Global Tilapia Market to reach US$ 9.2 Billion by 2027, Impelled by Accelerated Development of Aquaculture
The global tilapia fish market is highly competitive owing to many players such as Seatrade, Atlantic Capes Fisheries, Inc, Atalanta Corporation, Ideal Foods Ltd, and Sea Delights.
As per Renub Research latest report, “Global Tilapia Market Forecast by Production, Import, Export Countries, Company Analysis” the Global Tilapia Market to reach US$ 7.9 Billion in 2020. The fast-growing and prolific tilapia fish is among the essential aquaculture commodities in the world. It grows fast, quickly breeds in captivity, and is tolerant of various environments and cultural systems. Farming and propagating fish requires little input, and the technology can be simple and easily adaptable by small-scale fish farmers. Investors also find tilapia farming profitable because of its reasonably good feeding efficiency in lakes and low investment cost.
Tilapia fish has become the shining star of aquaculture, with farms starting and expanding over the globe while consumption races ahead of even the numerous ambitious farm building plans. All types of Cichlid fish species are commonly known as the tilapia, which is second only to carps as the world's most widely farmed freshwater fish. These fishes are primarily found in shallow streams, ponds, rivers, and lakes but can also be observed in brackish water.
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Further, tilapia fish is a rich source of protein, selenium, vitamin B-12, phosphorus, potassium, niacin and is low in fat and saturated fat, calories, omega-3 fatty acids, carbohydrates, and sodium. The increasing popularity of tilapia fishes leads to introducing new and innovative products of various tilapia fishes and frozen types of tilapia products, including whole tilapia and tilapia fillets.
Moreover, the rapid expansion of aquaculture has catalyzed the growth of the tilapia industry globally. Since it is omnivorous, hard and has good resistance to diseases, they are affordable and accessible even for small farmers to grow. The increasing use of Tilapia pharmaceutical and the fashion industry is expected to increase market demand for Tilapia.
China is the World's Biggest Producer and Exporter of Tilapia Fish
Based on producing country, China is the world's biggest producer and exporter of tilapia fish globally. Tilapia fish is a vital food commodity in China; its production was mainly taken out in the southern and southeastern coastal places where subtropical conditions favored the species' growth and reproduction, with Nile tilapia fish being the most popular important. The tilapia fish farming industry in China is growing rapidly. China is by far the highest tilapia producing country and is producing one half of the global supply. China primary tilapia fish exporting country is the United States, Mexico, Russia, and the European Union. The United States and Mexico have been the traditional markets; however, the Russian market share began to expand. The European Union market grew steadily year on year.
Besides, Indonesia is also the significant producer of tilapia fish globally. The tilapia fish production sector plays a vital role in Indonesia's economy through income generation, livelihoods diversification, supply of animal proteins, and foreign exchange earnings. In addition, tilapia fish is one of the worldwide most demanded fish in the United States market regarding its price and nutritional quality. United States tilapia fish imports create sales, jobs, income, value-added, and tax impacts on the economy. The majority of tilapia fish imported into the United States comes from China and Taiwan, followed by Indonesia, Ecuador.
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Impact of COVID – 19 on Tilapia Fish Industry
Coronavirus has spread worldwide, and most countries are adopting lockdown measures to control the spread of the virus and secure public health. All business and production activities are fully shut down except the necessary ones such as the food and medical sector or others, leading toward the economic crisis in the country. Fishing efforts have been reduced, and tilapia stock is finishing with inactive trade and transportation, disrupting the whole supply chain is majorly affecting the tilapia market.
Competitive Landscape
The global tilapia fish market is highly competitive owing to many players such as Seatrade, Atlantic Capes Fisheries, Inc, Atalanta Corporation, Ideal Foods Ltd, and Sea Delights. This essential company operating in the tilapia fish market concentrates on backward integration to expand their goods collection and better check the final product's quality. Backward integration within the value chain leads to higher profit margins for the manufacturers. As they can produce high-quality aquafeed additives, lowered distribution costs, and improved control over goods price.
Market Summary
• Production Countries – We have covered top 10 producing country in the Global Tilapia Fish Market (China, Indonesia, Brazil, Philippines, Vietnam, Thailand, Colombia, Mexico, Costa Rica, and Israel)
• Import Countries – Report covers top 10 importing country in the Global Tilapia Fish Market (United States, Israel, Germany, Spain, United Kingdom, Japan, Guatemala, Switzerland, Hong Kong, South Korea)
• Export Countries - Our Report covers top 10 exporting country in the Global Tilapia Fish Market (China, Indonesia, Honduras, Mexico, Taiwan, United States, Netherlands, Peru, Germany, Malaysia)
• All the key players have been covered from 2 Viewpoints (Overview, Recent Development) Seatrade, Atlantic Capes Fisheries, Inc, Atalanta Corporation, Ideal Foods Ltd, and Sea Delights
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