The shrimp market in China reached a volume of 1.8 Million Tons in 2017. Shrimps are marine animals that are a popular seafood across the globe and rich in nutrients. The demand of shrimps has been increasing robustly in China. The country has been practicing aquaculture for thousands of years, and currently produces more seafood than the rest of the world combined. Catalyzed by a strong growth in the Chinese middle-class population, the consumption of shrimps has more than doubled in the past decade. In recent years, shrimp imports into China have increased whereas shrimp exports have declined making China one of the world’s biggest importers of shrimp. Looking forward, we expect the China shrimp market to exceed 2 Million Tons by 2023, exhibiting a CAGR of 2% during 2018-2023.
A major factor driving the consumption of shrimps in China is the fact that they are perceived to be nutritious and good for health. Shrimps are a very good source of antioxidants and astaxanthin that bolsters the nervous and musculoskeletal system. Apart from this, they also help in prevention of cancer and diabetes. Moreover, driven by strong economic growth and rising affluence, Chinese consumers are undergoing a ‘nutrition transition’, whereby consumers have made a transition from a broadly carbohydrate-based, vegetarian diet to a diet that consists of higher levels of animal products such as shrimps.
One of the key segments that are witnessing strong demand in China are value added shrimp products. Increasing urbanization and busy consumer lifestyles in China have also been driving the demand of cooked and breaded shrimp over the past few years. Products that are easy-to-cook and ready-to-eat are also witnessing strong growth. The need for convenience is also being reflected by a strong growth in online shrimp sales. While the overall proportion of shrimp sales sold online is still relatively small, this is expected to change as part of the rapid growth in the online food retail market.
This report provides a deep insight into the China shrimp market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the shrimp market in China in any manner.
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