Tilapia Market - Forecast(2023 - 2028)

Tilapia Market Overview

Tilapia Market size is estimated to reach $5,851 million by 2026, growing at a CAGR of 5.7% over 2021-2026. Tilapia is a freshwater fish from the Cichlidae family that may be found in shallow brackish water, ponds, rivers, lakes, and other bodies of water. It is one of the most widely caught and consumed fish species in the world. It has a mild flavor and is high in proteins, iron, vitamin D, selenium, vitamin B, and a number of other minerals. The fast rise of aquaculture has aided the global expansion of the tilapia business. Tilapia is the second most cultivated species after carps, owing to its suitability for fish farming. They are inexpensive and easy to cultivate, even for small farms, because they are omnivorous, hard, and disease resistant. Furthermore, Tilapia demand is driven by people's rising health consciousness and need for a protein-rich diet. Furthermore, advances in genetic technology, selective breeding, and increased government measures to assist the aquaculture industry are all helping to drive the tilapia market forward. The expanding need for processed seafood, as well as increased demand from sportsmen and bodybuilders, is propelling the industry forward. Moreover, increasing awareness of the benefits of eating nutritious foods, as well as the challenges of a fast-paced lifestyle, are expected to boost overall market demand for Tilapia over the projected period 2021-2026.

Report Coverage

The report: “Tilapia Market Forecast (2021-2026)”, by Industry ARC covers an in-depth analysis of the following segments of the Tilapia Market.    

By Source: Organic Tilapia and Conventional Tilapia.
By Species Type: Nile Tilapia (OREOCHROMIS NILOTICUS), Blue Tilapia (OREOCHROMIS AUREUS), Mozambique Tilapia (OREOCHROMIS MOSSAMBICUS) and Wami Tilapia (OREOCHROMIS UROLEPIS HORNORIUM).
By Form Type: Fresh Tilapia and Processed Tilapia.
By Applications: Food Industry, Pharmaceutical Industry, Animal Feed, Pet Food, Food Service and Retail.
By Sales Channel: Direct Sales, Convenience Stores, Specialty Food Stores, Wholesale Stores, Online Retail and Others.
By Geography: North America (U.S., Canada, Mexico), Europe (U.K, Germany, Italy, France, Spain, Russia, Rest of Europe), Asia Pacific (China, Australia, Japan, South Korea, India, Rest of Asia Pacific), South America (Brazil, Argentina, Others) and Rest of the World (Middle East, Africa). 

Key Takeaways

• In 2020, Europe dominated the Tilapia Market.
• Steadily increasing aquaculture and disease resistance, as well as the nutritional and health benefits of tilapia fish, along with consumer knowledge, are expected to help in the global expansion of the Tilapia Market.
• Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Tilapia Market report.
• However, one of the key challenges limiting the growth of the Tilapia Market is the danger of illness spreading through imports, as well as the contamination risk and background in import activities, might result in production losses.

Tilapia Market Size, By Sales Channel, 2020 (%)

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Tilapia Market Segment Analysis – By Species Type

The Tilapia Market based on species can be further segmented into Nile Tilapia (OREOCHROMIS NILOTICUS), Blue Tilapia (OREOCHROMIS AUREUS), Mozambique Tilapia (OREOCHROMIS MOSSAMBICUS) and Wami Tilapia (OREOCHROMIS UROLEPIS HORNORIUM). Nile Tilapia of species segment is the major segment generating revenue in 2020. One of the earliest fish species to be cultivated was Nile Tilapia. Because of biblical texts describing the fish served to the masses, tilapia has been dubbed Saint Peter's fish. The Nile tilapia remains the most frequently cultivated tilapia species. The adaptability of tilapia to low water quality and the fact that they eat a wide variety of natural food species are both positive aqua cultural features. Furthermore, this segment is estimated to register the fastest CAGR of 6.34% for the period 2021-2026 as the difficulty of commercial tilapia farming is to flourish owing to their inability to endure persistent water temperatures and early sexual maturity, which results in spawning before the fish reach market size, are biological limitations. Moreover, only females in Oreochromis species practice mouth brooding, but males or both males and females in Sarotherodon species mouth brood which drives the market. 

Tilapia Market Segment Analysis – By Sales Channel

The Tilapia Market-based sales channels can be further segmented into Direct Sales, Convenience Stores, Specialty Food Stores, Wholesale Stores, Online Retail and Others. The direct sales segment registers for the highest Tilapia market share in 2020. In 2020, the direct sales sector will have the largest tilapia market share. This is due to the fact that these businesses are equipped with a wide range of options and provide a variety of direct sales from various companies. Furthermore, consumers are anticipated to favor offline retail channels for purchasing due to in-store promotions by merchants and price comparisons, which is expected to boost consumption rates throughout the projection period 2021-2026.

On the other hand, the online retail segment is to hold the fastest CAGR during the forecast period 2021-2026. This is mostly attributed to a growth in the number of online retail channels, particularly in emerging nations, which has increased the penetration of contemporary supermarket retail chains, which will help to boost tilapia sales in the future years.