In the first two months of 2025, Vietnam's shrimp exports recorded positive signs with strong growth in some important markets. China & Hong Kong were the largest import markets, while the US, Japan, EU and South Korea also maintained stable purchasing power. In the first two months of this year, Vietnam's shrimp exports reached 605 million USD, up 46% over the same period in 2024.

In terms of product structure, white-leg shrimp continued to account for the largest proportion with an export value of 344 million USD, up 15% while black tiger shrimp reached 45 million USD, down 5%. The "other shrimp" group reached an export value of 216 million USD, up 222%. In the other shrimp group, lobster exports continued to increase strongly.

Lobster exports to China continue to increase strongly

China & Hong Kong are the largest import markets for Vietnamese shrimp with a value of 204 million USD, accounting for 34% of total shrimp exports to markets and a sharp increase of 150% over the same period last year. This impressive growth is mainly due to the fact that lobster exports to this market continued to increase strongly in the first 2 months of the year.

Lobster imports into China continued to increase in the early 2025 while whiteleg shrimp and tiger shrimp imports have not yet recovered strongly. This trend continued in late 2024.

Despite the decrease in imports, shrimp still accounts for 24% of the total volume and 41% of the value of China's seafood imports. Shrimp is the most popular seafood item on online shopping platforms in China.

People in wealthy cities such as Beijing and Shanghai tend to consume more shrimp than other regions.

US shrimp consumption hit by concerns over Trump's tariff decisions

In the first two months of this year, shrimp exports to the US reached 77 million USD, up 7%. Shrimp exports to the US recorded the most modest growth among Vietnam's major shrimp import markets.

In early 2025, when the Trump Administration came into operation. US consumers are showing concerns about unclear import taxes that could increase the prices of seafood products, including shrimp. This, combined with inflation, has led to people reducing spending on seafood, including shrimp.

The later-than-usual start of Lent also contributed to the decrease in shrimp sales in the early part of the year.

Shrimp consumption in the US may continue to face challenges in the short term. Consumers may limit spending on seafood products due to concerns about prices and the economic situation. However, if factors such as inflation are controlled and import taxes are stable, shrimp consumption demand can adjust to recover in the long term. In addition, the North American Seafood Expo in Boston, taking place from March 16-18, 2025, promises to be an opportunity for shrimp businesses to have more strategies to promote shrimp exports to the US market.

European shrimp market stable

Shrimp exports to the EU reached 64 million USD in the first 2 months of this year, up 31% over the same period. In February 2025, the European shrimp market was slow with stable prices. Because winter is not the peak consumption season, demand did not increase significantly.

European consumers increasingly prefer clean shrimp products, organic shrimp and processed shrimp. Processed shrimp products such as steamed shrimp, peeled shrimp or convenient packaged dishes also recorded strong growth in consumption, suitable for modern lifestyles.

Shrimp consumption habits in Europe have clear differences between regions. In Western Europe (Germany, France), consumers prioritize high-quality clean shrimp, focusing on origin and quality standards. On the contrary, in Southern Europe (Spain, Italy), fresh shrimp is preferred for processing traditional dishes such as paella or grilled seafood. Meanwhile, Eastern Europe, with its growing middle class, is moving towards mid-priced, affordable shrimp products.

Vietnam's shrimp exports in the first two months of 2025 showed signs of good recovery, especially in the Chinese and Hong Kong markets. Shrimp consumption trends in the US remained stable, while the EU market had regional differences. However, the shrimp industry still faces challenges in raw material supply due to unfavorable weather and diseases affecting shrimp farming activities at the beginning of this year and increased input costs for shrimp farming. To continue to maintain growth momentum, businesses need to promote pre-processed products, optimize production costs and meet strict standards from import markets.

Source: VASEP