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US seafood consumption demand surged as COVID-19 pandemic is under control

03/06/2021

According to VASEP, US consumption demand surged after the period of social distancing for controlling COVID-19 pandemic. In the first five months of the year, seafood exports to the US recorded impressive numbers such as pangasius increased by 57%, shrimp increased by 21%, tuna increased by 17%, etc.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the US, the EU and CPTPP markets dominate Vietnam's seafood export growth.

The rapid and widespread deployment of the COVID-19 vaccination campaign along with the timely economic stimulus package of the US Government have provided the impetus for the country's seafood consumption demand to recover rapidly, not only in the retail segment but also service, restaurants, hotels, entertainment channels, etc.

After a period of conducting social distancing for controlling COVID-19 pandemic, U.S. consumption demand surged. Besides items such as shrimp, tuna, and salmon, which are the preferences and consumption habits of Americans, consumption demand of other aquatic species such as catfish, squid, octopus, crabs and bivalve molluscs, etc. also increased significantly.

Notably, pangasius exports to the US increased by 136% in April and increased by about 200% in May to USD 33 million. Accumulated over the first five months of the year, the amount reached USD 135 million, an increase of 57% over the same period in 2020.

The US is also leading Vietnam's tuna import markets, accounting for 42% of total export value. By the end of May, tuna exports to the US reached USD 130 million, an increase of 17% over the same period last year.

Besides, shrimp products are always in the top of the US seafood consumption, being the first choice of consumers when the US fully opens 50 states from May 20, 2021.

Shrimp exports to the US account for 21% of Vietnam's total shrimp export value. Shrimp exports to the US in the first five months of this year are estimated at USD 270 million, an increase of 21% over the same period last year.

Vietnam has a great opportunity to increase its market share in the US market when India is heavily affected by COVID-19 and China's exports are reduced due to the US-China trade war and due to the COVID-19 control regulations. of this country.

However, there are two other competing countries, Ecuador and Indonesia, are increasing shrimp exports to the US. In addition, India may recover in the next few months are factors that shrimp businesses need to take into account in their export strategy to the US market.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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