The highest inflation in decades and spiraling living costs are reducing demand for Argentine red shrimp in both Europe and the United States, according to leading producers Buenos Aires, Argentina-based Newsan and Vigo, Spain-based Iberconsa.

Argentina annually produces around 200,000 metric tons of wild-caught shrimp.

Around half of that total is frozen on board between June and September, with the remainder frozen on land from December to January.

Newsan, Argentina's largest company, has sales in the region of $300 million (€302 million).