China’s seafood sales are up year-on-year in retail value terms thus far in 2022, but down on 2020 figures, according to new data from market research agency Euromonitor.
Chinese retail sales of seafood (excluding processed and packaged seafood) will total USD 80.9 billion (EUR 81.7 billion) in 2022, compared to USD 78.3 billion (EUR 79.08 billion) in 2021, but short of the USD 94.5 billion (EUR 95.4 billion) recorded in 2020, according to Euromonitor research shared with SeafoodSource.
Chinese demand continues to grow for convenience-themed items. Faced with frequent and abrupt COVID-19 lockdowns, Chinese consumers have turned to ready-to-eat meals. Chinese seafood processors, including Yuehai and Guolian Aquatic, have put increasing emphasis on that sector.
Euromonitor estimated the retail sales value of China’s frozen ready-to-eat meals market at USD 7 billion (EUR 7.07 billion) in 2022, up from USD 6.7 billion (EUR 6.7 billion) in 2021 and USD 6.1 billion (EUR 6.16 billion) in 2020.
According to Euromonitor’s data, the retail sales value of a category “ready meals and processed meats, seafood, and alternatives” is set to total USD 29.7 billion (EUR 30 billion), up from USD 29.2 billion (EUR 29.4 billion) in 2021, and USD 26 billion (EUR 26.2 billion) in 2020. That suggests a reordering of China’s seafood sector as the country, under the leadership of Chinese President Zi Xinping, who was given a third term in office at the Communist Party Congress in October 2022, sticks with its zero-COVID policy.
China's GDP grew 3.9 percent in Q3 2022, well off an official target for the year of 5.5 percent growth. The country’s overall retail sales grew 2.5 percent year-on-year in September 2022, considerably below figures seen in recent years. Catering revenues between January and September 2022 dropped 4.6 percent year-on-year. Retail sales in January to September were worse, at 0.7 percent.
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