The U.S. Department of Agriculture (USDA) guidelines recommend the consumption of tilapia as a rich source of protein with 20 grams accounted for in a small fillet. Tilapia also contains a relatively comparatively smaller quantity of saturated fat content. The increasing number of pescatarians globally is strengthening the tilapia market, finds Future Market Insights (FMI) in a study. Benefits in terms of sustainability offered by tilapia in comparison to other animal-based products, will facilitate growth of the market at a CAGR of over 4% between 2021 and 2031.
Tilapia is a widely grown fish in the global market and is considered a sustainable source of seafood. Key players in the global tilapia market are anticipated to gain from the increasing demand for tilapia especially in emerging markets. Manufacturers in China and Egypt are anticipated to gain ground, as these countries have established infrastructure backed by a dedicated consumer base.
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Production of Nile Tilapia is primarily witnessed in MEA, Asia Pacific, and Latin American countries. However, North America led by the United States is also upgrading its production capacity through investments in aquaculture projects. Food industry will remain a chief end user accounting for over 40% sales registered in the market.
Key Takeaways from the Tilapia Market Study
- South and East Asian countries led by China are expected to lead the tilapia market, with value market share of 42.1% and 33.0% respectively.
- The United States is anticipated to account for over 95% of sales in North America over the forecast period due to increasing consumption of packaged and processed tilapia products.
- The U.K. will emerge as a highly lucrative market, exhibiting over 7% y-o-y growth in 2021
- Germany and France will exhibit considerably high demand for Tilapia, emerging as lucrative markets within Europe
“Manufacturers are developing advanced production and harvesting technologies to enhance the quantity and quality standards of tilapia production. These novel technologies are also expected to reduce the incidence of disease in tilapia farms, which will positively influence operations and sales in the foreseeable future,” says an FMI analyst.
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Tilapia Establishing its Presence in Retail Space
The application of tilapia in the food industry is expected to remain considerably higher than others (pharmaceutical, animal feed). Emerging markets for tilapia such as United States, and India, are witnessing a rising demand of frozen, ready-to-eat tilapia products. Gradually and progressively tilapia and its products are gaining a notable presence in retail shelfs even in relatively remote regions due to its availability and ability to thrive in harsh and varied environmental conditions.
Polyculture for Tilapia Farming Boosting Production
Efforts towards sustainability in tilapia farming, has pushed manufacturers to adopt polyculture, enhancing productivity in return. Manufacturers are analyzing polyculture of tilapia among other fishes such as catfish, prawns, and some predatory species such as largemouth bass to reduce tilapia overbreeding. Different species for polyculture influences quality as well as production quantity.
Who is winning?
Some of the leading players operating in the Tilapia market are Baiyang Aquatic Group, Blue Ridge Aquaculture, Inc., A.O.Kingdom International Co., Ltd, Nova Sea Foods, Hainan Sky-Blue Ocean Foods Co, Hainan Xiangtai Fishery Co, Guangdong Evergreen Conglomerate Co., Ltd., Hebei Zhongjie Tilapia Breeding Co. Ltd, Amyco Group Limited., Regal Springs, and other players.
Key players of Tilapia are striving to consistently develop novel aquaculture techniques and vertical integration. Tilapia manufacturers such as Baiyang Aquatic Group has achieved vertical integration in the supply chain of tilapia by establishing fish feed unit, and tilapia processing unit. Tilapia processing unit utilizes all the waste generated in the filleting procedure and uses it for the production of various products such as pharmaceuticals, cosmetics, and other products.
- In November 2020, Blue Ridge Aquaculture (BRA) invested US$ 2.5 Mn in a nursery facility to support existing as well as increasing farming activities.
- Government of Singapore is envisioning elimination of export for food, thus manufacturers of tilapia in the country has huge opportunity to grow as the government is providing all the essentials at a minimal cost.
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Get Valuable Insights into Tilapia Market
Future Market Insights, in its new offering, provides an unbiased analysis of the Tilapia market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the Tilapia market based on Source (Organic, Conventional), Species (Nile Tilapia (OREOCHROMIS NILOTICUS), Blue Tilapia (OREOCHROMIS AUREUS), Mozambique Tilapia (OREOCHROMIS MOSSAMBICUS), and Wami Tilapia (OREOCHROMIS UROLEPIS HORNORIUM)), Form (Fresh and Processed), Sales (Direct Sales, Retail Sales), and Application (Food Industry, Pharmaceutical Industry, Animal Feed, Pet Food, Food Service, Retail) across seven major regions (North America, Latin America, Europe, Asia Pacific, Oceania, Japan, and Middle East and Africa).
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