In the past, Canadian lobster exports were primarily focused on the United States and European markets, but in recent years, the Chinese market has emerged as a strong competitor. It is understood that due to the increased demand for Canadian seafood in China, the export prices of Canadian seafood to China have risen.
Why is it popular in the Chinese market?
Currently, the lobster from Nova Scotia, Canada, is quite popular in the Chinese market. Data shows that lobster exports from Nova Scotia to China have increased by 140% over the past three years. Dalian's seafood company, Zangzi Island (002069, stock bar), acquired a local company (Capital Seafood International) last year, which is expected to export 4,500 tons of lobster to China in 2015 alone.
Industry insiders say that the growth in lobster exports from Nova Scotia to China will certainly affect domestic market prices in Canada, but it is currently impossible to make an accurate prediction of how much they will rise.
For a long time, Canadian lobster exports have been overly reliant on the U.S. market, with exports to the U.S. accounting for about three-quarters of total exports. However, in recent years, a new trend has emerged; despite the significant gap in export volume to the U.S., China has become the second-largest export destination for Canadian live lobsters.
According to Chen Lichun, a relevant person in charge of the China Aquatic Products Circulation and Processing Association, Canada ranks seventh in the Chinese seafood import market, mainly importing lobsters, salmon, and other varieties. The total volume of seafood imported from Canada accounts for 5.08% of total imports, with a total import volume of 84,200 tons in 2014, amounting to 466 million USD, an increase of 33,000 tons from the previous year, and an increase in import value of 150.2 million USD, achieving growth in both quantity and value of imports.
The booming trade of Canadian lobsters to China is related to the continuous strengthening of economic and trade relations between the two countries, with lobster trade being just a reflection of the significant growth in China-Canada trade in recent years. The purchasing power of Chinese consumers is the main reason for the substantial increase in Canadian seafood exports to China. A review of online prices shows that the price of whole cooked frozen lobsters in the Chinese market starts at 100 RMB per pound, while live lobsters are significantly more expensive. The increase in lobster consumption reflects the growing trend of the Chinese middle class.
Song Jiening, an agricultural researcher at Zhongtou Consulting, told WorldWay reporters that the rapid increase in the quantity of Canadian seafood exports to China is due to the rising income levels of Chinese consumers and their enhanced purchasing power; changes in consumption concepts, with a growing enthusiasm for wild, pollution-free, and naturally healthy seafood products; and concerns over domestic food safety issues have also led to a preference for imported foods.
The convenience of logistics also ensures that lobsters can be served "fresh on the table." Stuart Lamont, Executive Director of D'Angelo Lobster Company, stated: "It takes only about 40 hours to transport lobsters from Halifax, Toronto, Boston, and New York in Canada to Beijing, Shanghai, Hong Kong, and Guangzhou."
At the same time, the booming development of e-commerce in China has also fueled the "lobster trend." Consumers can easily order delicacies from thousands of miles away with just a click of a mouse.
Additionally, the pristine ecological waters along the Atlantic coast serve as a growing environment for lobsters, and the use of eco-friendly methods in the catching and processing stages has also become a significant reason for attracting consumers to Canadian lobsters.
