2024 marked a strong comeback for Vietnam's shrimp exports, with shipments reaching 107 markets worldwide—up from 102 in 2023. This growth reflects the resilience of Vietnam’s shrimp industry and its ability to adapt to global market trends. The top five export destinations—China & Hong Kong, the United States, Japan, the European Union, and South Korea—accounted for 76% of the total export value, showcasing Vietnam’s dominance in the international seafood market.
Top 5 Markets for Vietnamese Shrimp
1. China & Hong Kong – The Largest Market
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Growth: 39% increase, reaching USD 843 million.
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Reasons for Growth: Shrinking domestic shrimp supply in China and reduced competition from Ecuador.
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Product Breakdown:
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Other types of shrimp: 51.7%
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White-leg shrimp: 36.1%
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Black tiger shrimp: 12.2%
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2. United States – Steady Expansion
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Growth: 11% increase, reaching USD 756 million.
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Product Breakdown:
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White-leg shrimp: 84.3%
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Black tiger shrimp: 9.3%
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Key Factors: Sustained demand and strong market presence of Vietnamese shrimp exporters.
3. Japan – Recovery After a Slow Start
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Total Export Value: USD 517 million (1% increase).
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Market Trends:
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First half of 2024 saw a decline.
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Recovery in the second half due to a strong yen and reduced Indian shrimp exports following child labor concerns.
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4. European Union – Solid Growth
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Growth: 15% increase, reaching USD 484 million.
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Key Importers: Germany, the Netherlands, and Belgium.
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Product Breakdown:
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White-leg shrimp: 80.6%
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Market Drivers: Demand for high-quality, sustainable shrimp boosted Vietnamese exports.
5. South Korea – Market Challenges
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Total Export Value: USD 334 million (3% decline).
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Challenges:
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Shrimp import quotas and high costs affected purchasing volumes.
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Market Share: Despite the decline, Vietnam maintained a 46% market share, securing its position as the leading supplier.
Vietnam’s Shrimp Industry: Moving Forward
The impressive growth in 2024 underscores Vietnam's strong position in the global shrimp trade. With increasing demand across key markets and Vietnam’s commitment to quality and sustainability, the country remains a reliable supplier of premium shrimp products.
As we look ahead, continued investment in shrimp farming, processing, and market expansion will be crucial to sustaining this momentum. Stay connected for more updates on Vietnam’s seafood industry!
Source: VASEP
