– Eating habits of world population changes to more sustainable and nutrients dense seafood heavy way
– Globalization and increased life standards of developing countries increase consumption of seafood.
– Energy crisis will lead to high bills in factories. Processed seafood and F&V will have a big potential in 2023
Those are the trends of 2023 then all of us will see. Let’s dive deeper in the roots and figure out where they came from?
Over the years, a drastic shift has been observed in the consumption pattern of individuals toward a healthy diet, influencing the changes in consumer preferences. The seafood market share in the food industry is expected to increase in the upcoming years, as individuals mainly prefer seafood-based products over poultry.
The global seafood industry revolves around China. It produces 35% of the world’s seafood (mostly from aquaculture) and consumes 45% of it—roughly 65 million tons per year. For comparison, the U.S. consumes about 7 million tons annually.
According to Ocean Treasure CEO Oliver Nikolovski “Since COVID restrictions are lifted and people can travel more easily, local consumption will come back to the level that it was in 2020.” Unfortunately, the cold winter and covid outbreak didn’t help increase the rate of recovery. Chinese New Year is important for healing process because “usually during this time businesses generate 45% of annual income”
Europe in 2022 saw a rapid increase in food prices and shortages of food supplies. Europe’s energy caused significant price increases for European fertilizer and food industries. 2022 is also Europe’s driest summer in 500 years had a negative impact on European agricultural production. That will make them rely on export such as seafood, fruits and vegetables even more.
Seafood consumption in the world has consistently increased over the past years as well. The improvement of living standards in developing countries, such as India, Brazil, and South Africa, and the health consciousness of some developed countries have contributed to this increase in consumption. Going forward, developing countries are poised to account for more than 80% of total new seafood consumption by 2030.
In our previous article we review Li Xiaowen interview. He reported the decrease in sales in 3rd and 4th quartered. In Ocean Treasure annual report, 3rd and 4th quarters not stayed on par, but increased fruits and vegetables sales by 25%. Oliver believes it is because “Ocean Treasure always had the same strategy. With admin team we are always trying to expand everywhere while some factories will stick to one or two countries. We saw the increase in Latin America, in Europe, in Middle East while many factories will stick to USA. This is why many factories have been affected because they are majorly focused on the USA while we don’t. We focus on all kinds of countries.”
The progress of globalization and the increased interest in health consciousness in recent years can cause drastic changes in fish consumption. Various consumers worldwide follow a pescetarian lifestyle, where they consume fish along with a vegetarian diet owing to health-related factors.
“Usual types of meat also means more pollution, more work, more energy consumption, when seafood doesn’t have such an impact. We know very well that cows produce as much CO2 as an old car. When the seafood doesn’t produce any CO2 except for production” said CEO of Ocean Treasure. “But now it’s more interesting what products they focus on. Because if we jump from meat to farm fish there won’t be too much sense in it.”
If you are interested in this sort of materials and want to know more about Chinese seafood industry in 2022 and expert opinions on it’s course of development, make sure to check this article, or subscribe our news, that come out every Friday.
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