As incomes rise, China now has the potential to become a $20 billion (€15 billion) seafood import market within this decade, according to a new Rabobank report.
China is emerging as the leading consumer of high end seafood, and imports are expected to play a key role, considering the limits of local industry to meet demand.
Rabobank expects intensifying competition for primary resources. Fishing quota holders and farming license owners will be the likely beneficiaries.
Premium species will be responsible for consumption growth in the future instead of traditional species such as carp and other fresh water fish. Scallops, salmon and lobster will enjoy growing demand.
Imports of Atlantic salmon from Europe grew from virtually nothing in 2000 to more than 12,000 tons in 2011, and this growth trend is expected to continue.
China's seafood export growth may slow, however, in the near term due to resource constraints and the unfavorable Western markets.
Acquiring western processors of final product will be key for the Chinese exporting industry to strengthen their positions, as will controlling raw material supplies.
In the long term, Rabobank expects the industry to focus on developing the domestic market for processed frozen seafood.