A potentially huge market for aquaculture medicines is opening in China as the country’s population shifts its tastes to higher-quality seafood products, according to Peng Bin Hui, executive secretary general at the China Fishery Industry Association.
Speaking at the 2018 China Aquatic Animals Healthcare Industry forum in Xiamen in September, Peng said China’s aquaculture healthcare market – valued at CNY 10 billion (USD 1.5 billion, EUR 1.3 billion) per year – will grow quickly in value as Chinese aquaculture production moves from a preoccupation with quantity to an emphasis on quality and on sustainability.
Peng pointed to several larger companies that have a national presence and praised those “Transitioning from copying to innovation” but Peng pointed out that the market remains fragmented.
“Barriers to entry into the industry are low, the number of companies remains very high, R&D ability is weak, skill levels are low, and fakes abound,” Peng said.
As demand for seafood continues to rise in China, local aquaculture practitioners are facing challenges such as freshwater shortages and a clampdown by the government’s Central Environment Inspection teams that enforce laws on water pollution. Those factors and others are squeezing production and driving a move to premium species, with related increases in premium feed and other inputs, Peng said.
Among the key companies in the sector organizing the forum in Xiamen were Da Bei Nong Shen Shuang Aquaculture Science & Technology Co – part of the giant Da Bei Nong agribusiness conglomerate – as well as Xiamen Ke Huan Hai Yang Biotech Co. Also present was the large-sized Fujian Tian Ma animal health group.
Da Bei Nong Shen Shuang Aquaculture Deputy Chairman He Teng Fei said his company has invested significantly in R&D and sees a huge opportunity for aquaculture health products in China as the country shifts to more premium products.
