Chinese consumption demand for fresh/raw seafood products is increasing
MEKSEA.COM – According to statistics from China Customs, since early August 2023, China imported more than 85 million MT of fresh/raw seafood products, increasing by 16% compared to the same period last year. Average prices for imports also increased by 15% compared to the same period last year. That shows consumption demand for fresh/raw seafood in China obviously recovered since this country released COVID-19 policies.
Besides fresh/raw seafood products, many kinds of seafood products are in demand in China such as salmon, shrimp, flounder, bluefin tuna, eel, pomfret, mussels, oysters, jackfish, abalone, yellow croaker, sea cucumber, clams,… In which, salmon is in the highest demand with 56 million MT, accounting for 65%.
In addition, China also imported a significant amount of ornamental fish, with 281 thousand tons, an increase of 60%. In general, this market consumes more fresh/live fish than shrimp, crab and mollusks…
Except for the restriction period due to the COVID-19 epidemic, China has always been a large and potential seafood consumption market because of its large population and increasing per capita income. Per capita, seafood consumption in China has increased tenfold in 40 years: from 5 kg in 1980 to 14.4 kg in 1993, 37.9 kg in 2013 and 54 kg in 2020. Seafood demand is concentrated mainly in big cities, on average people buy seafood 3-4 times/month, especially in Shanghai people buy seafood 11 times/month, meaning they spend about 30% of actual costs. products to buy seafood.
China’s economic growth has reached a rate of 6.3% in the second quarter of 2023 and forecasts for GDP growth in 2023 and 2024 are quite optimistic, increasing by 5.1% and 4.6% respectively. Those indicators show that in the coming time, China will certainly be the target market of many seafood exporting countries, including Vietnam. Competition in this market will become increasingly hot, but with geographical advantage, Vietnamese seafood can gain a higher market share in the fresh/live/chilled seafood segment for domestic consumption in China, at the same time. At the same time, it is also necessary to diversify processed products for the new consumption trends of modern youth in China.
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By Hayati (Meksea Team)
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