STAG News Bites: China price surge; food brand consumer ecology; Jurong reopens; Vietnam industry hit by COVID
STAG NEWS BITES is produced for Australian Seafood Exporters, containing important updates and informal translations of news from Asian media sources. Any information provided as part of this trade news service is general in nature. Before acting on any information provided, you should consider its appropriateness to your circumstances and business objectives.
S T A G N E W S B I T E S
C H I N A N E W S
Below are China-related articles or articles translated from Chinese media that focus on consumption trends in relation to seafood imports and exports.
Note: If foreign articles are opened in Chrome, they can be automatically translated
China seafood prices surge
Recently released statistics reveal strong growth in China’s seafood market, to the point that demand is outstripping supply. According to data released by the National Bureau of Statistics, in the first half of 2021, the wholesale price of freshwater seafood in China has soared by 20% year on year. And it’s not just freshwater species gaining a price boost:
‘As [live] Australian rock lobsters are still not able to enter China, most of the other lobster substitutes have seen prices increase, particularly in spiny tropical lobster varieties’
In terms of trade, the data suggests import channels remain constrained. Despite the overall price surge, the overall value of imported aquatic products grew by only 2% compared to the same period in 2020, less than would be expected following the disastrous impact of COVID-19 at that time. New Zealand’s seafood exports to China grew by 23%, Canada’s by 26%, and Norway’s by 16%.
China Customs COVID-19-related suspensions on seafood exporting establishments in some countries have also had an impact. For example, Russia’s exports fell by 24% and Ecuador’s by 22%.
China consumer and marketing bites
China’s new ‘food brand consumer ecology’
An interesting and exhaustive look at China’s modern, Gen Z-driven, food brand ecosystem. Companies making an impact are listed for examination, and all share some of the key four branding philosophies:
1) in line with the aesthetic pursuit of modern young people;
2) creation of new consumption scenarios and better product differentiation and positioning;
3) leveraging popular online celebrities for online and offline promotion; and
4) attaching importance to communication with users and communication of brand attitudes.
How can your product benefit from a branded approach to the China market? Find some ideas in this article.
2021 Autumn China Restaurant Week
Have you heard of the Autumn China Restaurant Week? Dining-City, China’s international online catering guide, collaborates with American Express twice a year to hold this event which covers 600 participating mid to high-end restaurants in 15 major cities across China.
The event - to be held 12 August to 5 September - is a good opportunity to showcase premium produce in China’s finest dining establishments, including a number of Michelin-starred venues.
Find about more about the event here.
Which abalone is right for you?
Here is some information for Chinese consumers on the varieties of abalone and how to select the perfect specimen.
‘Australia's strategic location and environment is very good, with a very good quality production of abalone’
Another fraudster busted!
‘The owner of a restaurant in Hong Kong was arrested on Tuesday after an undercover customs operation found it had actually used squid for its “abalone” breakfast on the menu.’
O T H E R M A R K E T N E W S
Regional COVID-19 Update
Vietnam’s processing capacity of shrimp and pangasius has been reduced by half as the COVID-19 Delta variant surges across the country. Read more from Seafoodsource.com here.
Singapore’s Jurong Fishery Port has re-opened, but with stricter control measures. Despite this, Singapore might still be facing short-term shortages of key seafood items. In the longer term, the city-state faces a more strategic seafood supply challenge: learn more here.
US Seafood Sales
It's a good time to take an interest in the US seafood market. Seafoodsource.com reports that frozen seafood sales in the US spiked 40.3% in the first half of 2021 compared to the first half of 2019, reaching USD 3.8 billion. Fresh seafood consumption grew by 33.6% in the same comparison.
2021 Fisheries and Aquaculture in Japan Report
The Organisation for Economic Cooperation and Development (OECD) released a Japan report earlier this year. The paper describes the country’s basic industry situation and recommends policy and reform pathways to improve sustainability.
Interestingly, while Japan remains a net importer of seafood products, the report shows the level of imports has increased only 1% in the ten-year period between 2008 and 2018. Conversely, Japan has been a growing exporter, with overseas sales growing by 36% in the same period.
Read the full report here.
STAG News Bites is a resource for Australian seafood exporters, currently funded by the Abalone Council Australia Ltd, Southern Rocklobster Ltd, Australian Abalone Growers Association, Western Rocklobster Council and the Fisheries Research and Development Corporation. We acknowledge past funding from the Australian Government Department of Agriculture and Water Resources, through the Package Assisting Small Exporters.
This STAG publication contains informal translation of foreign and Asian media. Any information provided as part of this trade news service is general in nature. Before acting on any information provided, you should consider its appropriateness to your circumstances and business objectives.
Copyright © 2021, Seafood Trade Advisory Group. All rights reserved.
