Growing Demand for Healthy Living Boosts Tilapia Market Expansion
The global tilapia market is projected to expand at 10.5 % CAGR for the forecast period of 2021-2031. Government stimulation towards tilapia production is creative attractive growth opportunities. With the implementation of cutting-edge technologies for production of high quality tilapias, promising growth is on card for the market.
Tilapia and tilapia extracts are increasingly used in medicine, personal care and cosmetics industries. Food industry however remains the leading end user, finds ESOMAR-certified consulting firm Future Market Insights (FMI) in the study.
According to the study, penetration of Chinese cuisine in Europe and North America led to surge in demand of Nile tilapias. While this trend is expected to continue, unprecedented outbreak of COVID-19 might result in a few logistical challenges. Nonetheless, the increase in demand of convenience food will boost the demand for processed and frozen tilapias in the coming years.
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“Competition among countries towards self-reliance in terms of production and need of sustainable production without environmental loss have created a favorable environment for tilapia market growth,” remarks the FMI analyst.
Key Takeaways
- The U.S. is forecast to experience impressive growth on the back of booming packaged and processed food industries and demand from restaurant.
- Heavy investment by Egyptian government to develop the fish farming infrastructure and promoting cheaper export rates will create opportunity for market expansion.
- Asia leads the global market, accounting for maximum production of tilapia. With setting up of new farms in China and India, the market growth is expected to quadruple by the end of 2030.
- Adoption of modern techniques and internet of things by Singapore to increase productivity and become self-reliant will boost market growth.
- Establishment of regulatory committee and precise guidelines in India to increase the yielding capacity will increase the market growth.
Prominent Drivers
- Rising consumption of high protein foods along with high nutritional value of tilapia is expected to aid the tilapia market growth.
- Growing consumption and demand of organic tilapia in restaurants is expected to boost the market demand.
- Establishment of aquaculture farms in developing nations to enhance the production will bolster the market growth.
Discover more about the tilapia market with figures and data tables, along with the table of contents. You will also find detailed market segmentation on https://www.futuremarketinsights.com/reports/sample/rep-gb-13108
Key Restraints
- Spread of Tilapia lake virus in cultured as well as wild tilapias hampers the market sales.
- Lack of availability of effective and affordable vaccine for the virus restricts the market growth.
- Sustainability issues regarding the production of organic tilapias to meet the rising demands hinder the market growth.
Competitive Landscape
Leading players profiled by FMI operating in tilapia market include A.O.Kingdom International Co., Ltd Nova Sea Foods, Hebei Zhongjie Tilapia Breeding Co. Ltd, Baiyang Aquatic Group, Guangdong Evergreen Conglomerate Co., Ltd., Hainan Sky-Blue Ocean Foods Co, Blue Ridge Aquaculture, Inc., Hainan Xiangtai Fishery Co, Amyco Group Limited., Regal Spring among others. According to FMI, Leading players are working towards waste utilization generated from tilapia processing. Filleting by-products are found to have exceptional medical use. Tilapia nurseries are by set up by small market players and heavy investment is done towards creating optimum breading conditions of tilapia. One such instance is Blue Ridge Aquaculture invested US$ 2.5Mn in November 2020 to boost the farming facilities and remove dependence on third party for quality and supply chain management.
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More Insights on FMI’s Tilapia Market
The latest market study on global tilapia market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of source (organic tilapia, conventional tilapia), Species (Nile tilapia, blue tilapia, Mozambique tilapia, Wami tilapia), form (fresh tilapia, processed tilapia), sales channel (direct, retail) and across major regions (North America, Latin America, Europe, Asia Pacific, Japan, Oceania, and Middle East & Africa).
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