China Seafood Market Expands at 8% CAGR to Touch Staggering Value of USD 150 Billion by 2030

Published | 03 October 2024

China Seafood Market is flourishing because of the increasing shift towards urban living, a more Westernized lifestyle, and the government’s support to promote the development of the seafood industry.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated China Seafood Market size at USD 88.00 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects China Seafood Market size to expand at a CAGR of 8.00% reaching a value of USD 149.83 billion by 2030. The growing food service sector, increased protein intake due to rising disposable income, and growing consumer health awareness are major growth factors for China Seafood Market. Rising imports of seafood and growing online sales are also expected to boost the growth of China Seafood Market during the period in analysis.

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Opportunity - High Number of Wet Markets and Availability of Affordable Seafood

In China, consumers can buy seafood though various channels, such as online retail, supermarkets/hypermarkets, specialty stores, wet markets, and the food service sector. Among these, wet markets are the most popular across the country. wet markets offer a wide range of fresh and affordable seafood that are of higher quality than supermarkets/hypermarkets. The Chinese consumers’ inclination toward wet markets is also attributed to their trust in certain vendors as well as bargaining for the price that they offer. However, the online segment is projected to register a high growth rate during the forecast period owing to the growing popularity of online shopping.

Impact of Escalating Geopolitical Tensions on China Seafood Market

The escalating geopolitical tensions could negatively impact the growth of China Seafood Market. The import of raw materials and seafood may be impacted by supply chain disruptions caused by geopolitical conflicts. It may result in increased pricing for consumers by driving up expenses for retailers and processors. For example, the Chinese government banned Japanese imports when Japan leaked possibly radioactive water into the Pacific Ocean in August 2023. As a result, there was a national scarcity of seafood goods, which drove up costs. The COVID-19 pandemic outbreak also caused disruption in China's seafood business, leading to trade barriers in several nations. This created an oversupply of seafood domestically, which in 2020 drove prices down.

Household Consumption Leads China Seafood Market

Household consumption dominates China Seafood Market owing to the affordability of seafood, which caters to price-conscious Chinese consumers. China Seafood Market is witnessing a substantial rise in the demand for processed and frozen seafood for household consumption, contributing to its growth. The commercial food service segment also covers a significant share of the market. The increasing number of restaurants, fast food chains, and fine diners, along with flourishing tourism is propelling the demand for seafood in the food service industry.

Competitive Landscape

China Seafood Market is intensely competitive, as a number of companies are competing to gain a significant market share. Key players in the market include China Marine Foison Group Co. Ltd, China National Fisheries Corp., China Starfish Co. Ltd, Dalian Athena Seafood Limited, Dandong Grand Ocean Foods Co. Ltd, Dandong Hailufeng Trade Co. Ltd, Blue Star Seafood Co. Ltd, Haishangxian, Xiamen Taiseng Seafoods Co. Ltd, and Seven Star Ocean Fisheries Limited.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in China Seafood Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and China Seafood Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in China Seafood Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Scope of the Report

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