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Guangdong Mingji Aquatic Products, Catfish Processor, Eyes Capacity Doubling with Export Emphasis

Guangdong Mingji Aquatic Products, situated in Guangdong, China, is set to double its catfish production capacity, aiming to bolster its export market presence.

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Guangdong Mingji Aquatic Products, Catfish Processor, Eyes Capacity Doubling with Export Emphasis
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Guangdong Mingji Aquatic Products, a leading catfish brand in China, is set to expand its production capacity and diversify its market reach, targeting both domestic and international consumers. Chairman Zheng Zhuofeng revealed plans for a new factory, expected to be operational by the end of 2024, which will effectively double the company's annual production capacity to 72,000 metric tons.
Emphasizing a strategy focused on both domestic and international markets, Zheng highlighted Mingqi's commitment to participating in international trade exhibitions, establishing overseas sales networks, and conducting comprehensive market research. Mingqi, known for its diverse range of aquaculture and processing subsidiaries, currently boasts 36,000 metric tons of processing capacity, producing various fish species including catfish, tilapia, grass carp, and more.
In its export endeavors, Mingqi targets markets such as the European Union, the United States, and countries within the Regional Comprehensive Economic Partnership Agreement (RCEP). Additionally, the company engages in importing pangasius from Vietnam for processing and catering purposes, while also focusing on domestic sales of ready-to-eat products.
Amidst shifts in global economic dynamics, with China's government eyeing exports as a growth catalyst, Mingqi's expansion plans align with this strategy. However, concerns persist among E.U. and U.S. officials regarding potential market disruptions due to China's economic conditions, including currency depreciation and soft consumer demand, raising questions about potential oversupply.
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