Jumat, 15 Oktober 2021

Effects of Pandemic on Shrimp Market

Effects of Pandemic on Shrimp Market


Shrimp market is ready, and what about coming years?
Before going further into shrimp marketing, it can first be observed from the seafood processed market in general. Where, explained Budhi Wibowo, Chairman of the Association of Indonesian Fishery Products Processing and Marketing Entrepreneurs (AP5I), Fish Processing Unit (UPI) which was able to survive and develop during the Covid-19 pandemic was UPI which was able to make the move or "switch" from the food service market, increase sales to the retail market, especially value-added processed products (ready to cook/ready to eat).
And the shrimp UPI in Indonesia looks more ready to make the switch than the fish UPI. This can be seen from shrimp exports in 2020 which increased sharply by around 15% (volume) of around 20% compared to exports in 2019.
"For 2021 exports, based on the information we received from several parties, shrimp exports in 2021 may still grow compared to exports in 2020, but the growth is unlikely to be large in export growth in 2020. In 2021, we estimate shrimp exports to grow by around 5-10% compared to the previous year. 2020," said Budi.
He described, based on the results of research from the Future Market Insights institute entitled “Shrimp Market: Global Industry Analysis ( 2012 - 2016 ) and Opportunity Assessment ( 2017 – 2027 ) Estimating the current market value ( 2017 ) of around USD 39.1 billion Rp. And this will increase to USD 67.5 Billion USD by the end of 2027.
Indonesia's shrimp exports in 2017 were 1.7 billion USD, while Indonesia's market share is currently only 4.3%. In accordance with the government's target of increasing exports by 250% in 2024, Indonesia's target is 4.25 billion USD. So in 2024 the total world shrimp market is estimated to be 60 billion USD or about 7% market share so that the Indonesian shrimp market share in the world market needs to be from 4.3% to 7%.
National Shrimp Market Development
For potential markets anywhere there is still an opportunity to be developed. “So far, shrimp sales to the local market have been dominated by fresh shrimp products, not frozen shrimp. We hope that the local market for frozen shrimp will continue to grow in the near future,” explained Budhi.
The impact of Covid on local shrimp sales is basically no different from the export market. Food service experienced a sharp decline that greatly affected the sale of shrimp to the local market.
“Sales to the retail market both through retailers, online stores and so on have indeed increased, but the increase has not yet been able to cover the decline in sales in the food service market. Shrimp processed products for the retail market also experienced an increase in sales, especially various "breaded shrimp" products and other processed shrimp, such as 'Ebi Kinchaku'," added Budhi.
Potential is also optimized from shrimp products. Which can increase competitiveness by adding value to shrimp "by products" such as chitin, chitosan, shrimp flour. Where from processed shrimp, the processed shrimp meat is 50%, while 20% is the skin, 30% is the head. This is very potential considering that Indonesia produces at least 400 thousand tons of shrimp every year.dini

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