Volume consumption of tilapia in the U.S., the largest tilapia importer, witnessed confined growth prospects with decline an excess of 10 KT estimated in 2017 over 2016, as per Fact.MR study. Declined consumption patterns mimic the broader trends in the production scenario as low prices pose challenges for companies to maintain high profitability.
Domestic consumption predominates the tilapia market where the loss in exports is countervailed by persistently rising demand in the domestic markets of producing countries. As the domestic consumption holds sway, Fact.MR clearly estimates the preeminence of domestic market prices over export prices in the profiled exporting countries during the forecast period.
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Tilapia Market Segmentation by Category
- Dried Tilapia Fillets
- Fresh or Chilled Tilapia Fillets
- Frozen Tilapia Fillets
- Frozen Whole Tilapia
- Nile Tilapia
- Blue Tilapia
- Mozambique Tilapia
- Wami Tilapia
- Wild Catch
- Aqua Culture
- North America
- Latin America
- Middle East and Africa (MEA)
- East Asia
- South Asia
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.