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.
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On the contrary, the second largest consumer – Russian Federation witnessed an increase in demand with a marginal volume consumption of 4 KT in the period of 2016-2017. Report opines that the Russian Federation tilapia market is expected to report a steady demand for tilapia through 2022 while presenting emerging opportunities for Chinese suppliers in the future.
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.
According to the study, Greater China, the largest producer of the tilapia will maintain its dominion with an estimated production of 1989 KT in 2017, about 28% of the global production. While China continues to helm the production, global tilapia trade has witnessed increasing participation of other tilapia producing countries.
With the improvements in aquaculture practices, tilapia markets in Egypt and Indonesia are estimated to account for over 36% of the global production collectively while significantly curbing the share of the Chinese tilapia market.
Erosion of the Chinese tilapia market can also be attributed to increasing inclination of tilapia farmers for other specialty fishes such as pangasius owing to increasing demand for this low-cost fish variety.
Amidst the declining shares of China, Fact.MR study reveals a persistent increase in the global tilapia production wherein top ten countries (China, Egypt, Indonesia, Bangladesh, Philippines, Thailand, Vietnam, Brazil, Mexico and Uganda) are expected to account for 90% of the global production by the end of 2028.
Considering the nature of the commodity, export market dominates the frozen varieties of tilapia. Fact.MR finds that demand for frozen tilapia in the U.S. accounted for over 86% of the total U.S. demand in 2017, of which frozen fillets were highly consumed as compared to frozen whole tilapia.
Ubiquitous demand for tilapia in American restaurants and seafood aisles is one of the prime fillips continue to underpin the higher share of frozen tilapia in the U.S. by the end of 2028. However, tariffs on the Chinese seafood following the US-China trade war will continue to deter the growth prospects for Chinese exporters.
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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
- North America
- Latin America
- Middle East and Africa (MEA)
- East Asia
- South Asia
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The Tilapia Market report addresses the below-mentioned queries:
- Why are vendors shifting away from traditional methods of manufacturing Tilapia Market does?
- How the global Tilapia Market does looks like in the next five years?
- Which end use industry is expected to surpass segment by the end of 2029?
- What innovative products are being introduced by the players in the global Tilapia Market does?
- Which regions are showing the fastest market growth?
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