Tilapia Market to Witness Impressive Growth Owing to Surging Demand for Fresh Water Fish: Fact.MR
Published : 15 Jun 2021 Industry: Food & Beverage
With increase in awareness regarding the advantages of fresh water fish, more consumers have been getting inclined toward the same since the past decade. Fresh water fish such as tilapia do not absorb salt from the water, and tend to have higher amounts of monounsaturated fatty acids, polyunsaturated fatty acids, and calcium. Tilapia, being a fresh water fish, contains high nutritional value, which improves health of the heart, bones, and brain, while also helping in weight management.
According to the “Annual Fisheries of the United States Report” released by National Oceanic and Atmospheric Administration (NOAA) in 2016, Americans increased their seafood consumption to 15.5 pounds of fish and shellfish per person in 2015, up nearly a pound from the previous year, making it the biggest leap in seafood consumption in 20 years. According to a report published by the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA) in 2018, consumption of fish in the EU increased for nearly all of the main commercial species, reaching a value of 2,433 kg per capita, which was 3% more than in 2015.
With surge in demand for protein sources from fish, the tilapia market is set to flourish over the coming years. The latest report by Fact.MR provides a holistic overview of the global tilapia market, along with its growth, restraints, and new trends for the forecast period of 2021 to 2031.
Key Takeaways from Tilapia Market Study
- High demand for frozen whole tilapia and frozen tilapia fillets is forecast to fuel sales over the coming years.
- Country-wise, Greater China will be in the spotlight with 29% of overall market share.
- The Russian Federation is projected to hold a major share of market volume in terms of consumption, while Canada remains lucrative.
- High demand for Nile tilapia and blue tilapia to propel market growth.
- Wild catch to remain the leading type of catch, followed by aquaculture.
- Japan and South Korea to remain in the limelight for tilapia suppliers.
“Increase in requirement for protein sources has been driving demand for fish such as tilapia substantially since the past decade,” says a Fact.MR analyst.
Rise in Demand for Protein Sources Spurring Growth
Tilapia is a good source of protein with 26 g per 100 g cooked tilapia. Besides, it is highly efficient in maintaining good heart health, which has further surged its demand over the past years. According to the National Public Radio (NPR) Organization, in the United States, seafood consumption per week is nearly 4.77 ounces, while as per the United States Department of Health and Human Services’ dietary guidelines, pregnant and breastfeeding women are recommended to consume at least 8 ounces and up to 12 ounces of seafood, respectively, per week.
According to the Food and Agriculture Organization (FAO), world apparent per capita fish consumption has been increasing steadily, from an average of 14.4 kg in the 1990s to 16.4 kg in 2005, and is forecast to grow further through 2031. As per its report, per capita fish supply has risen dramatically in East Asia and in the Near East/North Africa region, while China has accounted for most of the world’s growth. All these factors bode well for the healthy progress of the global tilapia market over the coming years.
Who is Winning in this Space?
While the global tilapia market is progressing rapidly, it is thriving on key players in the market. In order to capitalize on the high potential of the market, these key players are focusing on launching a wide variety of products.
- Baiyang Aquatic Group launched its new range of tilapia products, such as Tilapia Fillet Tail-On, Normal Skinned Tilapia Fillet, Deep Skinned Tilapia Fillet, and others, in 2020.
- Blue Ridge Aquaculture, Inc. has started launching higher quantity of tilapia products on an industrial scale, with nearly four million pounds of tilapia each year at its 100,000 square foot facility in Martinsville, Virginia.
More Valuable Insights on Tilapia Market
In the latest report by Fact.MR, we offer an unbiased analysis of the global tilapia market, providing historical data for the period of 2016-2020, and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of form (dried tilapia fillets, fresh or chilled tilapia fillets, frozen tilapia fillets, and frozen whole tilapia), species (Nile tilapia, blue tilapia, Mozambique tilapia, and wami tilapia), and catch (wild catch and aquaculture), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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