Tilapia Market to Register Substantial Expansion by 2028
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Increasing adaption of healthy food habit and preference over fishery and seafood products by the consumers to obtain daily protein needs has resulted in increased consumption in the urban regions. The recent wave of processed fish and seafood products into the retail and other storefronts has attracted a lot of attention from the major producers to participate in the market. From a traditional and isolated demand demography, the tilapia market has successfully entered into the mainstream global processed food product. Further increase of tilapia consumption in unique regions such as Iran, which increased import of tilapia to 10,856 MT in 2015 which was calculated to be 15.4% increase from the previous year’s import supports the fact that tilapia is getting a lot of traction and new product offerings by players is expected to enter the market is substantial quantity over the forecast period.
Some of the key players operating in the global tilapia market are Zhejiang Jiahua Group Co., Ltd, Royal Supreme Seafood, Zhanjimng Go-Harvest, HQ Sustainable Maritime Industries, Inc., Fortuna Sea, Luye Fisheries, Hainan Golden Spring Foods, Nanning Far-East Farm & Fishery Development Corp., XinXin (Zhongshan Foodstuffs & Aquatic Imp. & Exp. Group Co., Ltd.), SIMARON TILAPIA FARM, E & T Farms Inc., Blue Ridge Aquaculture, Inc., Regal Springs Tilapia, Siagro S.A, Aqua Malta, azenda Santa Isabel, Piscicultura Aquabel, Agua Santa Aquicultura, and Bolsa do Peixe.
Key Product Launches : The key product launches that have been observed over the tilapia market over the recent years have seen launches targeting heath conscious and ethical consumer base.
King & Prince Seafood launched new products targeting tilapia consumers which are Fish Market Fresh Potato Crusted Tilapia and Fish Market Fresh Panko Crusted Tilapia. Both the products reflected companies approach the health-conscious consumer base by making their product gluten-free and sourced from the certified fish producer.Aquaculture Stewardship Council (ASC) in August 2012, officially launched independent trademark for responsibly farmed tilapia. Following to which Indonesian producers for the fresh tilapia and processed tilapia coined the opportunity and launched series of products stating the trademark which got widely accepted in the European and North American market.
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Opportunities for Market Participants: The opportunity for the participants in the global tilapia market is optimistic with growing demand in the North America and Europe region and the opening of new markets in the Middle East, it’s likely to grow at an average y-o-y of 5 in terms of volume over the forecast period. Considering recent development in the Asia Pacific region over the shortfall of production of tilapia no major restraints are to face in terms of supply as new players are immersing in Latin America and Africa to compensate the void created.
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