In the first three quarters of 2022, the import volume of Arctic shrimp doubled; In September, another record was reached, with imports from Canada quadrupling!
From January to August 2022, the import volume of Arctic shrimp exceeded 40,000 tons, with an import value of more than 300 million US dollars; Canada's Arctic shrimp imports increased by 83.6% in August!
In July 2022, Arctic shrimp imports increased by 356.2%, and Canadian Arctic shrimp imports increased by 486.0%, both setting records in history!
In June 2022, the import value of Arctic shrimp increased by 259.7%, and the cumulative import volume in the first half of 2022 was nearly 30,000 tons, with an import value of more than 200 million US dollars!
In the first 10 months of 2022, the import of Internet celebrity Arctic shrimp hit a record high!
After the cumulative import volume of Arctic shrimp in 2022 exceeded 30,000 tons and 40,000 tons in a row, the cumulative import volume in the first 10 months exceeded 50,000 tons and the cumulative import exceeded 400 million US dollars, which is only one step away from the annual target of annual cumulative imports exceeding 60,000 tons and cumulative imports exceeding 500 million US dollars!
Year-on-year import data of Arctic shrimp from January to October 2022 (Haiqiao marketing)
From January to October 2022, the cumulative import volume of Arctic shrimp reached 52,945 tons, and the cumulative import value reached 411 million US dollars, an increase of 86.4% and 172.3% respectively over January to October 2021, continuing to show a situation of rising volume and price, which shows that Arctic shrimp will continue to maintain the trend of Internet celebrity in China in 2022!
In October 2022, Arctic shrimp imports slowed down year-on-year and the reasons behind it
Year-on-year data on Arctic shrimp imports in October 2022 (compiled by Haiqiao Marketing)
Compared with the rapid growth of cumulative imports from January to October 2022, the year-on-year growth of Arctic shrimp imports in October 2022 began to slow down, and the import volume increased by only 28.8% compared with October 2021. We believe there are four main reasons behind this:
1. In October, November and December 2021, Arctic shrimp imports in the Chinese market have shaken off the impact of the new crown epidemic and began to return to the pre-epidemic level. The year-on-year data for October 2022 and October 2021 is naturally not as obvious as the year-on-year growth in January-September 2022 and January-September 2021.
2. In October 2022, due to large-scale conferences held in China and the tightening of epidemic control, the import, wholesale and retail of frozen seafood and meat such as Arctic shrimp were affected;
3. Entering the fourth quarter of 2022, the economic downturn, the stock market fell, and consumer income generally decreased, resulting in a decline in purchasing power;
April, July, August and September are the off-season for traditional Arctic shrimp imports, but the import volume in July, August and September 2022 remained high, which to some extent caused the current domestic Arctic shrimp stocks to be high, so it is reasonable that the import volume of Arctic shrimp in October is slightly lower than in September.
Year-on-year data on Arctic shrimp imports by month in 2022 (compiled by Seabridge Marketing)
In October 2022, Arctic shrimp import prices fell back in favor of importers and wholesalers
Although the import volume in October 2022 was slightly lower than in October 2021, the import value still maintained a significant year-on-year increase, up 73.4% from October 2021, mainly due to the generally higher overall price of Arctic shrimp in 2022.
Year-on-year data of Arctic shrimp imports by month in 2022 (Haiqiao Marketing)
Trends in import prices of Arctic shrimp in recent years (Haiqiao Marketing)
As can be seen from the chart above, after reaching a historical peak in June 2022, the average price of Arctic shrimp imports showed a gradual downward trend, and although it rebounded in September 2022, it fell again in October 2022. At present, the average import price of Arctic shrimp has been slightly less than 8 US dollars / kg. This is partly due to the slowdown in the appreciation of the US dollar, the suppression of inflation in the United States, the decline in international oil prices, especially the sharp decline in international shipping freight.
Although this price is still significantly higher than the average import price of 6 US dollars / kg in 2021, considering that the supply of Arctic shrimp in the Chinese market and international markets throughout 2022 is still reasonable, and the appropriate price decline is also beneficial to China's Arctic shrimp importers and wholesalers.
Arctic shrimp import forecast for 2022: 60,000 tons and 500 million US dollars are expected to be achieved
Although imports fell month-on-month in October 2022, the strong trend of Arctic shrimp imports remains unchanged. We predict that in 2022, the import volume of Arctic shrimp will exceed 60,000 tons, and the import value should be close to or even exceed 500 million US dollars, which should not be much suspense.
Arctic shrimp import forecast for the whole year of 2022 (Haiqiao marketing)
Arctic shrimp import forecast for the whole year of 2022 (Seabridge Marketing)
Let's assume that the monthly import volume of Arctic shrimp in November and December 2022 is the same as in November and December 2021, and the average import price continues to remain at the level of 8 US dollars / kg, then the import volume of Arctic shrimp in the Chinese market in 2022 is expected to reach 64,000 tons, and the import value is expected to be very close to 500 million US dollars.
If the above goals can be accomplished, it will mean:
1. In 2022, the import volume of Arctic shrimp in the Chinese market will exceed the 60,000 tons mark for the first time, continuing to consolidate its position as the world's largest Arctic shrimp import and consumption market;
2. In 2022, the import value of Arctic shrimp in the Chinese market will approach or exceed 500 million US dollars for the first time, far exceeding the all-time high of 280 million US dollars in 2019.
3. Arctic shrimp imports in the Chinese market in 2022 will go down in history, becoming the most successful year in history, and will also become the most successful classic case of imported seafood marketing in the Chinese market in 2022!
Through the sea, show the true colors of heroes! Persist in deep ploughing, and finally get Chinese heart!
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This article is reproduced with permission from the Canadian Arctic Shrimp.