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Global Tilapia Market Overview
The Global Tilapia Market is projected to reach approximately USD 13.05 billion by 2030, with a CAGR of 3.47% from 2024 to 2030, according to Renub Research. In 2023, the market value was USD 10.28 billion.
Tilapia is a mild-flavored white fish widely favored for its affordability and ease of preparation, making it a popular choice globally. It is cultivated in over 120 countries due to its adaptability to crowded or low-quality water environments. Originally from Northeast Africa, tilapia is particularly prominent in the Nile River region. Known for its nutritional benefits, tilapia is high in protein and low in fat, making it a healthy alternative to processed meats.
The U.S. FDA recommends tilapia as a safe fish choice for pregnant or breastfeeding women and children over two years due to its low levels of mercury and pollutants.
Growth Opportunities in the Global Tilapia Market
Aquaculture Expansion
In 2022, the FAO reported a 2-4% increase in global tilapia production, driven by the consistent supply and growing popularity of tilapia aquaculture. According to the Global Seafood Alliance, global finfish production, including tilapia, is expected to reach 39.6 million metric tons in 2023, with a projected rise to 40.4 million metric tons by 2024.
Technological Advancements
Technological advancements, like a shift towards circular bio-economy practices, have transformed tilapia farming over the last decade. This includes multi-trophic aquaculture (IMTA), partitioned aquaculture systems (PAS), and bio-floc technology (BFT), among others, contributing to more sustainable and efficient farming.
Impact of Trade Agreements
Regional trade agreements (RTAs), including the CPTPP, RCEP, and USMCA, play a significant role in improving market access for aquaculture products. These agreements provide preferential rights that promote international trade in tilapia.
Government Initiatives
Governments worldwide recognize tilapia’s role in food security and economic development, prioritizing its production through aquaculture initiatives. India’s Pradhan Mantri Matsya Sampada Yojana (PMMSY) aims to increase tilapia production by 40% by 2024-25. Similarly, Indonesia has launched initiatives to support sustainable fisheries, including tilapia farming.
United States Tilapia Market
The United States holds a prominent position in the global tilapia market, catering to budget-conscious consumers seeking affordable and versatile meal options. The National Oceanic and Atmospheric Administration (NOAA) reported that the U.S. imported 187 million pounds of frozen tilapia fillets during the first 11 months of 2023, representing a 13% increase compared to the same period for frozen basa. Additionally, in January 2024, NOAA indicated that U.S. tilapia imports for the first half of 2023 totaled 86,500 tons, valued at USD 326 million, reflecting a 7% decrease in volume and a 15% decline in value from the previous year. The U.S. tilapia industry is bolstered by favorable trade policies and consumer preferences for sustainable and health-conscious food choices.
Key Players in the Global Tilapia Market
Leading companies in the tilapia market include Grieg Seafood, Thai Union Group, High Liner Foods Inc., Surapon Foods, and Charoen Pokphand Foods. This increasing focus on sustainable practices, regional partnerships, and innovation reflects the dynamic growth and evolving preferences within the global tilapia market.
Key developments include:
February 2024 – Grieg Seafood announced plans to reduce CO2 emissions by optimizing production and logistics for its premium tilapia products.
November 2023 – Grieg Seafood invested in a post-smolt facility in Finnmark to improve fish welfare and sustainability.
July 2023 – CP Foods partnered with Thai aquafeed suppliers to elevate sustainable fishing practices in the Gulf of Thailand.
May 2023 – Regal Springs introduced two new tilapia products, a panko-coated and a beer batter-coated tilapia, at the 2023 Seafood Expo Global in Barcelona
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Producing Countries – Global Tilapia Fish Market breakup from 13 viewpoints:
- China
- Indonesia
- Brazil
- Malaysia
- Philippines
- Vietnam
- Thailand
- Peru
- Bangladesh
- Colombia
- Mexico
- Costa Rica
- United States
Species – Global Tilapia Fish Market breakup from 3 viewpoints:
- Nile tilapia
- Tilapias nei
- Others
Products – Global Tilapia Fish Market breakup from 3 viewpoints:
- Frozen Whole Tilapia
- Fresh Fillet Tilapia
- Frozen Fillet tilapia
Country – This Report Breakup from 21 Country Tilapia Fish Market
- North America
1.1 United States
1.2 Canada
- Europe
2.1 Germany
2.2 United Kingdom
2.3 France
2.4 Italy
2.5 Spain
2.6 Switzerland
- Asia – Pacific
3.1 Japan
3.2 China
3.3 India
3.4 South Korea
3.5 Indonesia
3.6 Australia
- Latin America
4.1 Mexico
4.2 Brazil
4.3 Argentina
- Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 South Africa
- Rest of World
All companies have been covered from 3 viewpoints:
- Overview
- Recent Development
- Revenue
Company Analysis:
- High Liner Foods Inc.
- Surapon Foods
- Thai Union Group
- Grieg Seafood
- Charoen Pokphand Foods
About the Company:
Renub Research is a Market Research and Information Analysis company with more than 15 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 9000 syndicated reports and worked on more than 750 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.
