“Shrimp” consumption is always lower than other types of meat because of its relatively high price. Varying with individual preferences, it could be said that shrimp consumption is not that popular with some consumers because they view shrimp as a special meal. Therefore, the economic downturn has dampened shrimp consumption.
However, increasing demand for shrimp along with the projection that there will be lower production globally this year will benefit Thailand as we are the world's top chilled and frozen shrimp exporter, with an export volume of 220,453.7 tons in 2009, accounting for 13.9 percent of the entire export volume in the world market at 1,591,704 tons. Other key shrimp exporters in the global market include China (9.7 percent), India (8.1percent), Ecuador (8.0 percent), Indonesia (6.9 percent) and Denmark (6.5 percent.)
Due to the uncontrolled oil well leak into the Gulf of Mexico since April, it is expected that this will release 20,000 to 40,000 barrels (840,000 to 1.7 million gallons, or 3.2-6.4 million liters) of crude oil into those waters per day. It is estimated that more than 1.76 million barrels have already escaped into the Gulf during the last two months, so fully one-third, or around 200,000 square kilometers of the Gulf's fishing grounds have been closed. Currently, the heavily concentrated shrimp supply there has directly affected the US shrimp industry because the Gulf is their primary source. In addition, the situation goes from bad to worse because the problem occurs at the early shrimping season.
In 4M10, Thai chilled/frozen/ canned and prepared shrimp exports were valued at USD807.2 million, growing 23.9 percent YoY. Our key export markets included the USA (42.0 percent), Japanese (22.2 percent), Canada (5.7 percent), England (3.5 percent) and Germany (3.4 percent). The total shrimp export value sent to those five key export markets reached 76.8 percent of our entire export value for shrimp and products, with growth of 15.4 percent YoY. Our chilled and frozen shrimp exports to those countries accounted for 51.0 percent, while our canned and prepared shrimp exports accounted for 49.0 percent of our entire export value to those countries.
During 4M10, Thai shrimp export value to the USA, the largest export market (with an export volume of 42.0 percent of the total) was USD339.4 million, growing 16.0 percent YoY. Our exports of chilled and frozen shrimp were valued at USD145.8 million, increasing 12.5 percent YoY and canned and prepared shrimp were valued at USD193.5 million , increasing 18.8 percent YoY.
Due to the US seafood shortage which is projected will extend for another six months, KASIKORNRESEARCH (KResearch) expects that this will be a windfall for Thailand. Our export value of shrimp and products this year will likely grow 25 percent or more, depending on seafood prices later this year in the global market.
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