Global Tilapia Market Analysis Size And Forecast Report 2024-2030
Global Tilapia Market Analysis Size And Forecast Report 2024-2030
Blog Article
Global Tilapia Market Overview
The Global Tilapia Market is forecasted to achieve a market size of USD 13.05 billion by 2030, growing at a CAGR of 3.47% from 2024 to 2030, according to Renub Research. In 2023, the market was valued at USD 10.28 billion, driven by the growing popularity of tilapia as an affordable, protein-rich, and versatile food source.
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What Makes Tilapia a Popular Choice?
Tilapia, a mild-flavored white fish, is recognized for its affordability and adaptability in culinary applications. Native to Northeast Africa, particularly the Nile River, tilapia has become one of the most farmed fish globally, cultivated across over 120 countries. Its ease of farming, even in low-quality or overcrowded water, makes it a preferred option in aquaculture.
Nutritional Benefits:
- High Protein, Low Fat: Tilapia is a nutrient-dense food, offering a lean source of protein with minimal fat compared to processed meats.
- Low Mercury Levels: The U.S. FDA recommends tilapia as a safe fish option for pregnant women, nursing mothers, and children over two due to its low mercury content.
Key Growth Opportunities in the Tilapia Market
- Expansion of Aquaculture
Aquaculture has been pivotal to the tilapia market's growth.
- In 2022, the FAO reported a 2–4% growth in global tilapia production.
- Production of major finfish species, including tilapia, is expected to reach 40.4 million metric tons by 2024, reflecting a 2% year-on-year increase.
- Technological Advancements
Technologies such as Recirculating Aquaculture Systems (RAS), Integrated Multi-Trophic Aquaculture (IMTA), and Biofloc Technology (BFT) are revolutionizing tilapia farming by improving efficiency and sustainability.
- Trade Agreements
Regional Trade Agreements (RTAs) like the USMCA, CPTPP, and RCEP have boosted market access and reduced trade barriers for tilapia products. For instance, the GSTP enables easier trade among developing nations.
- Government Initiatives
Governments worldwide are supporting aquaculture through subsidies and programs:
- India's PMMSY (2020): A $1.4 billion initiative aims to boost aquaculture production, including tilapia, by 40% by 2025.
- Indonesia: The smart fisheries village initiative and a 16-hectare tilapia farming cluster model aim to enhance the sector's sustainability and economic benefits.
United States Tilapia Market Insights
The U.S. remains a significant consumer of tilapia, driven by its affordability and availability.
- 2023 Imports: The U.S. imported 187 million pounds of frozen tilapia fillets in the first 11 months, surpassing frozen basa imports.
- Market Trends: While import volumes fell 7% in 2023, demand for sustainable and healthy food options continues to fuel market growth.
Leading Players in the Global Tilapia Market
Prominent companies include Grieg Seafood, Thai Union Group, High Liner Foods Inc., Surapon Foods, and Charoen Pokphand Foods. Recent developments include:
- Grieg Seafood: Opened a new processing facility in 2024 to reduce CO2 emissions.
- CP Foods: Partnered with sustainable suppliers in Thailand in 2023.
- Regal Springs: Launched panko-coated and beer-batter tilapia products for the U.S. market.
Market Segmentation
By Producing Countries
Top producers include China, Indonesia, Brazil, Malaysia, Philippines, Vietnam, and United States.
By Species
- Nile Tilapia
- Tilapias Nei
- Others
By Products
- Frozen Whole Tilapia
- Fresh Fillet Tilapia
- Frozen Fillet Tilapia
By Regions and Countries
The market spans regions such as North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa, with detailed insights into countries like the United States, China, India, Brazil, and Mexico.
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About the Company:
Renub Research is a Market Research and Consulting Company. We have more than 15 years of experience especially in international Business-to-Business Researches, Surveys and Consulting. We provide a wide range of business research solutions that helps companies in making better business decisions. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. Our wide clientele comprises major players in Healthcare, Travel and Tourism, Food Beverages, Power Energy, Information Technology, Telecom Internet, Chemical, Logistics Automotive, Consumer Goods Retail, Building, and Construction, Agriculture. Our core team is comprised of experienced people holding graduate, postgraduate, and Ph.D. degrees in Finance, Marketing, Human Resource, Bio-Technology, Medicine, Information Technology, Environmental Science, and many more.
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