Supermarket Perimeter - December 2022 - 49
US appetite for premium seafood has
driven import growth since 2016
$9 B
7%
91% of total seafood import
value added since 2016
$6 B
10%
19%
$3 B
17%
SHRIMP
SALMON
CRAB
LOBSTER
In 2021, China's seafood imports were valued at $17.2 billion.
From 2013 to 2021, China's import volumes exhibited a CAGR of
4.4%, while import values had a CAGR of 10.1%, highlighting the
demand shift to more expensive forms of seafood protein.
This trend is further evidenced by the strong rebound in imports
in 2021 that followed the initial Covid-19 lockdowns and added
$2.4 billion compared to 2020. This growth was driven by shrimp,
fishmeal, crabs, and salmonids, all of which exhibited high doubledigit
year-on-year growth and together accounted for 94% of
import growth.
Since 2013, the winners of global seafood trade have been
high-value species such as shrimp and salmonids, which exhibited
volume CAGRs of 6% and 2% and value CAGRs of 3.3% and 2.8%,
respectively. During the pandemic, we saw higher-value proteins
such as beef, shrimp, and salmonids outperform other proteins,
with year-on-year growth in trade value of 16%, 17%, and 20%,
respectively.
" We expect sustainability and demand for healthy and premium
species to continue driving trade volumes of high-value seafood
in the coming years, and exporters such as India and Ecuador are
well positioned to capitalize on emerging trends and close the
gap in the exporter rankings, " according to Rabobank. " We are also
seeing unprecedented high prices for many seafood species due to
challenges in international trade such as rising freight and energy
costs and continued lockdowns in China. "
However, recent data suggests the impact on seafood demand
may become material especially if a recessionary environment
develops in 2023. This could affect seafood market prices and the
value of trade flows.
Shrimp and salmon
have been the winning
species during the
pandemic, with
trade growing 17 and
20% respectively
from 2020-2021.
Source: Trade Data Monitor, Rabobank 2022
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DECEMBER 2022 - 49
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Supermarket Perimeter - December 2022
Table of Contents for the Digital Edition of Supermarket Perimeter - December 2022
Supermarket Perimeter - December 2022 - Intro
Supermarket Perimeter - December 2022 - 1
Supermarket Perimeter - December 2022 - 2
Supermarket Perimeter - December 2022 - 3
Supermarket Perimeter - December 2022 - 4
Supermarket Perimeter - December 2022 - 5
Supermarket Perimeter - December 2022 - 6
Supermarket Perimeter - December 2022 - 7
Supermarket Perimeter - December 2022 - 8
Supermarket Perimeter - December 2022 - 9
Supermarket Perimeter - December 2022 - 10
Supermarket Perimeter - December 2022 - 11
Supermarket Perimeter - December 2022 - 12
Supermarket Perimeter - December 2022 - 13
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