Tilapia Market Set to Exceed US$ 23,015.4 Million by 2034: FMI Analysts Attribute Surge to Online Retail Trends
Start-ups Focusing on New Developments Such as Novel Fish Farming Techniques to Revolutionize the Tilapia Industry. Growing prevalence of chronic diseases and lifestyle disorders has promoted the demand for healthy food alternatives in several European countries in recent years
NEWARK, Del, March 28, 2024 (GLOBE NEWSWIRE) -- The tilapia market is anticipated to surpass US$ 14,460.02 million in 2024 and is likely to attain a valuation of US$ 23,015.4 million by 2034. The tilapia market size is projected to expand at a CAGR of 4.80% from 2024 to 2034.
The tilapia industry profits from retail's digital revolution as e-commerce and online platforms rise. Businesses embracing these platforms reach a larger client audience while providing quick access to fish products. This digital transition increases market awareness, develops direct-to-consumer partnerships, and establishes tilapia as an easily available and favored alternative for customers looking for different fish selections in the online marketplace.
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The market dominance of tilapia is enhanced by consumers' growing attention to nutrition and health. Its high protein content, low-calorie profile, and omega-3 fatty acids suit changing dietary preferences. A growing number of health-conscious consumers are looking for lean protein sources, which is good for business. Positioned as a healthy and nutrient-dense alternative, tilapia cleverly fits in with the current wellness craze, making it a popular option for those looking to adopt a more health-conscious diet.
Companies in the tilapia industry are actively expanding the range of products they provide to meet changing customer demands. Apart from the conventional fresh fillets, the focus is on creating processed and value-added tilapia products. This calculated diversification creates new revenue sources in addition to taking advantage of changing culinary trends. Businesses that are flexible enough to launch a variety of tilapia products will be in a better position to gain and hold onto market share as customer demands for convenience and innovation continue to change.
Key Takeaways from the Tilapia Market Growth
The global tilapia market size expanded at a 4.42% CAGR from 2019 to 2023.
The conventional source segment holds 53.4% of market shares in 2024.
The Nile Tilapia (OEROCHROMIS NILOTICUS) segment captured 75.3% of market shares in 2024.
The market size in the United States is projected to rise at a 10.91% CAGR through 2034.
The market size in Germany is anticipated to develop at an 8.9% CAGR through 2034.
The market size in Japan is estimated to surge at a 6.8% CAGR through 2034.
The market size in India is expected to increase at a 6.2% CAGR through 2034.
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Competitive Landscape
The tilapia market is packed with rivals constantly engaging and competing for market share and advantageous placement. With the help of vertically integrated supply chains and economies of scale, global and regional aquaculture companies like Regal Springs, Blue Ridge Aquaculture, and Nireus Aquaculture dominate the market. These market leaders frequently set the standard for industry trends by ensuring constant product quality via the use of cutting-edge technology and environmentally friendly processes.
Key Players in the Tilapia Market
Regal Springs
Blue Ridge Aquaculture
Nireus Aquaculture
China Fishery Group
Baiyang Investment Group
Hainan Xiangtai Fishery
Nile Aqua
Wada Farms
American Pride Seafoods
Recent Developments
In February 2024, GenoMar introduced a premium tilapia line in Brazil. The GenoMar Genetics group provides tilapia genetics through AquaAmerica, Aquabel, and Genomar. The range was previously accessible in Asia but may now be supplied in Brazil due to the establishment of an innovative breeding facility in Tocantins.
In June 2023, a new tilapia strain was developed in Kenya. Tilapia F8, produced by the Kenya Marine and Fisheries Research Institute (KMFRI) and the Kenya Agriculture Livestock Institute (Kalro), grows rapidly, matures swiftly, and is resistant to fungal and viral infections.
"Success in the ever-changing tilapia market depends on creativity, sustainability, and regulatory flexibility. Businesses need to adopt sustainable practices, create ground-breaking goods, and quickly adjust to regulation changes. Personalized methods and cooperative efforts are essential to prosper in this changing environment and satisfy a wide range of customer preferences." - Nandini Roy Choudhury, Client Partner at Future Market Insights
Country-wise Insights
Countries | Value CAGR (2024 to 2034) | |
United States | 10.1% |
|
Germany | 8.9% |
|
Japan | 6.8% |
|
China | 3.6% |
|
India | 6.2% |
|
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Tilapia Market Segmentation
By Source:
Organic
Conventional
By Species:
Nile Tilapia (OREOCHROMIS NILOTICUS)
Blue Tilapia (OREOCHROMIS AUREUS)
Mozambique Tilapia (OREOCHROMIS MOSSAMBICUS)
Wami Tilapia (OREOCHROMIS UROLEPIS HORNORIUM)
By Form:
Fresh
Whole
Fillet
Processed
Canned
Frozen
Whole
By Sales Channel:
Direct Sales
Retail Sales
Modern Trade
Convenience Stores
Specialty Food Stores
Wholesale Stores
Discount Stores
Online Retail
Others
By Application:
Food Industry
Pharmaceutical Industry
Animal Feed
Pet Food
Food Service
Retail
By Region:
North America
Latin America
Western Europe
Eastern Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
Japan
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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