Analyst Pin-board Shrimp Sector – Growth Prospects are still Bright in 2021
Vietnam shrimp export increased by 11.3% YoY in 11M2020 as a result of the country’s strict control of the pandemic compared to competitors. Although consumption of the foodservice channel dramatically declined due to social distancing orders, consumption of the retail channel has risen largely due to the rise of home cooking. Vietnam has and will continue to benefit from this new trend due to its higher level of processing skill versus competitors. Looking into 2021, we are optimistic about the industry’s growth prospect as shrimp volume is expected to recover more than its two main competitors, India and Ecuador. Tariff incentives in the largest market, the EU, will also be a boost. Competition with Ecuador will rise as this country is increasing its market share in the US and the EU to reduce dependence on China.
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