Vietnamese businesses dominate market share in Japan

DNHN - Value-added processed shrimp products account for approximately 40-45% of Vietnam’s total annual shrimp export value. Vietnamese businesses have high processing capabilities and lead the high-end shrimp market in Japan.

According to data from the General Department of Vietnam Customs, in January 2024, Vietnam’s shrimp exports to Japan reached over USD 37 million, an increase of 30% compared to the same period in 2023. During this month, Japan became Vietnam’s third-largest shrimp export market (after the US, China & Hong Kong), accounting for 15.4% of the value.

According to information from the Vietnam Association of Seafood Processors and Exporters (VASEP), the three largest Vietnamese businesses exporting shrimp to Japan in the first month of 2024 were Sao Ta (accounting for 13.8% of the value), Minh Phu Seafood (9.1%) and Minh Phu - Hau Giang (7.2%).

Sao Ta focuses on products such as breaded shrimp, straightened shrimp, fried shrimp, sushi shrimp, etc. Meanwhile, Minh Phu focuses on products such as fresh frozen headless tiger shrimp, breaded white-leg shrimp, steamed tiger shrimp, Nobashi tiger shrimp, PD white-leg shrimp, Ebifry white-leg shrimp, sushi shrimp, Ebishin shrimp, and tempura tiger shrimp in the Japanese market.

In 2023, Vietnam’s shrimp exports to Japan declined due to reduced consumer demand, rising inflation, and the depreciation of the Yen currency. However, this trend showed signs of recovery in late 2023.

According to Japan Customs, in 2023, Japan’s shrimp imports fell sharply, with a 9.4% decrease in volume, reaching 212,400 tonnes. The average import price of Japanese shrimp in 2023 was USD 9.6/kg, a decrease of 1.4% compared to 2022.

The Japanese market is assessed as having potential and is expected to recover sooner than other major markets such as the US and EU in 2024. Japanese consumers have high demands for products, requiring them to be delicious, nutritious, visually appealing, and meticulously processed. This market also has the advantage of being geographically closer and having more secure payment methods.

Currently, value-added processed shrimp products account for approximately 40-45% of Vietnam’s total annual shrimp export value. Vietnamese businesses have high processing capabilities and lead the high-end shrimp market in Japan.

P.V