Underscoring the huge impact China will have on the global seafood industry in coming years, over the next decade, 53% of the increase in total seafood and aquatic product consumption in the world will be due to China, according to a new Rabobank report.
The projection – outlined in ‘China’s changing tides: Shifting consumption and trade position of Chinese seafood’ – demonstrates how China's massive -- and growing -- appetite for seafood could shake up trade, global M&A and pricing.
According to OECD-FAO statistics quoted by Rabobank, China already consumes 37% of global production of seafood and aquatic products; in volume terms, almost seven times higher than consumption in the whole of North America. It follows a remarkable increase in Chinese seafood consumption over the past decade -- up 50% to 62 million metric tons, said the bank, contributing to 65% of global seafood consumption growth over the period.
This has been driven by its huge population and high per capita seafood consumption of 44 kilograms per person...