China is one of the largest seafood-consuming countries in the world. In 2013, revenue in the China frozen seafood processing market is expected to total $59.1 billion, up 15.2% from 2012. Industry revenue has been increasing at an annualized rate of 13.7% in the five years through 2013, in line with steadily growing domestic demand.
China's frozen seafood exports increased strongly in 2006, accounting for almost one-quarter of industry revenue during the year. However, contamination issues and foreign bans on Chinese seafood led to a slowdown of exports in 2007 and a decline in 2008. A recovery in export growth began in 2010, and in 2013, exports are expected to account for 14.6% of industry revenue or $8.6 billion.
Competing imports are set to total $6.2 billion in 2013 and account for 10.9% of domestic demand. Annualized import growth is estimated at 3.4% over the past five years, however year-on-year growth has been volatile. Due to the global recession, imports declined 2.0% in 2009. This followed 12.4% growth in 2008, when domestic production was limited by stricter regulations for seafood quality and safety.
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