PRODUCT CLASSIFICATION

Crustaceans are aquatic animals with hard exoskeletons and jointed limbs known for their versatility in many recipes, as they are a staple in many diets around the world, high protein values, economic importance in the seafood industry, because their farming and trade supports significantly entire countries or, in general, the global food supply chain, both in the artisanal and industrial way.

They also have gained attention for their fundamental role in sustainable food systems, as the increased interest in alternative protein sources continues to grow and these species are valuable options also due to their relatively low environmental impact and their eco-friendly cultivation practices.

Crustaceans are a part of Fish, Crustaceans & Molluscs, a category of the Animal Products section that includes a wide range of related by-products, for example Frozen Shrimps & Prawns, Frozen Crabs, Fresh Homarus Lobsters, Frozen Rock Lobster & Sea Crawfish, and Fresh Rock Lobster & Sea Crawfish, among others.

They also have a Product Complexity Index of -1.91, ranking 1004 out of 1044 products in 2023.

This post will not consider the Crustaceans trade in general, but it will be focused on the Ecuadorian market, the largest exporter of this product in the world.

EXPORT

In 2023 Ecuador exported an amount of $6.88B worth of Crustaceans, becoming the largest exporter of this category out of 163 countries in the world, with an estimated percentage of 24.4 of share in global exports; during the same year, Crustaceans were the 2nd most exporter product in Ecuador out of 1002.

The main destination of the country’s exports were

  • China - $3.82B;
  • United States - $1.4B;
  • Spain - $364M;
  • Italy - $217M;
  • France - $194M.

IMPORT

In 2023 it was estimated that Ecuador imported around $6.18M of Crustaceans, becoming the 81st largest importer of the product in the world out of 216 countries, with a 0.022% of share in global imports; during the same year, Crustaceans were the 444th most imported product in the country out of 1173.

They were imported primarily from

  • France - $2.91M;
  • United States - $1.34M;
  • India - $584K;
  • Spain - $436K;
  • Peru - $334K.

GROWTH POTENTIAL

According to the source, between 2022 and 2023 the fastest growing markets for the category’s imports and exports in Ecuador were the following

MARKETS FOR CRUSTACEANS EXPORTS

  • Ukraine - $12.7M;
  • Guatemala - $8.84M;
  • Brazil - $5.48M.

MARKETS FOR CRUSTACEANS IMPORTS

  • France - $994K; 
  • United States - $832K;
  • Spain - $355K.

CONCLUSIONS

In 2023, Ecuador’s Crustaceans trade has emerged as the main character in the production and exportation scenarios, due to their strong reputation through innovation, sustainable practices and consistent quality.

As demand continues to grow, also due to their fundamental role in the eco-friendly high-protein industry, the country’s position highlights the strategic importance of the category in its economy and the promising future on international scenarios.

Source: https://oec.world/en

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