2024 Seafood Industry Development Status And Import And Export Market Analysis

2024 Seafood industry development status and import and export market analysis

The market size of the seafood industry has continued to grow in recent years. With the increasing demand of global consumers for seafood products, especially the continuous improvement of consumption power in emerging markets such as China, the size of the seafood market is expected to continue to grow in the future.

The seafood industry refers to the industries related to Marine life and seafood, including fishery, aquaculture, processing industry, trade industry, etc. The industry is of great importance worldwide, providing abundant food resources and employment opportunities for human beings, but there are also problems such as overfishing and environmental damage.

Seafood industry development status and import and export market analysis

With the improvement of people's health awareness, the demand for high-protein, low-fat, nutrient-rich seafood products continues to grow. Because of its unique nutritional value, seafood has become an important choice for consumers to pursue a healthy diet. Consumers' taste demands for seafood products are increasingly diversified, not only pursuing traditional cooking methods, but also paying attention to innovative seafood dishes and cooking methods.

China's seafood market is booming. With the increase of high-end seafood imported into China, there are more and more high-end seafood on the table. Luxury seafood favored by Chinese consumers includes lobster, crab, salmon, oysters, sea cucumbers and many other seafood. Compared with high-end seafood, seafood snacks into new favorites, such as salt water dried mantis shrimp, flavor dried shrimp, and grilled fish fillet, fish cake, small yellow croaker, hand-torn squid, are classic seafood snacks, sold every day, very hot. At present, China is one of the countries with the largest seafood consumption in the world, and is also a major importer and exporter of seafood.

The growth rate of China's seafood catering industry is between 10% and 30%, and the industry is in the growth period, but the market concentration is low, and the top ten brands in the seafood catering industry account for less than 3% of the market. From the perspective of urban residents' consumption structure, the proportion of pork consumption such as pig, beef and mutton has dropped from more than 60% in the past to less than 50%, while the proportion of seafood consumption has increased from 23% in the past to about 30% at present.

According to the "2024-2029 Seafood industry Market Development Environment and Investment Trend Analysis Report" released by the Puhua Industry Research Institute:

In fact, from the perspective of seafood consumption area, the eastern people's seafood consumption is high, and the sinking channel of the consumer market is easy to open, while the western people's seafood consumption is low, and the constraints of cold chain, transportation and other factors further increase the difficulty of market development. The most recent 2023 Fisheries update report said that in 2022, Vietnam's fisheries experienced a year of substantial recovery and growth, despite significant fluctuations between the first and second half of the year. In the first 11 months of 2022, Vietnam's seafood exports amounted to $10.2 billion (up 28% year-on-year). Among them, shrimp and basa fish exports reached $4 billion (up 14% over the same period) and $2.3 billion (up 64%), respectively, mainly due to a 38% increase in the same period in the first nine months of 2022.

This is an all-time high, and the compound annual growth rate of aquatic exports from 2011-2021 is only 4%. In the first half of 2022, exports of both shrimp and basa fish increased due to strong demand and higher prices. In the second half of the year, high inflation in major economies affected consumer sentiment, and inventories increased in major markets. As a result, exports slowed rapidly in the second half of 2022.

The seafood industry's supply chain is highly dependent on global fisheries. However, factors such as global climate change and overfishing have led to a decrease in fishery resources, which has had a certain impact on the supply chain stability of the seafood industry. With the development of cold chain logistics technology, the shelf life of seafood products has been extended and the transportation efficiency has been improved. This helps meet consumer demand for fresh seafood and drives the globalization of the seafood industry.

The seafood industry is highly competitive, including the traditional fishing industry, aquaculture industry, wholesale and retail enterprises, as well as the emerging seafood e-commerce and catering service enterprises. Large enterprises dominate the market with their scale advantages and brand influence, while small enterprises seek development in the market through differentiated competition and characteristic management. China is an important global market for seafood imports and exports. In terms of imports, China imports a large number of cold-water shrimp and other seafood products from Canada, Greenland and Russia. In terms of export, Chinese seafood products are known for their high quality and low price, and have strong competitiveness in the international market.

Seafood industry future development trend forecast

With global population growth and consumer awareness of healthy eating, the seafood industry market size is expected to continue to grow. Based on historical data, the global organic seafood market has maintained a stable compound annual growth rate (CAGR) over the period 2019-2023 and is expected to approach a higher market size by 2030. As one of the largest seafood consumption markets in the world, the potential of the Chinese market cannot be ignored. With the upgrading of consumption and the improvement of residents' dietary structure, Chinese consumers' demand for seafood products will continue to increase.

Taking into account factors such as population growth, consumption upgrading, and awareness of healthy eating, the market size of the seafood industry is expected to continue to expand in the future. As consumers become more aware of environmental protection and ethical consumption, sustainable development will become a mainstream trend in the seafood industry. The seafood industry will strengthen the cultivation of environmental awareness and the application of technological innovation to promote the development of the industry in a more environmentally friendly and sustainable direction. With the continuous development of digital technology, the seafood industry will accelerate the pace of digitalization and intelligent upgrading. By introducing advanced technologies such as big data and artificial intelligence, the seafood industry will achieve more efficient production, management and sales. At the same time, consumers will enjoy a more convenient and personalized shopping experience.

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