Frozen Seafood Processing in China - Market Research Report (2014-2029)

China is one of the largest seafood-consuming countries in the world. Seafood is characterized by low fat and high protein content, and is rich in various trace elements, which caters to the current market trend of pursuing healthy food and drink. Comprising the largest portion of all processed aquatic products, frozen seafood accounts for about 70% of total output. China's frozen seafood processing revenue has increased at a CAGR of 0.3% to $77.8 billion over the past five years, including a growth rate of 2.5% in 2023 alone, when profit will be 4.2%.Exports are expected to increase to $9.5 billion in 2023, up 2.4% from 2022, accounting for 12.1% of industry revenue. Competing imports are expected to total $7.7 billion in 2023, up 3.0% from 2022 and accounting for 10.1% of domestic demand. In July 2020, China detected the COVID-19 virus on the exterior and interior of imported packaged white shrimp. Subsequently, more imported cold chain foods tested positive for the virus, which gave imported seafood a negative sentiment to consumers.The industry is forecast to grow steadily over the next five years due to stable market demand growth. Revenue is anticipated to grow at an annualized 3.6%, to reach $92.7 billion in 2028. Per capita income growth, heightened domestic demand for frozen seafood products, advanced cold chain logistics development and government policy support will drive revenue growth in the next few years.Market demand for higher quality and more nutritional frozen seafood will gradually rise as consumers increase their spending and demand more expensive and premium products. As a result, industry transformation and expansion is set to continue. In addition, smart frozen seafood processing factories with fully automated production processing, industrial IoT (Internet of Things) technologies, comprehensive energy utilization technologies, intelligent management and other engineering technologies will be built in the future, further contributing to industry transformation through increased automation and efficiency.