within seafood consumption in Portugal is similar to those in Spain and France, we can approximate the market size of shrimp in Portugal by multiplying this proportion by seafood consumption in Portugal (***).

Low estimate: *.**% x ** .**x ** ,***,*** x ** .* = ***.* million euros

High estimate: *.*% x ** . ** x ** ,***,*** x ** .* = ***.* million euros

This gives us a market size for shrimp in Portugal of between ***.* and ***.* million euros .

Estimated size of the Portuguese shrimp sales market Portugal, ****, in millions of euros Businesscoot estimate

1.4 Shrimp imports and exports

In ****, Portugal ranked *th in the EU-** for fisheries production and **th for aquaculture production, according to a study by EUMOFA. Portuguese fisheries and aquaculture production accounts for *% of European catches (***). In all, Portugal accounts for *% of European fishery and aquaculture production and *.**% of world production. Here is a breakdown of its main trading partners:

Main import and export partners for fishery and aquaculture products Portugal, **** in Source: ****

As for the shrimp market, according to the latest census, Portugal is set to become the world's **th largest shrimp exporter by ****. In ****, the country exported around *.* million kilograms of shrimp, recording an average annual growth rate of *.*%. Since ****, Portuguese supply has grown at an average annual rate of *.*%. Germany was the biggest exporter in ****, followed by Ecuador, Argentina and Indonesia.

Similarly, Portugal is expected to be the world's **th largest shrimp importer in ****. In ****, the country imported almost ** million kilograms of shrimp, with an annual growth rate of *.*%. Since ****, Portuguese demand has grown by an average of *.*% each year. Belgium was the biggest importer in ****, followed by China, Spain and Japan.

Import, Export and Coverage of Crustaceans, shelled or not, live, fresh, chilled, frozen, dried, salted or in brine Portugal, in dollars ...

2.1 Consumers' main purchasing criteria

According to EUMOFA and national estimates,portugal stands out as the main consumer of fishery and aquaculture products in the EU. Seafood consumption Europe, ****, in kg/person/year Source: EUMOFA This position was confirmed in ****, although apparent consumption was down on ****. In contrast to the negative trend at EU level, some countries recorded slight increases. Per capita expenditure on fish and aquaculture in the European Union (***) in ****, by country Per capita expenditure, by country (***), **** Source: EUMOFA This report from EUMOFA (***) in ****. In ****, per capita spending on fresh fish in Portugal amounted to *** euros per year, making it the EU's biggest spender on fish per capita. In ****, consumption of fish products is estimated at **.** kg per capita, down *% on ****, according to a study by EUMOFA.

Purchasing criteria for fish and aquaculture products Portugal and Europe, ****, in Source: ****

Regular consumers, i.e. those who eat fish and aquaculture products at least once a month, mainly belong to the **-** and over-** age groups. In particular, among young people (***).

When it comes to the purchasing criteria of Portuguese consumers compared to European consumers, we can see a certain difference in selection criteria.

In fact, the Portuguese consumer will attach greater importance to the product's ...

2.2 Shrimp market demand drivers

The shrimp market is driven by a variety of factors that have boosted demand and production in recent years. The main drivers of demand are the health benefits of shrimp, the adoption of new environmentally-friendly production techniques and the convenience of this type of seafood compared to other protein-rich foods.

Health benefits

Shrimps are becoming increasingly popular with consumers thanks to their high nutritional value and low-fat protein content. They contain no carbohydrates and are extremely low in calories. One calorie is roughly equal to one gram of shrimp. Shrimps are also rich in minerals and vitamins such as iron, calcium, salt, phosphorus, zinc, magnesium, potassium and many others.

Shrimps help prevent a wide range of illnesses. They help prevent hair loss, maintain healthy bones, improve cognitive performance, reduce menstrual cramps, eliminate bad cholesterol and reduce the risk of lung and prostate cancer. They are also a good source of protein and vitamin D without adding carbohydrates to the daily diet, making them a popular choice for people trying to lose weight. The high zinc content of shrimps is also useful, as zinc is a means of increasing leptin levels in the body, which regulates fat storage, hunger and overall energy ...

2.3 A rollercoaster ride for European consumption

Shrimp consumption is largely dependent on supplies from Ecuador, India, Vietnam, Thailand, Indonesia, Argentina and Greenland.

European shrimp consumption trends European Union, ****-****, in kg per capita Source: ****

After reaching a decadepeak of *.** kg LWE per capita in **** , apparent shrimp consumption in the EU remained below *.* kg LWE per capita in **** and ****. The decrease in overall apparent shrimp consumption compared to **** is largely due to lower Dutch and German Crangon production, according to the European Commission' s Fish Market Report .

However, for the shrimp species most imported from the EU that are therefore available for consumption, namely frozen or prepared/preserved warmwater shrimp and Argentine red shrimp. Apparent consumption did not show any remarkable changes over the same period, which is why this up-and-down trend needs to be qualified, again according to the European Commission.

2.4 A Portuguese preference for wild produce

In Europe, more than half (***) of the products covered by GI/STG are wild products, and the remaining **% are farmed products, according to EUMOFA.

Types of EU quality products in the seafood sector European Union, ****, in Source: EUMOFA Almost half (***) refer only to processed products. A further **% of denominations cover both processed and unprocessed products.

Types of EU quality products in the seafood sector * European Union, ****, in % of total Source: ****

The preferences of Portuguese consumers are somewhat different from those of the average European consumer. Indeed, seafood consumers in Portugal will have a clear preference for wild products over farmed ones. A **** Eurobarometer survey shows that almost **% of Portuguese consumers have a preference for wild products, compared with **% on average in Europe. Similarly, according to this study, Portuguese consumers are generally more attentive to the origin of their product, as **% of Europeans have no preference between wild or farmed, compared to **% of Portuguese consumers.

Preferences for wild or farmed products Portugal vs. EU, **** Source: ****

3.1 Market organization and dynamics

An overview of the market value chain is summarized below.

3.2 Portuguese production on the decline

In ****, Portugal ranked *th in the EU-** for fish production and **th for aquaculture production, according to a study by EUMOFA.

However, according to Eurostat data, shrimp catches in the Mediterranean, Black Sea and Indian Ocean have fallen sharply in recent years. This trend is partly due to the covid-** pandemic starting in ****, as well as to an increase in imports of this product.

Catches - Mediterranean, Black Sea and western Indian Ocean Portugal, ****-****, weight in tonnes Source: ****

Furthermore, using Eurostat data on fresh shrimp production, derived from catches, we can make an estimate of the flow in subsequent years based on the EUMOFA forecast, which predicts a decline of almost *% over the next * years.

Indeed, shrimp production in Portugal is on a downward trend, and this is due to a number of developments in the market, both locally and globally.

Forecast: Fresh shrimp production in capture fisheries in Portugal Portugal, ****-**** Source: ****

The dynamics of the shrimp market in Portugal continue to evolve, with an ever-increasing number of shrimp landings. Indeed, the value of shrimp landings in Portuguese ports has risen sharply in recent years, peaking at **,*** million euros in ****, according to EUROSTAT figures. This increase marks a real ...

3.3 Shrimp through cookers and wholesalers

Consumers' preferred distribution channels Portugal, EU, **** in Source: ****

Portuguese consumers are more likely to buy their seafood directly from supermarkets/grocers or fishmongers. This is also the case for European consumers, but they are more likely to use other channels, such as buying from the fisherman or at the market.

3.4 The seafood canning industry in Portugal

the increase in imports of shrimps and other seafood products in recent years goes hand in hand with two other changes in this market: the increase in product processing and preservation, and retailing.

Revenues of the "fish and shellfish processing and preservation" industry in Portugal ****-**** ¨Portugal, ****-****, in millions of dollars Source: ****

Indeed, sales in the fish and shellfish processing and preservation industry are set to continue rising over the next few years. According to an estimate based on EUROSTAT figures, sales in this industry in Portugal are expected to reach around *,***.** million US dollars by ****.

Retail sales of fish, crustaceans and molluscs" industry Portugal, ****-****, in millions of dollars Source: ****

Similarly, the revenues of the fish, crustacean and mollusc retail industry in Portugal are gradually increasing, and this trend is expected to continue until ****. By ****, retail sales of fish, crustaceans and molluscs in specialized stores in Portugal are expected to total around US$ ***.** million.

4.1 Shrimp sold in many forms

In Europe, there are * main types of shrimp on the market and others that are less represented:

According to EUMOFA data, EU shellfish imports showed a slight but steady decline from **** to ****, before reaching a ten-year peak in ****, with a nominal value of *.** billion euros and ***,*** tons.

Shrimps account for over **% of the total volume and **% of the total value of EU shellfish imports. They mainly comprise warm-water shrimps and various prawns and gambas.

These two categories were the main contributors to the maximum value of shellfish imports. However, the import price of other species has also risen: for example, the price of warm-water shrimp from Ecuador has risen by *%.

In ****, imports of warm-water shrimp into the EU, mainly frozen shrimp of the genus Penaeus, reached a ten-year peak of ***,*** tonnes, up **% on ****. Their average import price also rose by *% to *.** EUR/kg. Almost half of these imports came from Ecuador (***), followed by India and Vietnam, which together accounted for a further **%.

EU shrimp landings in **** by volume European Union, in ****, as % of total Source: ****

The overall increase in value is due to imports from Ecuador, whose average price rose to *.** EUR/kg. These shrimps were mainly destined for Spain, France ...

4.2 Prices that vary according to time of year and geographical location

The price of a kilogram of shrimp in Portugal has changed over the last ten years, but the price has never risen or fallen by more than €*.** in ten years. These variations are very frequent, but rarely very significant, as the evolution is rather constant and progressive and follows the evolution of the prices of imported or domestically produced shrimps. Price trend per kilogram of shrimp Portugal, ****-****, in €/kg Source: ****

This price also varies according to geographical location, as the price in the archipelagos of Madeira and the Azores is not at all the same as in mainland territories.

Average value of shellfish landings by port of landing Portugal, ****-****, in €/ kg Source: ****

For example, the average price of shellfish landings by port of landing in the Autonomous Region of Madeira is at least twice that of the mainland. In the Azores, it has been both higher and lower than on the mainland over the last five years.

Furthermore, the evolution of the total average price shows that there is an increase in the price of imported shrimp, which justifies the increase in the marketed price.

4.3 A high concentration of first-time sales locations

First sales refer to fish sold or registered at an auction center or to registered buyers or producer organizations (***). First sales may differ from landings, as first sales do not cover fish landed by vessels belonging to processors or direct sales to processors.

The top three sales outlets in Portugal accounted for **% and **% of total first sales, in terms of volume and value respectively.

5.1 Regulatory issues related to shrimp size

Here are some fishing and management measures for some of the main shrimp species in Portugal:

Regarding the marketing of these products, according to the ASAE (***), crustaceans may be marketed live or frozen, with the exception of shrimps, which must be frozen. The ASAE suggests that one way of checking the condition of the product before consumption is to check that the shrimp limbs are close to the abdomen.

6.1 Segmentation

• Pingo Doce
• Continente
• Pescanova
• Congelados Moreira