China: Frozen Cuttlefishes Market 2024

Frozen Cuttlefishes Market Size in China

In 2021, the Chinese frozen cuttlefishes market decreased by -6.7% to $X for the first time since 2016, thus ending a four-year rising trend. Over the period under review, consumption, however, showed a pronounced decline. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Frozen Cuttlefishes Production in China

In value terms, frozen cuttlefishes production reduced to $X in 2021 estimated in export price. Overall, the total production indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +90.4% against 2015 indices. The most prominent rate of growth was recorded in 2019 with an increase of 24%. Over the period under review, production attained the peak level at $X in 2020, and then reduced in the following year.

Frozen Cuttlefishes Exports

Exports from China

In 2021, overseas shipments of frozen cuttlefishes increased by 18% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, exports, however, continue to indicate a sharp slump. The most prominent rate of growth was recorded in 2020 when exports increased by 61% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, frozen cuttlefishes exports expanded significantly to $X in 2021. In general, exports, however, recorded a deep slump. The most prominent rate of growth was recorded in 2020 when exports increased by 103% against the previous year. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Russia (X tons), the United Arab Emirates (X tons) and the United States (X tons) were the main destinations of frozen cuttlefishes exports from China, together accounting for 41% of total exports. South Africa, Japan, Malaysia, the Dominican Republic, Colombia, Thailand, Singapore, Spain, Hong Kong SAR and the Philippines lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2021, the biggest increases were recorded for the Dominican Republic (with a CAGR of +20.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Japan ($X) and the United States ($X) were the largest markets for frozen cuttlefishes exported from China worldwide, together accounting for 47% of total exports. Malaysia, the United Arab Emirates, Hong Kong SAR, Singapore, Thailand, South Africa, Colombia, the Dominican Republic, Spain and the Philippines lagged somewhat behind, together comprising a further 28%.

In terms of the main countries of destination, the Dominican Republic, with a CAGR of +13.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average frozen cuttlefishes export price stood at $X per ton in 2021, which is down by -8.9% against the previous year. In general, the export price, however, showed a temperate expansion. The most prominent rate of growth was recorded in 2019 when the average export price increased by 42% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2020, and then reduced in the following year.

Prices varied noticeably country of destination: the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+22.3%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Cuttlefishes Imports

Imports into China

In 2021, after six years of decline, there was significant growth in supplies from abroad of frozen cuttlefishes, when their volume increased by 63% to X tons. Over the period under review, imports, however, recorded a sharp decrease. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, frozen cuttlefishes imports surged to $X in 2021. Overall, imports, however, showed a precipitous curtailment. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Vietnam (X tons) was the main frozen cuttlefishes supplier to China, with a 98% share of total imports. It was followed by Pakistan (X tons), with a 1.9% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from Vietnam amounted to +88.6%.

In value terms, Vietnam ($X) constituted the largest supplier of frozen cuttlefishes to China, comprising 98% of total imports. The second position in the ranking was held by Pakistan ($X), with a 1.3% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Vietnam stood at +78.9%.

Import Prices by Country

In 2021, the average frozen cuttlefishes import price amounted to $X per ton, with a decrease of -19.6% against the previous year. Over the period under review, the import price, however, enjoyed a prominent expansion. The growth pace was the most rapid in 2017 an increase of 82% against the previous year. The import price peaked at $X per ton in 2020, and then declined remarkably in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2021, the country with the highest price was Vietnam ($X per ton), while the price for Pakistan stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Democratic People's Republic of Korea (+14.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :