The Tilapia market has witnessed remarkable growth in recent years, fueled by increasing demand for affordable and nutritious seafood. Renowned for its mild flavor and versatility in culinary applications, Tilapia has become a popular choice among consumers globally. Several factors contribute to the surge in Tilapia’s popularity, including its high protein content, low fat levels, and ease of farming. As a sustainable aquaculture option, Tilapia production has risen steadily, meeting the rising demand for seafood.
The tilapia market is valued at USD 13.9 billion in 2023 and is projected to reach USD 21.6 billion by 2033, recording a CAGR of 4.5%, during the forecast period.
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As the global aquaculture market ascends new zeniths, the tilapia market follows close pursuit, with a promising market outlook. Tilapia is emerging as a consumer favorite due to it being nutrient-dense and affordable. Currently, key players are launching “ready-to-eat” variants of tilapia, carving out a market niche as a healthy snack. Tilapia is rich in Vitamin D, iron, omega 3 -fatty acids, and Vitamin B, as well as disease resistant compared to other species. The species is increasingly being preferred by small and medium farmers.
Government initiatives work in favor of the market to boost production and demand. With subsidies and other initiatives catering to farmers, government intervention is steadily boosting the market growth. Hence, even small and medium farmers can boost production through the adoption of advanced technologies such as selective breeding.
Critical Virus Outbreaks, Major Market Restraint
Virus diseases such as the Tilapia lake virus continue to be a major threat to steady market growth. A massive viral outbreak could wobble market stability immensely. The Tilapia lake virus currently has no known vaccine. Hence, government initiatives and awareness campaigns are indispensable to raising preventive measures.
Key Takeaways from the Report:
- During the forecast period, the US market is expected to grow at a CAGR of 9.8% to reach a value of US$ 1.5 Bn by 2033.
- The Chinese market is expected to reach a valuation of USD 6.4 Bn by 2033, growing by a CAGR of 3.9% between 2023 and 2033
- During the forecast period, the conventionally sourced segment is expected to dominate the market at a CAGR of 3.9%
- Between 2023 and 2033, the Nile Tilapia species segment is projected to grow at a CAGR of 4.2%, emerging as the most popular segment by species
- Between 2017 and 2022, the tilapia market registered a CAGR of 3.4%
- During the forecast period, the UK market is expected to grow at a CAGR of 8.4% to reach a valuation of USD 23.7 Mn by 2033
Key Market Players Focus on Diversification to Capture Consumer Interest
Currently, key players are keen on launching innovative product lines to carve out a wider consumer base. This includes ready-to-eat as well as pre-prepared meals such as soups, filleted, and frozen variants. Thus, producers have transformed the image of tilapia from a healthy, recipe-only food to an easy yet healthy snack.
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Key Market Developments:
- In 2020, an exciting range of tilapia products was launched by North Atlantic Fish Co., Inc. This included the North Atlantic Frozen Tilapia Fillets, and North Atlantic Frozen Whole Tilapia. The line is focused on sustainability, keeping up with recent market trends.
- Recently, Hainan Xiangtai Fishery Co., Ltd. launched its new line of tilapia variants. This included the Gutted and Scaled Tilapia, Whole Round Tilapia, and Tilapia Fillet. The line aims to facilitate ease of cooking tilapia, targetting middle-income households.
- Recently, Blue Ridge Aquaculture (BRA) was in the news for investing US$ 2.5 Mn in a nursery facility. The aim was to expand ongoing production capabilities. Further, it is expected to promote robust quality production and a seamless supply chain process.
Key Market Players:
- Baiyang Aquatic Group
- A.O.Kingdom International Co., Ltd
- Nova Sea Foods
- Hainan Sky-Blue Ocean Foods Co
- Guangdong Evergreen Conglomerate Co., Ltd.
- Hebei Zhongjie Tilapia Breeding Co. Ltd
- Amyco Group Limited.
- Regal Springs
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Tilapia Market by Category
Source:
- Organic Tilapia
- Conventional Tilapia
Species:
- Nile Tilapia (OREOCHROMIS NILOTICUS)
- Blue Tilapia (OREOCHROMIS AUREUS)
- Mozambique Tilapia (OREOCHROMIS MOSSAMBICUS)
- Wami Tilapia (OREOCHROMIS UROLEPIS HORNORIUM)
Form:
- Fresh Tilapia
- Whole Tilapia
- Fillet Tilapia
- Processed Tilapia
- Canned Tilapia
- Frozen Tilapia
- Whole Fillet Tilapia
- Canned Tilapia
By Sales Channel:
- Direct Sales
- Retail Sales
- Modern Trade
- Convenience Stores
- Specialty Food Stores
- Wholesale Stores
- Discount Stores
- Online Retail
- Other Retail Stores
By Application:
- Food Industry
- Pharmaceutical Industry
- Animal Feed
- Pet Food
- Food Service
- Retail
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