Tridge summary
China is poised to surpass the United States as the world's leading importer of seafood, with a strong demand for crustaceans. In 2022, China's seafood imports, including lobsters, crabs, and shrimp, amounted to $9.57 billion, slightly surpassing the $9.55 billion imported by the U.S. This gap is expected to widen in the coming years due to factors such as resilient crab supplies, declining shrimp prices, and anticipated U.S. demand drop due to inflation. Additionally, there is potential for an increase in China's imports of frozen fish, which currently make up a small portion of its total seafood purchases. Success in the Chinese market requires strategic marketing and targeting of niche markets, as demonstrated by the success of Russian crab miners who adopted a marketing strategy that appealed to Chinese culinary traditions.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
China, with its 1.4 billion people and centuries-long fishing history, has the potential to overtake the United States in seafood imports, but to do so, foreign suppliers must develop niche markets and apply the right marketing strategies. This was the opinion shared by Xiubing Fan, CEO of Beijing Seabridge Marketing, in a column for the FAO report. VARPE publishes the most interesting theses: China leads the import of crustaceans and may increase purchases in 2024. The main share of American imports is occupied by expensive fillets, fresh and chilled fish, while more than half of Chinese imports are crustaceans. In 2022, China imported $9.57 billion worth of lobsters, crabs and shrimp. The United States imported less - $9.55 billion. The difference between countries was insignificant - only $20 million, but in 2023 the gap grew 121 times, to $2.42 billion Given strong and stable demand in China, resilient crab supplies, declining shrimp prices, and a projected squeeze in U.S. ...
Source: Fishretail
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