NEW YORK, Jan. 29, 2021 /PRNewswire/ -- According to a latest study by global research and consulting firm Fact.MR, the tilapia market is expected to generate significant gains in 2021 over 2020, underpinned by heightened reliance on seafood-based protein intake by consumers. Growth for the next decade is likely to remain optimistic, registering a steady CAGR from 2021-2031.
As per Fact.MR's analysis, the scope for tilapia suppliers and manufacturers has aggrandized significantly since the past 5 years. A United Nations report published in 2018 inferred that over 3 billion people rely on fish for a fifth of their total protein intake. Furthermore, the Food and Agricultural Organization estimated global fish production had reached around 179 million tons that same year. Market players are especially hopeful about acquiring massive gains across the Asia-Pacific region, attributed to the region's bountiful offerings of different fish species.
China is expected to remain in the lead, capturing 30% of the total revenue share according to Fact.MR, and is expected to remain the leading seafood producer, exporter and consumer, with a figure amounting to nearly 2 million tons on an annual basis. Likewise, opportunities also abound across India, Vietnam and Myanmar respectively. In Vietnam, the Ministry of Agriculture and Rural Development reported the presence of 30,000 hectares of commercial tilapia ponds as of 2019. Governments, therefore, are lending heightened support to help proliferate further production through numerous regulatory sanctions, providing a massive boost to the market in the future.
"Prominent manufacturers and suppliers are concentrating on providing advanced fishing solutions to increase yield per hectare, besides the introduction of new product lines and tilapia forms, paving way for enhanced research & development prospects," concludes the Fact.MR analyst.
Key Takeaways from Fact.MR's Tilapia Market Study
By form, frozen whole tilapia fillets to generate high demand due to enhanced shelf lives
Nile tilapia to remain the most consumed tilapia species, owing to high protein concentration and less calorie intake
Wild tilapia to garner heightened revenue share, attributed to zero additives presence, aquaculture-reared tilapia catching up
U.S to acquire a lucrative revenue share, however, heightened import tariffs may likely reduce consumption
U.K to experience high annual growth, driven by an increase in the number of aquaculture farms
Germany to emerge a strong growth hotspot, spurred by increasing seafood imports
Japan and South Korea to remain attractive growth hotspots
Key tilapia market players profiled by Fact.MR include Baiyang Aquatic Group, Blue Ridge Aquaculture Inc., Guangdong Gourmet Aquatic Products Co. Ltd., Ananda Aqua Exports Private Limited, Hainan Xiangtai Fishery Co Ltd, Beihai Evergreen Aquatic Product Science & Technology Co Ltd., Regal Springs Tilapia, Mazzetta Company LLC., North Atlantic Fish Co. Inc. and Netuno Internacional S/A among others.
The aforementioned players are capitalizing on introduction of a wide range of products to attract a wider customer base. In addition, strategies such as capacity expansion, strengthening distribution networks and inorganic expansion are also deployed. In October 2020, Blue Ridge Aquaculture announced construction of a new tilapia producing nursery to strengthen its fish farming operations, investing nearly US$ 2.5 million, expected to be commissioned in January 2021.
In February 2020, Baiyang Aquatic Group entered into an agreement with Qingdao-based Guoxin Blue Silicon Valley Development to strengthen domestic and foreign aquaculture production, including tilapia rearing.
More Valuable Insights on Tilapia Market
In the latest report by Fact.MR, we offer an unbiased analysis of the global tilapia market, providing historical data for the period of 2016-2020, and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of form (dried tilapia fillets, fresh or chilled tilapia fillets, frozen tilapia fillets, and frozen whole tilapia), species (Nile tilapia, blue tilapia, Mozambique tilapia, and wami tilapia), and catch (wild catch and aquaculture), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
Key questions covered in the report:
How United States increased their per capita consumption of tilapia by 45 pounds?
How is Rising Demand for Fish-based Protein Propelling Growth?
Why is Tilapia Lake Virus a Threat to Suppliers?· What's keeping the United States at the Forefront of the Tilapia Market?
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