Frozen Seafood Processing in China - Market Research Report (2014-2029)
Beijing, China
Last Updated: May 2024
1361Revenue
$77.8bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
603k
Businesses
1,743
Wages
$X.Xbn
Frozen Seafood Processing in China industry analysis
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.
Trends and Insights
- China’s per capita disposable income is increasing. This is stimulating the Frozen Seafood Processing industry as residents demand more seafood, especially high-value products.
- Frozen fish is the largest product segment. Freshwater fish is comprising a growing market share.
- Activity in the Frozen Seafood Processing industry is highly concentrated in the coastal provinces and regions. These regions are popular business locations due to their proximity to seafood inputs like fish farms, which lowers production costs.
- Industry competition has intensified. Companies with lower prices, higher quality products and brand recognition are more likely to succeed.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 0.3 % over the past five years, to reach an estimated $77.8bn in 2024.
Trends and Insights
The COVID-19 outbreak negatively influenced industry performance
- Outbreak of COVID-19 caused close down of a large number of catering outlets, which had negative impact of seafood consumption in the Catering industry.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Heightened urbanization construction is slated to continue contributing towards frozen seafood market demand
- Accelerating of urbanization construction contributes to increasing per capita disposable income and continuous consumption upgrading, which will continue promoting growing market demand for frozen seafood products, especially for the products of higher quality.
Biggest companies in the Frozen Seafood Processing in China
| Company | Market Share (%)
2023 | Revenue ($short_0)
2023 |
|---|
There are no companies that hold a large enough market share in the Frozen Seafood Processing in China industry for IBISWorld to include in this product.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Frozen fish , Frozen shellfish and Frozen crustaceans. Frozen fish is the largest segment of the Frozen Seafood Processing in China.
Trends and Insights
Frozen fish is the largest product segment
- Frozen fish refers to products made by freezing and processing fish.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Meat Processing in China
Complementors
- Fish Farming in China
International industries
- Seafood Preparation in the US
- Seafood Preparation in Canada
- Seafood Processing in Australia
- Seafood Processing in New Zealand
- Seafood Processing in the UK
Table of Contents
About this industry
Industry definition
The Frozen Seafood Processing industry in China consists of companies that process fish, shrimp, shellfish and other seafood by freezing. Processing frozen seafood for industrial purposes is not included in the industry.
What's included in this industry?
Frozen fishFrozen shellfishFrozen crustaceansOther frozen seafoodCompanies
Purchase this report to view all major companies in this industry.
Related Terms
CEPHALOPODSCRUSTACEANSAQUACULTUREPerformance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
China’s per capita disposable income is increasing. This is stimulating the Frozen Seafood Processing industry as residents demand more seafood, especially high-value product...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Frozen fish is the largest product segment. Freshwater fish is comprising a growing market share.
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Activity in the Frozen Seafood Processing industry is highly concentrated in the coastal provinces and regions. These regions are popular business locations due to their prox...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each region in 2024
- Number and share of revenue each region accounts for in 2024
- Number and share of wages each region accounts for in 2024
- Number and share of employees in each region in 2024
Detailed analysis
- Geographic spread of the industry across Asia Pacific, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Industry competition has intensified. Companies with lower prices, higher quality products and brand recognition are more likely to succeed.
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Companies tend to be small. The largest company’s market share is just 1.2% in 2023.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
Detailed analysis
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Per capita disposable incomes and urbanization construction are growing. These trends promote increasing frozen seafood demand.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Low-end products’ large revenue share limits industry profitability. Industry profitability will likely increase gradually in the future alongside product structures changing...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in China include:
- National Bureau of Statistics China
- General Administration of Customs
- People’s Bank of China
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Frozen Seafood Processing industry in China in 2024?
The market size of the Frozen Seafood Processing industry in China is $77.8bn in 2024.
How many businesses are there in the Frozen Seafood Processing in China industry in 2024?
There are 1,743 businesses in the Frozen Seafood Processing industry in China, which has declined at a CAGR of 0.6 % between 2019 and 2024.
Has the Frozen Seafood Processing industry in China grown or declined over the past 5 years?
The market size of the Frozen Seafood Processing industry in China has been growing at a CAGR of 0.3 % between 2019 and 2024.
What is the forecast growth of the Frozen Seafood Processing industry in China over the next 5 years?
Over the next five years, the Frozen Seafood Processing industry in China is expected to grow.
What does the Frozen Seafood Processing in China include?
Frozen fish and Frozen shellfish are part of the Frozen Seafood Processing industry.
How competitive is the Frozen Seafood Processing industry in China?
The level of competition is high and increasing in the Frozen Seafood Processing industry in China.
