Argentine shrimp advances in Europe as buyers weigh alternatives to Ecuadorian vannamei

Argentina's growing presence in the European shrimp market is drawing increasing attention among suppliers and buyers as Ecuador, the bloc's largest supplier of frozen shrimp and prawns, faces weaker demand signals and softer price indicators.

Argentina strengthened its position in the European market during 2026. The country supplied 30,395 metric tons of frozen shrimp and prawns to the EU in January-July, up 17.3% year over year, making it the EU's third-largest supplier in the category behind Ecuador and India, according to S&P Global Market Intelligence Global Trade Atlas.

Ecuador remained the leading supplier with 127,001 mt and a 47.05% share of imports, despite a 9.0% decline in volume compared with the same period in 2025, while India ranked second with 49,797 mt.

The divergence has fueled discussion across the industry, particularly following Conxemar Oct. 6-8, when market participants frequently cited strong Argentine availability as a factor shaping purchasing behavior in Europe.

A market participant said Argentine shrimp volumes into Europe could be at least 20% higher this year, although final figures have yet to be confirmed.

However, the two countries' products are not direct substitutes. An Ecuadorian market participant noted that Argentine shrimp is wild-caught and dependent on seasonal cycles, whereas Ecuadorian vannamei is farmed and can be harvested year-round, providing a more consistent supply.

Even so, several sources said that both products can compete for a share of the same demand in Europe.

"There is a lot of Argentine shrimp, and that does not help increase demand for vannamei," a Europe-based importer said.

"Argentine red shrimp is considered a higher-quality product than vannamei. It has more prestige, and when it is available at low prices, as appears likely to be the case this season for both onboard-frozen and factory-frozen product, a significant part of the foodservice sector prefers to feature Argentine shrimp rather than vannamei in its dishes," the same importer added.

An Ecuadorian exporter likewise said the products compete commercially, although sources generally stressed that competition should not be interpreted as a direct price comparison between two fundamentally different products.

Ecuador's ample supply meets weak demand, competition

The discussion comes as Ecuador continues to increase global shrimp shipments. According to data compiled from reports by Ecuador's National Chamber of Aquaculture (CNA), Ecuador exported approximately 2.14 billion pounds of shrimp — about 970,326 mt — during January-July 2026, up 17.4% from the same period in 2025.

Export value rose about 15.5% year over year to approximately $5.04 billion. However, the calculated average export unit value declined to about $2.35/pound, down from $2.39/lb in 2025. These figures represent average export values, calculated by dividing total export value by volume, and should not be interpreted as spot prices for a particular shrimp specification.

Additional market indicators have also weakened in recent months. The Platts Ecuador Shrimp Marker fell to $4,100/metric ton on Oct. 15 from $4,900/mt on March 24, a decline of approximately 16.3%, highlighting the broader pressure on Ecuadorian shrimp values amid growing global supply and subdued demand.

However, market participants said Argentine availability was only one element affecting sentiment.

An Ecuadorian trader said competition was also coming from other origins, including India.

A market participant said the performance of Latin American shrimp producers remained resilient despite ongoing cost increases. "In spite of cost increases, they manage to maintain their financial performance due to very high yields. More than ever, shrimp is the chicken of the sea."

The same source added that "If there are no diseases in the region, which there aren't currently, the price will hold into 2027," given that "Producers are expecting cheaper production costs due to better genetics and more efficient feed."

While market participants differed on the relative importance of the various factors affecting demand, the discussion surrounding Argentine red shrimp has become increasingly prominent in Europe in recent weeks.

The central issue, sources said, is not whether Argentine shrimp is directly replacing Ecuadorian vannamei. Rather, abundant Argentine supply provides buyers with an additional purchasing option at a time when overall demand remains subdued.

As a result, Argentine shrimp does not need to establish Ecuadorian prices or take volume directly from Ecuador to influence market dynamics. Market participants said the additional availability can reduce the urgency of vannamei purchases for some buyers, limiting demand-side support for Ecuadorian prices even as Ecuador continues to expand production and exports globally.

Platts is part of S&P Global Energy.