Report Overview

China Seafood Market - Industry Trends & Forecast Report, 2030

China Seafood Market size was estimated to be worth USD 88.00 billion in 2023. During the forecast period between 2024 and 2030, China Seafood Market size is projected to grow at a CAGR of 8.00%, reaching a value of USD 149.83 billion by 2030. Major growth factors for China Seafood Market include increasing health awareness among consumers and rising protein consumption owing to increasing disposable income, along with the flourishing food service industry. In addition, increasing seafood imports and expanding online sales are projected to boost the growth of China Seafood Market during the period in analysis.

Seafood – Overview

Seafood encompasses a wide range of aquatic organisms, including fish, shellfish, and mollusks, consumed as food. Popular types include salmon, tuna, shrimp, crab, and oysters. Rich in essential nutrients like omega-3 fatty acids, protein, vitamins, and minerals, seafood is associated with numerous health benefits, including improved heart health and brain function. Harvesting methods vary from wild capture to aquaculture (farming). Sustainable seafood practices are increasingly emphasized to preserve marine ecosystems and ensure long-term availability. Cultural significance and culinary uses of seafood are diverse, making it a staple in many global cuisines.

China Seafood Market

Growth Drivers

Rising Demand for Frozen and Processed Seafood

The China Seafood Market is witnessing a substantial spike in the demand for frozen and processed seafood. According to a report by the US Department of Agriculture, the improvements in processing techniques, cold chain systems, and the growing prevalence of online sales channels, are significantly contributing to the growing consumption of frozen and processed seafood in China. Furthermore, rising accessibility of frozen and processed seafood through supermarkets and hypermarkets, growing health consciousness, and increasing demand for nutritious food products are anticipated to drive the demand for seafood in China during the forecast period.

Challenges

Growing Popularity of Veganism

The vegetarian culture and vegan lifestyle have been significantly gaining popularity in China, particularly among Gen-Z and the millennial population. An estimated 4-5% of the Chinese population identify themselves as vegans or vegetarians. It is estimated that religious values, growing consciousness towards animal rights, and environmental sustainability are prompting this market shift. Furthermore, the COVID-19 outbreak and increasing awareness of zoonotic diseases are further triggering the market shift towards plant-based meat, which is anticipated to limit the growth of China seafood market during the forecast period.

Impact of Escalating Geopolitical Tensions on China Seafood Market

Intensifying and further spreading of geopolitical tensions among countries across the major regions could adversely affect the growth of China Seafood Market. Geopolitical tensions may disrupt supply chains, affecting the import of raw materials and seafood. It could increase costs for processors and retailers, leading to higher consumer prices. For instance, in August 2023, Japan released potentially radioactive water into the Pacific Ocean, prompting the Chinese Government to ban Japanese imports. This led to a shortage of seafood products in the country, leading to a surge in prices. The COVID-19 pandemic outbreak also disrupted the seafood market of China, with many countries imposing trade barriers, resulting in a surplus in domestic supply, driving prices down in 2020.

China Seafood Market

Segmental Coverage

China Seafood Market – By Product Type

Based on product type, China Seafood Market is segmented into groundfish, pelagics, tuna, salmonids, mollusks, crustaceans, lobsters, crabs, shrimp, and others (prawns and trouts). Lobsters account for the highest market share in China Seafood Market by product type. China has emerged as one of the top importers of lobsters in 2023 in both preserved and prepared categories, according to the data by World Integrated Trade Solutions. The high popularity of lobster in China is associated with its cultural significance, status symbol, as well as high nutritional value. Lobsters are rich in many essential nutrients, such as omega-3 fatty acids, protein, and vitamins, which cater to health-conscious Chinese consumers.

China Seafood Market – By Source

By source, China Seafood Market is bifurcated into wild-caught seafood and aquaculture seafood segments. The aquaculture seafood segment holds a larger share of China Seafood Market by source, owing to the large aquaculture production across the country. China is the largest aquaculture producer in the world and accounts for more than 60% of the global share. China has been significantly investing in expanding its aquaculture industry as well owing to its benefits, such as higher productivity and sustainability and lower wastage of water and land resources.

China Seafood Market – By Processing Type

On the basis of processing type, China Seafood Market is segmented into fresh/live seafood, frozen seafood, canned seafood, and smoked & dried seafood. The fresh/live seafood processing type accounts for the largest market share in China Seafood Market. The high nutritional content of fresh/live seafood and their easy availability in wet markets influence its market growth. However, frozen seafood is witnessing a high growth rate owing to the increasing working-class population. The hectic lifestyle led by Chinese consumers fuels the demand for frozen seafood that is available in finely cut pieces and in small quantities, which caters to the growing trend of nuclear families in the country.

Competitive Landscape

Major companies in the intensely competitive China Seafood 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.

Scope of the Report

By Product Type

• Ground Fish

• Pelagics

• Tuna

• Salmonids

• Molluscs

• Crustaceans

• Lobsters

• Crabs

• Shrimp

• Others (Prawns, Trouts)

By Source

• Wild-Caught Seafood

• Aquaculture Seafood

By Processing Type

• Fresh/Live Seafood

• Frozen Seafood

• Canned Seafood

• Smoked & Dried Seafood

By Distribution Channel

• Online Retail

• Supermarkets/Hypermarkets

• Specialty Stores

• Wet Markets

• Food Service Sector

By End User

• Households

• Commercial Foodservice

• Retailers

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. China Seafood Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Growing Consumer Demand
         2. Increasing Shift Towards Urban Living and a More Westernized Lifestyle
         3. Government Support to Promote the Development of the Seafood Industry
      2. Restraints
         1. Overfishing and Environmental Concerns
         2. Increasing Concern Regarding Disease Outbreaks
      3. Opportunities
         1. Developing Value-Added Seafood Products
         2. Investing in Sustainable Aquaculture Practices
         3. Rapid Growth of E-Commerce in China
      4. Challenges
         1. Compliance with Food Safety Regulations and Trade Barriers
         2. Ensuring Food Safety Standards and Addressing Consumer Concerns about Seafood Quality
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. China Seafood Market: Marketing Strategies
5. China Seafood Market: Pricing Analysis
6. China Seafood Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
         1. Ground Fish
         2. Pelagics
         3. Tuna
         4. Salmonids
         5. Molluscs
         6. Crustaceans
         7. Lobsters
         8. Crabs
         9. Shrimp
         10. Others (Prawns, Trouts)
      2. By Source
         1. Wild-Caught Seafood
         2. Aquaculture Seafood
      3. By Processing Type
         1. Fresh/Live Seafood
         2. Frozen Seafood
         3. Canned Seafood
         4. Smoked & Dried Seafood
      4. By Distribution Channel
         1. Online Retail
         2. Supermarkets/Hypermarkets
         3. Specialty Stores
         4. Wet Markets
         5. Food Service Sector
      5. By End User
         1. Households
         2. Commercial Foodservice
         3. Retailers
7. Competitive Landscape
   1. List of Key Players and Their Product Types
   2. China Seafood Company Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
8. Impact of Escalating Geopolitical Tensions on China Seafood Market
9. Company Profiles (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, and SWOT Analysis)
   1. China Marine Foison Group Co. Ltd
   2. China National Fisheries Corp.
   3. China Starfish Co. Ltd
   4. Dalian Athena Seafood Limited
   5. Dandong Grand Ocean Foods Co. Ltd
   6. Dandong Hailufeng Trade Co. LTD
   7. Blue Star Seafood Co. Ltd
   8. Haishangxian
   9. Xiamen Taiseng Seafoods Co. Ltd
   10. Seven Star Ocean Fisheries Limited
   11. Other prominent players
10. Key Strategic Recommendations
11. Research Methodology
    1. Qualitative Research
       1.  Primary & Secondary Research
    2.    Quantitative Research
    3.    Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.    Breakdown of Primary Research Respondents
    5.    Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       China Seafood Segmentation

Figure 2       China Seafood Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       China Seafood Market Size, By Value (USD Billion), 2019–2030

Figure 5       China Seafood Market Share, By Product Type, By Value (USD Billion), 2019–2030

Figure 6       China Seafood Market Share, By Source, By Value (USD Billion), 2019–2030

Figure 7       China Seafood Market Share, By Processing Type, By Value (USD Billion), 2019–2030 

Figure 8       China Seafood Market Share, By Distribution Channel, By Value (USD Billion), 2019–2030           

Figure 9       China Seafood Market Share, By End User, By Value (USD Billion), 2019–2030                        

List of Tables      

Table 1        China Seafood Market Size, By Value (USD Billion), 2019–2030

Table 2        China Seafood Market Share, By Product Type, By Value (USD Billion), 2019–2030

Table 3        China Seafood Market Share, By Source, By Value (USD Billion), 2019–2030

Table 4        China Seafood Market Share, By Processing Type, By Value (USD Billion), 2019–2030 

Table 5        China Seafood Market Share, By Distribution Channel, By Value (USD Billion), 2019–2030 

Table 6        China Seafood Market Share, By End User, By Value (USD Billion), 2019–2030         

Table 7        China Marine Foison Group Co. Ltd Company Overview

Table 8        China Marine Foison Group Co. Ltd Financial Overview

Table 9        China National Fisheries Corp. Company Overview

Table 10      China National Fisheries Corp. Financial Overview

Table 11      China Starfish Co. Ltd Company Overview

Table 12      China Starfish Co. Ltd Financial Overview

Table 13      Dalian Athena Seafood Limited Company Overview

Table 14      Dalian Athena Seafood Limited Financial Overview

Table 15      Dandong Grand Ocean Foods Co. Ltd Company Overview

Table 16      Dandong Grand Ocean Foods Co. Ltd Financial Overview

Table 17      Dandong Hailufeng Trade Co. Ltd Company Overview

Table 18      Dandong Hailufeng Trade Co. Ltd Financial Overview

Table 19      Blue Star Seafood Co. Ltd Company Overview

Table 20      Blue Star Seafood Co. Ltd Financial Overview

Table 21      Haishangxian Company Overview

Table 22      Haishangxian Financial Overview

Table 23      Xiamen Taiseng Seafoods Co. Ltd Company Overview

Table 24      Xiamen Taiseng Seafoods Co. Ltd Financial Overview

Table 25      Seven Star Ocean Fisheries Limited Company Overview

Table 26      Seven Star Ocean Fisheries Limited Financial Overview