Rising demand as well as droughts and poor harvests in key production regions have put a significant dent in European shrimp importers’ stockpiles and are starting to drive up consumer prices. These circumstances are being further exacerbated by the steady decline of coldwater prawn supplies, which have fallen from a peak of more than 450,000 metric tons (MT) in 2004 to around 235,000 MT last year.
The U.K. press has jumped on the situation, reporting that the average price paid by leading seafood suppliers has risen to GBP 12.75 (USD 15.51, EUR 14.12) per kg for farmed shrimp – known in the market as “king” and “tiger” prawns – while coldwater prawn prices have risen to above GBP 11.70 (USD 14.24, EUR 12.96) per kg.
Indeed, the United Kingdom is the single biggest market in the world for the latter. Last year, the country imported more than 40,000 MT of coldwater prawns with a value of GBP 316 million (USD 384.5 million, EUR 350 million).
This trade is thanks largely to coldwater prawns being a traditional component of many Christmas menus, but with the pressure likely to continue into 2017, buyers have warned that the classic festive prawn cocktail is likely to be more expensive this year.
