December 9, 2023

Tilapia Market Size & Share: A Steady Climb Amidst Uncertain Times 2030

The global tilapia market is experiencing significant growth as the demand for this versatile fish continues to rise among households and commercial establishments. Tilapia has gained popularity both locally and internationally due to its cost-effective farming methods, making it a widely cultivated fish in tropical and subtropical regions worldwide. According to a recent report from Fairfield Market Research, tilapia is poised for substantial growth as it remains one of the most affordable sources of protein and essential nutrition, available in both fresh and frozen forms. Additionally, tilapia is a rich source of essential nutrients such as B12, phosphorus, selenium, potassium, and niacin. With a growing emphasis on conscious eating for holistic living, the demand for tilapia is on a continuous upward trajectory.

Emergence of Fish Farming Fuels Rising Tilapia Demand Globally

The global tilapia market is set to benefit from the increasing prevalence of fish farming activities across various regions of the world. According to projections from WorldFish, aquaculture is expected to witness a remarkable 40% growth by 2030 to meet the ever-increasing global demand for fish. Changing dietary preferences and the ongoing food crisis are anticipated to drive the expansion of tilapia farming in the years to come. As a natural protein source, analysts predict that the demand for tilapia will continue to surge between 2021 and 2025. Tilapia’s ease of cultivation positions it as an ideal freshwater fish choice that can help mitigate seasonal disruptions in seafood supply from traditional fisheries.

According to the Food and Agriculture Organization (FAO), tilapia harvests reached 6.93 million tonnes in 2020, despite a temporary slump caused by the COVID-19 pandemic. The organization expects the global tilapia market to show growth in 2021, with output estimated to increase by 5% to reach 7.3 million tonnes as the restaurant industry and aquaculture sector gradually return to normalcy.

Nile Tilapia Dominates the Market

The Nile tilapia species occupies a significant share of the global tilapia market. Known scientifically as Oreochromis niloticus, Nile tilapia can thrive in various climates and can be cultivated globally, extending its reach beyond tropical regions. Its widespread availability, straightforward farming techniques, and affordability contribute to the robust demand for Nile tilapia. Other tilapia varieties available in the global market include blue tilapia, Mozambique tilapia, and Wami tilapia.

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Farmed Tilapia to Outpace Wild Catch

Between 2021 and 2025, the demand for farmed tilapia is expected to surpass that of wild-caught varieties. This shift is driven by the consistent, year-round demand for farmed tilapia compared to the seasonal nature of wild catch. Additionally, farmed tilapia ensures a consistent quality, which is a crucial requirement for the hospitality industry. The growth in the frozen seafood sector, which relies on standard quality and uninterrupted supply, further supports the dominance of farmed tilapia.

China and India Lead in Production

Geographically, the Asia Pacific region is poised to maintain its dominance in the global tilapia market during the forecast period. According to the FAO, China led the way in 2020, with Asia contributing 66% to the global tilapia production, equivalent to 4.55 million tonnes. India also holds significant promise in the tilapia market due to increasing seafood demand, a burgeoning food service industry, and a growing community of fitness-conscious consumers. India’s tropical climate provides ideal conditions for tilapia aquaculture.

In terms of consumption, the United States leads the way, a trend that remained consistent even during the pandemic. The National Oceanic and Atmospheric Administration (NOAA) reports that in 2020, the U.S. imported tilapia worth US$615 million, equivalent to 190,453 tonnes, as homebound consumers sought convenient seafood options. This represented a 10% increase compared to 2019 and was primarily driven by frozen tilapia fillets, mainly sourced from China. Brazil and Costa Rica have also emerged as key tilapia suppliers to the U.S. Research indicates that these consumption trends are expected to persist in the coming years.

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Key Players in the Global Tilapia Market

Leading players in the global tilapia market include Ananda Aqua Exports Pvt. Ltd., Blue Ridge Aquaculture Inc., Guangdong Gourmet Aquatic Products Co. Ltd., Baiyang Aquatic Group, Regal Springs Tilapia, Hainan Xiangtai Fishery Co., Ltd., Beihai Evergreen Aquatic Product Science & Technology Co. Ltd., Amyco Group Limited, Netuno Internacional SA, and Mazzetta Company LLC.

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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This press release first seen on Brilad