2023 Seafood market status and development trend analysis

Seafood refers to animals or plants that live in the sea or fresh water, mainly including fish, crustaceans, mollusks, algae and so on. As an important food source, seafood has the characteristics of rich nutrition, delicious taste, health and safety, and is loved by the majority of consumers. This paper will analyze the current situation and development trend of the seafood market in 2023 from the aspects of the scale, structure, competition, consumption and export of China's seafood market.

First, the size of China's seafood market

In 2023, affected by the novel coronavirus epidemic, China's aquatic product production and consumption have been impacted to a certain extent. On the one hand, aquaculture and fishing are restricted by the movement of people, the lack of supplies, the decline in market demand and other factors. On the other hand, the processing and trade of aquatic products have been affected by domestic and foreign epidemic prevention and control measures, logistics and transportation obstacles, trade frictions and other factors. It is predicted that China's total output of aquatic products will decline in 2023 to about 66 million tons.

Second, China's seafood market structure

China's seafood market mainly consists of fishing industry, aquaculture industry, processing industry, trade and circulation industry, service industry and so on. Among them, aquaculture is the main body of China's seafood market, occupying most of the market share. According to IImedia data ¹, China's aquaculture output in 2022 will be 51.3986 million tons, accounting for 74.8% of the total output; The fishing output of aquatic products was 17.2892 million tons, accounting for 25.2% of the total output.

Iii. Competition in Chinese seafood market

The competition in China's seafood market also presents the characteristics of diversification and differentiation. With the continuous improvement of consumer demand and preference for seafood quality, the seafood market has also emerged in different segments and consumption scenarios, such as ecological aquaculture, organic certification, brand chain, e-commerce platform, community group buying, takeaway delivery, self-service seafood market. These segments and consumption scenarios have brought new opportunities and challenges to the competition of the seafood market, and also promoted the innovation and change of the seafood market.

4. Seafood market consumption in China

The seafood market in China is characterized by diversification and individuation. According to IImedia's data, China's per capita consumption of aquatic products in 2022 is 48.7 kg, higher than the global average. Chinese consumers' preferences and demands for seafood vary according to regional, seasonal, cultural, income and other factors, forming a variety of consumption habits and preferences. For example, in coastal areas, consumers are more likely to choose fresh Marine aquatic products, such as fish, shrimp, crabs, etc. In inland areas, consumers are more likely to choose frozen or dried freshwater aquatic products, such as fish, shellfish, algae, etc. During the Spring Festival, consumers tend to choose high-end seafood varieties, such as lobster, abalone, and sea cucumber. In normal times, consumers are more inclined to choose affordable seafood varieties, such as grass carp, hairtail, small yellow croaker and so on. In the south, consumers are more likely to choose steamed or souped seafood cooking methods; In the northern regions, consumers tend to choose fried or grilled seafood cooking methods.

5. Development trend of China's seafood market

Looking ahead, China's seafood market will face some opportunities and challenges. On the one hand, with the development of China's economy and society and the improvement of people's living standards, the demand for aquatic products in China will maintain a steady growth, especially the demand for high-quality and high value-added aquatic products will be more vigorous. On the other hand, with the changes in the epidemic prevention and control situation at home and abroad and the complexity of the international trade environment, the production and circulation of aquatic products in China will face some uncertainties and risks, especially the aquatic products enterprises with high dependence on exports will face greater pressure.

In order to cope with these opportunities and challenges, China's seafood market needs some reforms and innovations. To be specific, we can start from the following aspects:

- Strengthen the protection and management of aquatic product resources, optimize the structure and layout of the aquatic product industry, improve the efficiency and quality of the aquatic product industry, and realize the sustainable development of the aquatic product industry.

- Accelerate the transformation and upgrading of aquatic product processing and trade, promote the digitalization, intelligence and networking of aquatic product processing and trade, and enhance the competitiveness and innovation of aquatic product processing and trade.

- Enrich the form and content of aquatic product consumption, meet the diversified and personalized needs of consumers, enhance consumers' experience and satisfaction, and cultivate the culture and brand of aquatic product consumption.

- Strengthen the function and value of aquatic products and services, expand the field and scope of aquatic products and services, improve the professionalism and adhesion of aquatic products and services, and build the ecology and platform of aquatic products and services.

In short, the Chinese seafood market is a market full of vitality and potential, but also a market facing changes and challenges. Only by constantly adapting to the needs and changes of the market and constantly innovating the products and services of the market can we grasp the opportunities and development of the market.