(Food-Beverage-News.Com, February 22, 2022 ) 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.
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.
Tilapia Market Segment Analysis – By Geography
Europe dominated the Tilapia Market with a major share of 45.2% in 2020. In the UK, owing to growing worries about obesity, hearing-related disorders, and other issues, this has become another profitable market for tilapia, prompting people to replace meat with healthful fish products. Nearly 7.4 million individuals in the United Kingdom suffer from heart and circulation illness, according to the British Heart Foundation (BHF). Regular intake of red meat and other meat-related items, according to the World Health Organization (WHO), increases the risk of different cardiovascular illnesses. Furthermore, The German tilapia industry is booming, thanks to rising demand for fish-based protein and well-developed supply networks. According to a study issued by the Government of Canada in May 2019 titled "Sector Trend Analysis- Fish and Seafood Trends in Germany," Germany is one of the world's top fish and seafood importers, ranking eighth on an international scale in 2018.
However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 6.5% during the forecast period 2021-2026 owing to the fact that Asian countries such as Japan, China, and India are showing an increase in population growth, a wide base of fish eaters and advancement of efficient fish farming. According to Asia Pacific Food and Agriculture Organization, the aquaculture sector in the Asia Pacific region remained healthy and strong. Apart from this, owing to its high production and consumption rates, China has recently been a focal point for tilapia providers. According to household consumption surveys conducted by the Chinese government, national per capita seafood intake increased from 3.1 kg in 1985 to 11.4 kg in 2016, with differences between urban and rural populations.
Aquaculture Is Growing In Popularity And Disease Resistance Is Improving
The Tilapia The market is expanding attributed to increasing aquaculture and improved disease resistance. There is a growing awareness of aquaculture and aquaponics, and the government is launching a number of measures to encourage aquaculture and promote market growth. Furthermore, tilapia fish farming has risen due to its excellent disease resistance and mild flavor, and it is readily available to small-scale farmers. Furthermore, as people become increasingly conscious of the need of a protein-rich diet, the low cost of tilapia fish makes it more accessible to customers than more expensive fish like salmon and others. The Tilapia Market is growing as people become more aware of the importance of eating a protein-rich diet. Tilapia is a low-cost fish with a moderate flavor. In the U.S., it is the fourth most popular form of seafood. It's an excellent fish for farming since it doesn't mind being crowded, develops rapidly, and eats a low-cost vegetarian diet. Furthermore, according to a survey conducted, it is estimated that total fish production is poised to expand from 179 million tonnes in 2018 to 204 million tonnes by 2026, where it is to increase by 32% approximately.
Tilapia Market Challenges
Imports Pose A Risk Of Illness And Contamination, Which Might Result In A Loss Of Output
The major challenge in the Tilapia market is the danger of illness spreading through imports, as well as the background in import activities, which might result in output loss. Furthermore, the market's expansion is being hampered by rising water contamination and changing climatic conditions. Furthermore, rising health concerns related to the consumption of fish from dirty water are limiting market growth during the forecast period 2021-2026.
Tilapia Market Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Tilapia market. In 2020, Tilapia's market share is fragmented by the top ten players present in the market. The Tilapia market top 10 companies are:
In January 2021, North Atlantic Fish Co., Inc. launched its new range of tilapia products, such as North Atlantic Frozen Tilapia Fillets, North Atlantic Frozen Whole Tilapia, and others, with a special focus on sustainability.
In November 2020, Blue Ridge Aquaculture (BRA) invested US$ 2.5m in a nursery facility to support existing as well as increasing farming activities. These investments as also aimed towards attaining vertical integration in the supply chain to eliminate the reliance on other third parties for assistance and thus can take charge of quality assurance.
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.
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