Recently, the price of European Arctic sweet shrimp has soared, and the upward trend is expected to continue in 2024.

Recently, the European Arctic sweet shrimp market price has shown a significant upward trend, and this trend is expected to continue in 2024. According to analysis by industry experts, market conditions in short supply are the main reason for the price increase. This is mainly due to a sharp decline in Canadian supply, resulting in British retailers having to turn to Greenland for alternative supplies.

Many industry insiders pointed out that the rise in Arctic sweet shrimp prices was not only affected by the significant reduction in Canadian catches, but also driven by the rebound in demand in many markets around the world.

In particular, the demand for cooked frozen shelled (C&P) shrimp has increased significantly in the United States and China, which has further aggravated the tight market supply. As the largest consumer market for secondary frozen C&P shrimp, the UK is mainly for food service and "industrial" purposes, and its market supply has also been affected to a certain extent.

Canada, a major supplier in the past, has seen its catches fall by as much as 80% over the past decade, resulting in a significant decline in its position in the global supply chain. This change in the supply pattern has forced British retailers to readjust their procurement strategies and seek supplies from other countries.

As one of the major exporters of Arctic sweet shrimp, Christian Nordahl, CEO of its exporter C&P, also confirmed the upward trend in market prices. He said that although seafood and protein prices have generally increased since 2018, Arctic sweet shrimp price increases have remained relatively low compared with inflation. He expects prices to continue rising as demand continues to grow and supply tightens.

In addition, he also pointed out that although Norway's fishing volume in the Barents Sea has increased, the sharp decline in Canada's fishing volume still has a greater impact on global market supply. At the same time, he also noticed the new demand in the US and Chinese markets, which provided new opportunities for Norwegian exports.

It is worth noting that the draft fishery reform being reviewed by Greenland may have a significant impact on the market supply structure. The draft proposes to eliminate the quota distinction between inshore and offshore fishing vessels, which could lead to a restructuring of the country's fleet and processing plants in the coming years.

If the reforms are implemented, offshore fishing vessels will be able to start freezing their catch, thereby increasing the supply of shell-on frozen shrimp on the market but correspondingly reducing the production of cooked frozen shelled shrimp. This change could have a profound impact on the global Arctic sweet shrimp market.