Rabobank: China’s seafood demand will continue to offer major export opportunities
Rabobank: China’s seafood demand will continue to offer major export opportunities
Despite a recent downturn in shrimp import, China is set to drive a substantial portion of global seafood consumption growth in the coming decade, presenting significant opportunities for international exporters, advises a new report from Rabobank.
China’s shrimp imports declined for a fourth consecutive quarter during the three-month period ended June 30, 2024, marking a new era of cautious purchasing in the vast market, according to a panel of experts at the Global Shrimp Council that took place earlier this week in Utrecht, Netherlands. This after importing a record 1 million metric tons of shrimp in 2023, according to Willem van der Pijl, managing director of the Global Shrimp Forum Foundation. According to a new Rabobank report, however, China will account for 40% of the global increase in seafood consumption by 2030, translating to an additional 5.5m metric tons of seafood.
With a population of 1.4 billion and a growing middle class, China’s seafood market is on track to expand dramatically. By 2030, according to Rabobank, China is projected to transform into a $29bn seafood import market, surpassing the current $25bn market in the US. This shift reflects a dual trend in both volume and value-driven growth, driven by rising incomes, urbanization, and an increasing preference of higher-value seafood.
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