Global Tilapia Market Thrives as Fitness-Conscious Consumers Seek Good Protein Source
The global tilapia market has been thriving as the demand for this fish variety continues to grow across households as well as commercial setups. Tilapia enjoys a substantial market both locally and internationally as the variety can be farmed with low input costs. This has made tilapia a popularly cultured fish across tropical and subtropical parts of the world. According to Fairfield Market Research, tilapia is expected to make solid gains as it remains the most affordable source of protein and good nutrition for many available in fresh and frozen forms. In addition, this tilapia is a rich source of B12, phosphorus, selenium, potassium, and niacin. As conscious eating becomes imperative to living holistically, the demand for tilapia has been on an upward trend.
Emergence of Fish Farming Feeds Burgeoning Demand for Tilapia Globally
The global tilapia market is expected to benefit from the increasing fish farming activities in varied pockets of the world. According to WorldFish, by 2030, aquaculture will witness a 40% growth to meet the global fish demand. Changing food habits coupled with the ongoing food crisis is expected to be the precursor for tilapia farming in the coming years. A source of natural protein, analysts estimate the demand for tilapia is expected to remain on the rise between 2021 and 2025. Tilapia can be easily reared, which makes it an ideal freshwater fish option that can replace the seasonal disruptions in seafood supply from traditional fisheries.
According to Food and Agriculture Organization (FAO), tilapia harvests stood at 6.93 million tonnes in 2020. Despite the slump due to the COVID-19 outbreak, the market is estimated to see an upward trend as the restaurant industry and aquaculture industry leans towards normalcy. The organisation also states that the global tilapia market will indicate growth in 2021 as the output is estimated to be up by 5% to reach 7.3 million tonnes.
Nile Tilapia’s Share Overtakes Others
The Nile tilapia species holds a lion’s share in the global tilapia market. Convenient to farm, Nile tilapia starts spawning at 24°C. Thus, it can be cultivated globally, extending the option of Nile tilapia farming beyond tropical boundaries. Scientifically known as Oreochromis niloticus, this species can be adapted to both small-scale and commercial aquaculture activities. The demand for Nile tilapia relies on its widespread availability, easier farming techniques, and affordability. The other types of tilapia available in the global market are blue tilapia, Mozambique tilapia, and Wami tilapia.
Farmed Tilapia to Dominate due to Perennial Demand
The demand for farmed tilapia is expected to surpass wild catch between the forecast years of 2021 and 2025. This trend will be a result of the perennial nature of demand versus the seasonal nature of catch. Furthermore, farmed tilapia ensures a steady quality, which is a primary need of the hospitality industry. This has catered to the growing frozen seafood sector that relies on the standard quality and uninterrupted supply. Players focussing on launching frozen tilapia products is also expected to bode well for this segment in the foreseeable future.
China and India to Lead Production as Weather Remains Conducive
Geographically, Asia Pacific is expected to remain dominant in the global tilapia market over the forecast period. According to FAO, China has been leading the way as Asia contributed 66% to the global tilapia production in 2020, which translates to 4.55 million tonnes. Tilapia holds an incredible promise in the Indian market as well. The increasing demand for seafood, a burgeoning food service industry, and the rise of a fitness-conscious consumer group is expected to make a massive contribution to tilapia production and consumption patterns across India. The tropical weather makes India a conducive nation for tilapia aquaculture.
In terms of consumption, the U.S. leads the way and the pattern has remained fairly consistent throughout the pandemic as well. The National Oceanic and Atmospheric Administration (NOAA) states that tilapia worth US$615 Mn amounting to 190 453 tonnes were imported to the U.S. in 2020 as homebound consumers sought easy-to-cook seafood. This 10% rise as compared to 2019 was dominated by frozen tilapia fillets mainly sourced from China. Brazil and Costa Rica have also been identified as the key tilapia suppliers to the U.S. Research indicates that these trends will continue in the coming years as production and consumption remain roughly the same.
Global Tilapia Market: Key Players
Some of the key players operating in the global tilapia market are 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.