China Fish Market to Grow at a CAGR of 6.5% during Forecast Period

China Fish Market

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the China Fish market is projected to grow at a CAGR of 6.5% during the forecast period. The China Fish market is booming because of the increased consumer consumption brought on by altered eating habits, customer desire for a healthier lifestyle, and expanded industrial capabilities in China. In addition, the rising demand for whole fish in China is emerging as a significant driver of market expansion. However, rising costs and massive demand are restraining market growth.

E-commerce is Driving China Fish Market

The rising number and popularity of online shopping have contributed to the reform of purchase methods. The popularity of online sales channels has assisted China’s seafood business in surviving the coronavirus during this challenging season. E-commerce connects producers and consumers through network technology, which can eliminate the intermediary circulation in the supply chain and maximise the profitability of each node, attracting more customers with more convenient delivery and lower prices. E-commerce has unique characteristics such as using network technologies and standards, operating low-cost communication, and business and human resource management can be carried out through network facilities. In addition, transactions occur on the Internet, producers and intermediaries can provide electronic products and services to improve efficiency, and emerging laws and policies regulate online transactions.

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Consumption of seafood exceeds domestic output.

China is a major player in production, consumption, and trade. As a result of their dominance, Chinese decisions about the seafood they consume and the methods and locations used to obtain it are becoming more significant for both China and the rest of the globe. This viewpoint uses a transdisciplinary method to investigate this problem and examines potential future modeling attempts, global environmental sustainability, and seafood supply assumptions. China will likely make an effort to enhance domestic freshwater and offshore aquaculture and seafood imports, maybe grow the distant water fishing sector and engage in seafood production abroad to close the seafood deficit.

The rising cost and huge demand act as a restrain to the market

Increased inspection costs, shipping delays, increasingly strict Chinese Customs inspections, and a lengthy and complex process are all factors that make it difficult to import raw materials. The industry’s already challenging transition from producing fish for export to satisfying domestic demand is being made much more challenging by these costs.

Salmon and tilapia, among the fish type segment, is the most popular in China fish market.

Carp, tilapia, salmon, catfish, and other fish species made up the type segments of the China fish market. The rising demand for fish products with high nutritional selenium contents, namely Atlantic salmon. The consumption of sashimi-smoked goods is a new trend accelerating the market’s expansion in China. The market in China is also being driven by the expansion of tilapia farming for both export and home consumption. The development of fish processing and reprocessing for export during the past two decades has maintained or generated millions of livelihoods. With high rates of fish usage and the extraction of unique goods like chemicals for cosmetics and medicines, China has been able to add value to its fish products, promoting the growth of fish.

Impact of COVID-19 on China Fish Market

The COVID-19 outbreak disrupted logistics and temporarily halted the flow of fish food supplies. The COVID-19 restrictions impacted the supply chain for fish products. Due to the pandemic’s restrictions and market closures, international trade, which is heavily dependent on these products, was severely harmed relatively early. Fresh fish production that went unsold led to rising live fish stock levels. Additionally, it has increased nationwide fish mortality risks and feeding expenses.

Competitive Landscape

Key players operating in the China Fish market are Cargill, Incorporated, Nutreco N.V., Biomin, BioMar Group, Aller Aqua, Liao Yu Group Co Ltd,  China Aquatic Products Zhoushan Marine Fisheries Corporation, Baiyang Investment Group Inc, Shanghai Kaichuang Marine International Co Ltd,  Leye County Nanpanjiang Fisheries Ltd, and other prominent players. In July 2022, The Huanan Seafood Market in Wuhan was most likely the coronavirus’s epicentre, according to two peer-reviewed studies that were published in the journal “Science.” The investigations used different methodologies to reach the same conclusion.

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