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China Shrimp Market to Reach 3 Million Tons by 2024, Stimulated by Government Support for Fisheries & Aquaculture Development

As per the latest report by IMARC Group, titled “China Shrimp Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the China shrimp market size reached 2.7 Million Tons in 2018. Shrimp is a marine, edible decapod crustacean having a laterally compressed and elongated body with long antennae and legs. While it has low concentrations of saturated fats, it is rich in iodine, calcium, proteins, zinc, omega-3s, and vitamins B3 and D. Shrimp consumption helps in weight management, improving bone and brain health, relieving eye fatigue, as well as lowering blood pressure and the risk of developing cardiovascular diseases. These benefits in confluence with factors, such as inflating income levels and altering food habits of consumers in China are catalyzing the demand for shrimp.

China Shrimp Market Trends:

Owing to strong economic growth, the dietary preferences of individuals in China are undergoing a nutritional transition. As a result, they are shifting from a carbohydrate-based diet to food items that have higher levels of proteins which, in turn, is strengthening the shrimp market in the country. Apart from this, the demand for value-added and convenient shrimp products is also experiencing steady growth in China. Rapid urbanization, in confluence with hectic schedules, has resulted in the rising demand for cooked and breaded shrimp products as they are ready-to-eat food items which do not require extensive preparation before cooking. Moreover, the burgeoning e-commerce industry is boosting the online sales of shrimp in the country. Furthermore, strong government support also acts as a significant catalyst in the development of the shrimp aquaculture industry in China. The “five-year plans” of the Government of China have a strong focus on fisheries and aquaculture development and are being implemented on the national, provincial and county levels. Looking forward, the market volume is projected to reach 3 Million Tons by 2024, expanding at a CAGR of 3.2% during 2019-2024.

Market Summary:

  • Based on the shrimp source, the market has been bifurcated into farmed and wild shrimp. At present, farmed shrimp exhibits a clear dominance. In order to improve the quality of shrimp aquaculture in China, the governing authorities are setting up demonstration farms and conducting inspections in facilities where shrimp are cultivated.
  • On the basis of the domestic production and imports, domestic production dominates the market due to the rising consumption of shrimp in the country, driven by the expanding middle-class population.
  • The market has been analyzed on the basis of the species into Penaeus vannamei, Penaeus monodon, Macrobrachium rosenbergii and others. Amongst these, Penaeus vannamei accounts for the majority of the total market share.
  • Based on the product categories, the market has been classified into peeled, shell-on, cooked, breaded and other shrimp. Peeled shrimp currently represents the dominant segment as it is commonly used in the preparation of dumplings, shrimp cocktail, noodle soup and other Chinese dishes.
  • On the basis of the distribution channel, traditional retail represents the biggest segment. Other major segments include hypermarkets and supermarkets, convenience stores, hotels and restaurants, and online stores.
  • The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry.

 

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