Tilapia Market Report includes SWOT Analysis, Key Indicators, and Forecasts for 2033

The tilapia market is estimated to be worth USD 13.9 billion in 2023 and to grow to USD 21.6 billion by 2033, with a CAGR of 4.5%.

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.

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.

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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.

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

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

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

Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Oceania
  • Japan
  • Middle East and Africa (MEA)

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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