Rapid Growth and Challenges in China's Aquatic Product Processing Industry: A 2024 Overview

China's aquatic product processing industry has seen rapid growth in recent years, establishing itself as a significant player in global production and processing. The industry primarily produces primary processed products like frozen and dried goods, which are easy to store, transport, and meet market demands both domestically and internationally. As consumer preferences shift towards healthier and higher-quality foods, some companies are transitioning to refined, high value-added products, leveraging advanced processing equipment and technology to enhance quality and efficiency. The development of cold chain logistics has also ensured the freshness and safety of these products.

Despite its progress, the industry faces challenges such as raw material price fluctuations, international trade friction, and stricter environmental standards. Companies must continually adapt to market changes and improve their competitiveness. With technological innovation, market expansion, and policy support, China's aquatic product processing industry is poised to maintain its growth and solidify its position in the global market.

1. Development Analysis of Processed Aquatic Product Output

By the end of 2022, China had 9,331 aquatic product processing enterprises and 8,675 cold storage facilities. The total production of processed aquatic products reached 21.48 million tons, a 1.07% increase from the previous year. The production of seawater processed products was 17.09 million tons (a 0.02% increase), while freshwater processed products amounted to 4.39 million tons (a 5.39% increase). The total aquatic products used for processing was 25.56 million tons, with seawater products accounting for 19.76 million tons and freshwater products 5.80 million tons.

2. Status of Aquatic Product Processing Enterprises

By the end of 2022, there were 9,331 enterprises involved in the preservation, storage, and processing of aquatic products in China, with an annual processing capacity of 29.70 million tons. This included 2,592 larger companies, reflecting a 3.8% year-on-year increase.

Chart: Number of aquatic processing enterprises in China (2020-2023)

3. Output Value Analysis of the Aquatic Product Processing Industry

Since the "13th Five-Year Plan," China's aquatic product processing industry has developed steadily, with an output value ranging from 409 billion to 435.4 billion yuan and a processing rate of about 38%. In 2022, the industry's output value reached 478.46 billion yuan, and it is projected to reach around 497.6 billion yuan in 2023.

4. Import and Export Analysis of Aquatic Products

Import Situation: In March 2024, China imported 420,000 tons of aquatic products, a 13.6% year-on-year decrease, with an import value of $11.408 billion, down 25.4% year-on-year. This indicates a larger decline in value than in quantity, suggesting a drop in average prices.

Export Situation: In March 2024, China's aquatic product exports were 320,000 tons, a 1.7% year-on-year increase, with an export value of $11.527 billion, down 18.4% year-on-year. The greater decline in value than quantity suggests a decrease in average prices.

Overall Situation in Q1 2024: From January to March 2024, China's aquatic product imports totaled $44.499 billion. During the same period, exports reached 910,000 tons with a value of $44.42 billion. Although export volumes increased, the value decreased, indicating price pressure or intense market competition. The decline in imports may reflect decreased domestic demand or increased domestic production.

Stay tuned with Ocean Treasure for more products and news:

·?LinkedIn:?Ocean Treasure World Foods Limited: Overview | LinkedIn

·?Facebook:?Ocean Treasure | Facebook

·?Instagram:?Ocean Treasure ?| ?Instagram photos and videos