Argentina red shrimp new season price unchanged, China market does not buy how to do?

With the arrival of the new season of Argentine frozen red shrimp, the industry generally predicts that its price will remain stable.However, continued weak demand in the China market has been the main challenge facing this season.

At the Qingdao Fishery Expo, Nicolas Cagliolo, commercial director of Argentina's Estrella Patagonica, told the media that prices are not expected to change much in the next season, with L2 red shrimp prices rising slightly while L1 specifications remain stable.According to him, the price of Argentine red shrimp will be relatively stable for most of 2024, with FOB prices ranging from US $6.00 to US $6.75 per kilogram for L1 specifications and US $5.25 to US $6.00 per kilogram for L2 specifications.

It is reported that the new season of Argentine red shrimp will take place from November to March next year.However, despite relatively stable prices, Argentine red shrimp sales in the China market have declined year by year.Over the past five years, China has been Argentina's most important export market for red shrimp, but customs data show that its imports have fallen from a peak of 37451 tons in 2018 to 29965 tons in 2023, compared with 9714 tons in the first eight months of 2024.

Behind this trend is China consumers 'preference for Ecuadorian white shrimp.White shrimp is more affordable than red shrimp, which leads many consumers to choose the latter.As a result, Argentina's red shrimp market share in China has gradually declined, from 50% to 18-20% now.

Faced with this challenge, Argentine merchants began to look to other markets, such as Japan and Europe.Japanese customers are able to distinguish the quality of red shrimp from white shrimp, so Argentine red shrimp has a certain competitiveness in the Japanese market.Meanwhile, Europe's traditional markets, despite recent weakness, remain generally stable.

Argentine merchants are also stepping up marketing campaigns in response to weak demand in the China market.They hope to regain favor in the China market by raising consumers 'awareness of the quality of red shrimp.Argentine red shrimp are caught in unpolluted waters and do not contain any chemicals and antibiotics, thus having a higher quality and value.By strengthening brand promotion and product promotion, Argentine red shrimp is expected to regain consumer favor in China market.