Aquaculture in China: Key market research findings
- Blue economy vision spurs market growth
- Freshwater fish account for a majority share of the market revenue
- Key vendors – Shandong Homey, Shandong Oriental, Zhanjiang Guolian, and Zoneco
Technavio’s market research analysts predict the aquaculture market in China to grow at a CAGR of around 3% between 2016 and 2020. The growth of the market is fueled by the concept of blue economy, which is aimed at improving the nation’s aquaculture infrastructure. The term blue economy was coined in the 2012 Rio+20 Conference to emphasize the conservation and sustainable management of degrading oceans and wetlands (seas, lakes, rivers, and reservoirs). The concept is based on the idea that healthy ocean ecosystems are more productive, and are essential to feed the fast-growing population and sustainable ocean-based economies.
The new market research report from Technavio presents a breakdown and analysis of the aquaculture segments based on the application.
“Organic aquaculture is becoming increasingly popular in the Chinese market. Rising environmental concerns, preference for organic foods, and food safety issues have led to increased emphasis on organic aquaculture. At present, organic aquaculture is concentrated mainly in the Zhejiang, Hainan, Mongolia, Jiangsu, Xinjiang, Liaoning, Hunan, Anhui, Fujian, and Shandong provinces. Polyculture receives the main focus in organic aquaculture farms in the region,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
By 2020, the freshwater fish segment will account for around 60% of the overall market revenue to retain its position as the key revenue generating vertical of the aquaculture market in China. Carps account for the major share of this segment and have been witnessing an increased consumption over the past few years. Major challenges for this segment’s growth include over production and a negative impact of freshwater fish cultivation on biodiversity.
The key vendors in the market include Shandong Homey, Shandong Oriental, Zhanjiang Guolian, and Zoneco. The market has intense competition because of the growing population and demand for seafood. All the players are competing to secure a significant share of the market. Intense competition, rapid advances in technology and methods of fishing, and changes in consumer preferences have put significant pressure on competitors. Therefore, to survive and succeed, it is essential for competitors to distinguish their product offerings through a clear and unique value proposition, and expand geographically.
A more detailed analysis is available in the Technavio report, Aquaculture Market in China 2016-2020.
We can customize reports by other regions and specific segments upon request.
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