Seafood Market Research And Development Analysis

Seafood market research and development analysis

Seafood is rich in nutritional value. In addition to high protein, calcium and iron, seafood also contains a variety of trace minerals. It has positive effects on human metabolism and physiological function regulation, and has high economic value.

 

China is a major aquatic country, with its output of aquatic products accounting for more than one third of the global total. China is also the world's largest seafood market. The total output of aquatic products was 64.576,600 tons, up 0.19 percent from 2017. Although the output of aquatic products grows slowly, the total amount of aquaculture in our country ranks first in the world.

 

According to the Competition Analysis and Development Prospect Forecast Report of China Seafood Industry in 2021-2025 released by Puhua Industrial Research Institute of China Research,

 

Seafood industry consumption status and market development status analysis

 

Currently, the structure of domestic meat consumption is changing, with seafood becoming more of a normal dining choice.

 

Statistics show that seafood consumption in China is experiencing a breakthrough growth, and e-commerce will gain more opportunities, while also bringing some profound changes to aquaculture. According to the Seafood and Catering industry Market Research report released by the China Hotel Association recently, the per capita seafood consumption in China is on the rise. In 2020, the per capita seafood consumption will exceed 26 kg per year, and the proportion of seafood consumption will also increase from 23% to 30%.

 

In 2020, Jiangsu Province also made it clear in the Opinions on Accelerating the High-quality Development of Fishery that, by 2025, the priority should be given to accelerating the development of Marine fishery, forming a three-dimensional development system of mariculture covering "uptide, intertidal and subtidal zones", supporting the development of far-reaching Marine intelligent aquaculture, and promoting the development of pelagic fishery.

 

In fact, from the perspective of seafood consumption areas, people in the east have a high consumption of seafood, and it is easy to open up channels for sinking the consumption market, while people in the west have a low consumption of seafood, and the constraints of cold chain, transportation and other factors further increase the difficulty of market development. Poultry and livestock have become the main channels for people to obtain protein in daily life.

 

It is understood that China's seafood industry shows a steady rise. By 2026, per capita consumption of aquatic products will reach 23kg, accounting for about 36% of the total consumption.

 

Seafood market research and development analysis

 

In the first half of 2022, exports of shrimp and basa fish both increased due to strong demand and higher prices. High inflation in major economies weighed on consumer sentiment in the second half of the year, and inventories built up across major markets. As a result, exports slowed rapidly in the second half of 2022.

 

With the continuous upgrading of consumption, intelligent, digital and innovative catering industry has become the focus of the future development of seafood catering industry. Across the country, the seafood industry is undergoing major changes. The current growth rate of seafood catering industry is between 10-30%, which is in the growth period. It is expected that by 2030, the consumption habits of the new generation after the millennium and the rapid rise of the middle class will become the backbone of seafood consumption.

 

Seafood industry report is a research report that conducts specific investigation, research and analysis on various factors related to the seafood industry, evaluates project feasibility, effect and benefit degree, and puts forward constructive suggestions, suggestions and countermeasures before engaging in investment in the seafood industry. It is a research report approved by decision makers and competent authorities in the seafood industry. To expound the theoretical understanding of seafood industry as the main content, the emphasis is on the nature and regularity of seafood industry.

 

Seafood industry research reports continue to provide high-value services, which are rare quality materials for enterprises to understand the latest development trends of various industries, grasp market opportunities, make the right investment and clarify the development direction of enterprises.

 

China's seafood market is booming. With the increase in high-end seafood imported into China, there is more high-end seafood on the table. Luxury seafood favored by Chinese consumers includes lobster, crab, salmon, oysters, sea cucumber and many other seafood.

 

The growth rate of Chinese seafood catering industry is between 10% and 30%, and the industry is in the growth stage, but the market concentration is low, and the top ten brands in the seafood catering industry account for less than 3% of the market.

 

In recent years, steamed live seafood is another main reason for the popularity of steam seafood. In traditional seafood restaurants, stir-frying is the main method, so it is hard for consumers to see the cooking process in the kitchen. In steam-cooked seafood, the steamer is directly placed in the center of the table, and all the seafood is put into the pot. The time needs to be set, so that customers can clearly see the whole cooking process. The sheer reality of fresh crabs and shrimp curling up and tumbling on a curtain of drawers is enough to impress any customer who arrives.

 

Steam seafood restaurants have very high requirements for ingredients. In the absence of any seasoning, the ingredients are slightly not fresh, and the entrance is very obvious. In this case, the quality of the ingredients, including freshness and novelty, can determine whether the restaurant can be recognized by consumers. After the ingredients, style is another selling point. For example, a steam seafood outlet in Guangdong province attracts customers with its stylish decor.

 

Compared with the hot pot industry and traditional seafood restaurants, the characteristics of steam seafood dechefization can better ensure the unity of diners' experience, and also facilitate the centralized management and chain expansion of enterprises, which is an important reason for steam seafood to be recognized by the capital market.

 

However, while the low threshold is conducive to the rapid development of steam seafood business, it also leads to the influx of a large number of homogeneous stores, and the key reason is not obvious characteristics. The steam seafood is simple and the "original flavor" recognized by consumers is A great advantage, but it also limits the steam seafood to a narrower "taste" space: whether in A shop or B shop, C shop, businesses need to do, just put the seafood into the steamer, set the time, the difference consumers experience on the taste buds may only be different dipping ingredients. Therefore, for consumers, they can eat similar dishes in any steam seafood store, and cannot establish loyalty to a particular store.

 

In terms of the consumption structure of urban residents, the proportion of pork consumption, such as pig, beef and mutton, has dropped from over 60% to less than 50%, while the proportion of seafood consumption has increased from 23% to about 30%.

 

Compared with high-end seafood, small seafood snacks have become new favorites for group purchase, such as dried mantis shrimp in brine, dried shrimp in flavor, grilled fish fillet, fish cake, dried small yellow croaker and shredded squid. They are classic seafood snacks, which are sold on the spot every day and are very popular. At present, China is one of the largest seafood consumption countries in the world, and is also a big importer and exporter of seafood.

 

According to the data of China Research Institute, in fact, from the perspective of seafood consumption area, the seafood consumption of people in the east is high, and the sinking channel of the consumer market is easy to open up, while the seafood consumption of people in the west is low, and the constraints of cold chain, transportation and other factors further increase the difficulty of market development.

 

Inflation will continue to pose challenges to the fishing industry in 2023 against the backdrop of uneliminated stocks. Although some seasons of high consumption are approaching (e.g., the Super Bowl and Easter in the US), these will not reduce high inventory levels, and we forecast that inventory will not be fully processed until 3Q2023, when new orders begin to be placed.

 

The average selling price of seafood is likely to drop 20-30% year on year in 2023, and feed costs will follow suit. With orders growing slowly, there will be no shortage of raw shrimp and fish. As a result, shrimp and fish raw material prices are expected to fall slightly and demand for fish and shrimp will remain weak until the first half of 2023.

 

Our coastal areas are basically distributed with seafood aquaculture bases, commercial fish bases such as the Bohai Sea main aquaculture of Marine products are small yellow croaker, hairtail, sea cucumber, abalone, scallops, the East China Sea hairtail, large yellow croaker output accounts for more than 90% of the national output, squid more than 80%. Shallow beach breeding bases such as the Bohai Sea, the Yellow Sea, its kelp output accounts for more than 4/5 of the country.

 

From the perspective of the overall market, the profit of the first-line seafood wholesalers is about 10%-20%, and the second-line retailers will take 30% of the profit. The restaurants that make seafood food can really make money. To the restaurant this sales terminal, the profit of the product can reach more than 50%.

 

Affected by the epidemic, the seafood market has shrunk. For the "authorities" in the current seafood market and the operators coming into the market, the epidemic is both an opportunity and a challenge. Large seafood wholesale markets and offline catering businesses have been closed.

 

The national demand for seafood has been sharply reduced, and consumer demand is more focused on fresh vegetables, fruits, meat, poultry, eggs and other basic needs of life. When people are isolated at home, fresh electricity business has become the choice of many families.

 

Meanwhile, the reopening of China is a catalyst for the seafood industry in 2023. While more time is needed to assess the impact of the reopening of the Chinese market on basa fish exports, analysts believe it will benefit the industry's revenue as China is Vietnam's largest Basa fish export market.

 

With the rise of online shopping, all kinds of aquatic products have been processed and distributed in different places, and consumers' cognition of all kinds of Marine products has broken the regional restrictions. Jd.com's big data shows that in the first week of the New Year shopping Festival, the number of "orders from other places" increased by 30% compared with the same period of last year's New Year shopping Festival, and the proportion of orders from other places increased by more than 50% compared with normal days. Among them, Guangdong, Beijing, Jiangsu issued the most inter-provincial orders.

 

The reason for the high profit of seafood products is inconvenient transportation and cannot be produced in large quantities. At the same time, in our society, things are rare and expensive, so the price of these seafood products is naturally high. Therefore, it is understandable that people can eat fresh and precious seafood with higher price and profit.

 

At present, the annual export volume is 4.339,400 tons and the export volume is 21.15 billion US dollars, up 2.40% and 1.99% respectively year-on-year. The export volume of aquatic products in general trade was 3.07002 million tons, and the export volume was USD 15.642 billion, increasing by 1.62% and 1.32% year on year respectively, accounting for 70.75% and 73.96% of the export volume and export volume of aquatic products respectively. Among them, cephalopod, prawns, tilapia, crab, mackerel and other seafood as the main export varieties of general trade to achieve a year-on-year increase in export volume.