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.
In tandem with the soaring heights reached by the global aquaculture market, the tilapia market is carving its own trajectory, showcasing a promising outlook. Tilapia, hailed for its nutrient density and affordability, is swiftly becoming a consumer favorite. Key players are at the forefront, introducing “ready-to-eat” tilapia variants, establishing a market niche as a wholesome snack option.
Tilapia boasts an impressive nutritional profile, being rich in Vitamin D, iron, omega-3 fatty acids, and Vitamin B. Noteworthy is its disease resistance compared to other species, making it an increasingly preferred choice for small and medium farmers. The market is witnessing a shift as government initiatives align to propel production and meet growing demand. Subsidies and farmer-centric initiatives are becoming catalysts for market growth, empowering even small and medium farmers to enhance production through the adoption of advanced technologies like selective breeding.
Key Takeaways:
- Tilapia emerges as a consumer favorite, celebrated for its nutrient density and cost-effectiveness.
- “Ready-to-eat” tilapia variants introduced by key players create a market niche as a healthy snack.
- Tilapia stands out for its nutritional richness, encompassing Vitamin D, iron, omega-3 fatty acids, and Vitamin B.
- Government initiatives, including subsidies and technology adoption support, fuel market growth.
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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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