Restaurant closures across Europe due to the second wave of the pandemic, and earlier preparations for the Christmas and New Year holidays, caused a slowdown in Ecuadorian shrimp imports last month, according to Sophia Balod, an analyst at the Seafood Trade Intelligence Portal (STIP), now part of Kontali Analyse.
The slowdown is expected to continue at least until the end of the year, Balod forecasted. "In Europe we expect import to slow down [until the end of the year] as usually also the case around these times, there might be an uptake at the beginning of the year, as the contingent is reset, enabling 40,000 or 48,000 metric tons of raw material to be imported under 0% tariff," she noted.
In her presentation at Aqua Expo Guayaquil, which took place on Nov. 24-26, Balod summarized the European shrimp market situation.
During the first wave of COVID-19 in Europe earlier this year, inventories there quickly filled up, making it harder to sell the products into this market. This was mainly down to the foodservice sector's closure down for several months, Balod said.
The demand from retailers, on the other hand, spiked during the period.
Some importers and processors were able to shift products to the retail channels. However, this did not compensate for the losses made in the foodservice sector.
Following the first wave, during the summer months, restaurants were allowed to reopen, causing a fast rise in demand from the foodservice sector for a brief period of time.
European processors have tried to build up stocks for their plants earlier than in previous years, starting in September, since COVID-19 safety rules have slowed factories' activities.
Unlike the first wave of the pandemic, the second wave has generally affected both southern and northern Europe.
Consumers in both southern and northern Europe are currently focusing "a bit more on the pre-packs and the convenience products", Balod said.
Additionally, takeaway products -- like shrimp bowls or sushi salads -- and shrimp ready for pizza or pasta dishes are currently popular, she added. This type of product is expected to continue to remain popular, according to Balod.
"The high inventory combined with the low demand will lead to stagnant inventory among processors, especially those working in the foodservice sector. Retail will keep going strong," Balod said.
She said that in the Netherlands there is an expectation that restaurants will open for Christmas, but that's not the case in all European countries. COVID scares and the cold season, in any case, might prevent consumers from going out as much as in spring, when outdoor eating was a strong driver of the foodservice sector's resurgence.
December 07, 2020 at 05:01PM
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Second COVID wave, early Christmas preparation slows EU shrimp imports - Undercurrent News
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