Market prospects for the seafood processing industry in China in 2024

Aquatic product processing is a continuation of fishery production, which can optimize the structure of the fishery industry and drive economic growth in fisheries. In recent years, with the development of China's aquatic product processing equipment industry and the continuous advancement of processing technology, the overall processing capacity of aquatic products has improved. It is expected that under national regulation and the improvement of cold chain preservation technology, China's aquatic product processing industry will continue to transform and upgrade, and the market will develop towards diversification and high yield and quality.

1. Definition of Aquatic Product Processing

Aquatic product processing is a continuation of fishery production and serves as a link between fishery production and distribution. Aquatic product processing consists of the storage and processing of aquatic food and the comprehensive utilization of aquatic products. The former involves the freezing, refrigeration, pickling, drying, smoking, canning of aquatic products, as well as the storage and processing of various small packaged food products. The latter involves the production of various pharmaceutical and chemical products such as fish meal, fish oil, cod liver oil, polyunsaturated fatty acid preparations, alginates, and iodine. According to the processing technology of aquatic products, it includes six major categories: frozen aquatic products, surimi products, dried and pickled aquatic products, aquatic feed manufacturing, fish oil extraction and product manufacturing, and canned aquatic products.

2. Relevant Policies in the Aquatic Product Processing Industry

In recent years, the state and various levels of government have continuously introduced industrial encouragement policies to support and regulate the development of the aquatic product processing industry. Policies such as "Guiding Opinions on Expanding the Multiple Functions of Agriculture to Promote High-Quality Development of Rural Industries," "Notice on Implementing Support Policies for Fishery Development to Promote High-Quality Development of Fisheries," and "Guiding Opinions from the Ministry of Agriculture and Rural Affairs on Strengthening Aquatic Technology Promotion under the Rural Revitalization Strategy" have guided the transformation and upgrading of the aquatic processing industry, promoted processing preservation and comprehensive utilization of by-products, and advanced the construction of a modern cold chain logistics system for aquatic products, providing a good development environment for the aquatic processing industry.

3. Current Development Status of the Aquatic Product Processing Industry

1. Market Size of Aquatic Product Processing

Data shows that from 2017 to 2020, the processing volume of aquatic products in China showed a fluctuating growth trend, rising from 21.963 million tons to 22.378 million tons. In 2020, the processing output of aquatic products in China accounted for only 34.17% of the total aquatic product volume, indicating a broad market space for the aquatic processing industry. The China Business Industry Research Institute predicts that the processing volume of aquatic products in China will reach 22.719 million tons in 2021 and 23.059 million tons in 2022.

2. Structure of Aquatic Product Processing Types

Currently, the main processed aquatic products in China are frozen aquatic products. Data shows that the processing volume of frozen aquatic products is 15.323 million tons, accounting for 71%, followed by dried and pickled products with a processing volume of 1.521 million tons, accounting for 7%. Surimi products and algal products account for 7% and 5%, respectively.

3. Number of Aquatic Processing Enterprises

In recent years, under the complex economic situation, the number of large-scale aquatic processing enterprises has not increased, and issues such as low efficiency and insufficient operating rates are prominent, leading to the elimination of a number of less competitive enterprises. Data shows that from 2016 to 2020, the number of aquatic processing enterprises in China showed an overall downward trend. In 2019, the number of aquatic processing enterprises in China decreased from 9,336 in 2018 to 9,323, and in 2020, the number further decreased to 9,136, a year-on-year decrease of 2.01%. It is expected that under national regulation, the aquatic processing industry has entered an adjustment phase, focusing more on quality development, continuously transforming and upgrading, and improving the overall capacity of aquatic processing.