China Aquafeed Market Gaining Momentum—Projected to Reach a CAGR of 9.4% During the Forecast Period
Published | 15 September 2021
China aquafeed market is being driven by growing health awareness, and rising awareness towards seafood quality is some of the major factors driving the growth of the market in the country..
A studyrecently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that China Aquafeed market was worth USD 12.42 Billion in 2020. The market is further projected to reach the valuation of USD 22.80 Billion growing at a CAGR of 9.4% during the forecast period (2021-2027). The country has also dominated global aquaculture production for nearly 20 years. Consumer health consciousness and the growing awareness about seafood quality are driving the aquafeed market in China. Changing consumer preferences from high-calorie food products to a protein-rich diet, such as seafood, are also factors driving the growth of the country’s market. Additionally, the development of aquafeed using organic and natural ingredients is further stimulating the market.
Growing Aquaculture Industry in the Country is Driving the Market Growth
Aquafeed production and consumption are intensely concentrated in China, particularly in fish feed. China accounts for the largest share of aquafeed consumption and exportation worldwide. Despite this, production is still not keeping up with demand. China consumes nearly 37% of the global aqua-protein production, almost seven times that of the consumption of entire North America. Stockholm Resilience Centre predicts in its 2020 report that China will overconsume seafood by 2030. It will require nearly 6 to 18 tons of seafood to meet the rising consumer demand. The report also predicted that in the year 2020, Chinese consumers would consume over 35 kg of seafood per person.
China Aquafeed Market: By Species
Based on species, the China Aquafeed market is categorized into fish, Crustaceans, mollusks, and other species. The fish segment has dominated the market in 2020 and is likely to hold its position during the forecast period. There are four distinct subcategories among the various fish species, including tilapia, salmon, carp, and trout. In the China aquafeed market, Carp fish feed has dominated the segment and accounted for most sales. Cultured carp is the most common fish in China, with grass carp being the most popular species. Nearly 50% of the fishes cultured in China are Carp fish. Since carps have low production costs and tolerate most climatic and environmental conditions, carp are more popular. Carps are bony fish, and the Chinese population has developed a taste for them over time.
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Impact of COVID-19
The coronavirus outbreak has sent shock waves globally. It has disrupted the supply chain, leading to the shutdown of many manufacturing units worldwide. Additionally, it also hampered air and sea traffic and closed essential air routes. As a consequence, various industrial operations ceased, and only the essential services were permitted to continue. China's export volumes also decreased significantly in part due to reduced external demand but also because of logistical problems. Chinese aquafeed factories also faced labor shortages and supply chain disruptions, which significantly hampered the county’s aquafeed market. Also, the decrease in worldwide production and prices during the outbreak affected fisheries across the country. Nevertheless, China is slowly recovering and returning to normal operations. Production and logistics are also returning to normal.
The China aquafeed market is consolidated, with few leading players holding a significantmarket share. Some leading players are Biomin, Cargill Inc., BioMarGropu, Alltech Inc., Archer Daniels Midland Co., Nutreco NV, Aller Aqua, Hanpel Tech Co. Ltd., BASF SE, Wellhope Agri-Tech Co. Ltd., and other Prominent Players who are operating in the country. The prominent players in China aquafeed market will continue to favor innovation-driven business strategies to expand their market presence, with frequent achievements and strategic deals.
In December 2020, Nordic Aqua Partners A/S, with a subsidiary in Ningbo, Zhejiang province, announced that it would begin building on China’s first land-based salmon farm in 2021. Eventually, the plant will supply 40,000 tons of salmon annually to the Chinese market. The initiative has received wide support, especially since one of the goals of China's 13th Five-Year Plan is to counterbalance coastal water pollution by 120,000 hectares that comes from mariculture practices.
The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics of the ChinaAquafeed market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the ChinaAquafeed market, along with industry insights, to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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