Vietnamese shrimp exports to the EU market, after 2 months of deep decline, recovered to growth in April 2024. The EU is the main import market recording the best growth in April this year.

Shrimp exports to the EU reached 38 million USD in April this year, up 28% over the same period. Cumulatively in the first 4 months of this year, export value reached 119 million USD, almost equivalent to the same period last year.

In April this year, shrimp exports to the EU were quite exciting. Export value to the main single markets in the bloc all grew by double digits. Exports to Germany, the Netherlands and Belgium increased by 29%, 37% and 39% respectively, exports to Denmark increased sharply by 88%.

Global Seafood Exhibition 2024 takes place in Spain in April with the participation of many Vietnamese shrimp exporters. Here, fresh value-added shrimp products from Vietnam were promoted to European consumers and imports. Instant shrimp products are processed by businesses into many rich and diverse dishes and invited to enjoy right at the booths.

In 2023, Vietnamese shrimp exports to the EU will decrease significantly compared to 2022. The Russia-Ukraine war causes consumers to spend more economically, prices increase, and gasoline increases; The devaluation of the EUR is the reason for slow demand in this market.

In the EU market, Vietnamese shrimp has to compete strongly with Ecuadorian shrimp. Ecuador has the advantage of cheap shrimp, meeting the EU consumer trend of ASC-certified shrimp and lower shipping costs. Ecuador is still the largest shrimp supplier to the EU market.

The EU market requires farmed shrimp to meet safety standards (ASC), requiring suppliers to have solutions to reduce emissions (farming and processing); requires traceability (shrimp feed ingredients, shrimp broodstock...), requires animal welfare (broodstock shrimp's eyes are not cut off when artificially breeding, raised at moderate density...). Enterprises exporting shrimp to this market need to have a more systematic market access strategy and further promote marketing and promotional activities of their products.

In Northwest Europe (including markets such as Germany, the Netherlands, Belgium...), these markets are tending to convert to more convenient forms of shrimp products, value-added shrimp products.

While in Southern Europe including the markets of Spain, Portugal, Italy, France..., prices play an important role in determining market dynamics. Therefore, affordable white leg shrimp products will be more popular.

With an expected compound annual growth rate (CAGR) of around 7% in the coming years, the EU is also a shrimp consumption market that offers many opportunities. Adapting to changing market dynamics and product innovation is important to maintain competitiveness in this market.

Source: VASEP