The global tilapia market reached a volume of 6.4 Million Tons in 2018. Tilapia belongs to the family ‘Cichlidae’ and is largely freshwater fish which dwells in shallow streams, ponds, rivers and lakes. Tilapia is one of the most consumed farmed fishes in the world. Historically, this versatile fish was of great importance in mainly African and the Middle Eastern regions. But now, it is consumed across the globe and gaining popularity in Asian and American countries. It is inexpensive and mild in taste which makes it a good substitute for expensive alternatives such as salmon.
The rapid expansion of aquaculture has catalysed the growth of the tilapia industry globally. Tilapia, being an ideal choice for fish farming, has now become the second most cultured species after carps. Since, it is omnivorous, hard and have good resistance to diseases, they are affordable and easy even for small farmers to grow. In addition to this, the growing health consciousness among people and demand for protein-rich diet also drive the demand for tilapia since it contains vitamin B, iron, vitamin D, selenium and omega-3 fatty acids. Moreover, the improvements in genetic technology, selective breeding and increasing government initiatives to support aquaculture business are also stimulating the growth of the tilapia market. Looking forward, the market is expected to reach a volume of 7.9 Million Tons by 2024, exhibiting a CAGR of 3.7% during 2019-2024.
Market Breakup by Catch Type
Based on the catch type, farmed tilapia currently dominates the market and is followed by the wild tilapia.
Market Breakup by Region
Based on the region, China currently holds majority of the market share in the global tilapia market.
Market Breakup by Species
Nile tilapia currently represents the leading segment, accounting for majority of the market share.
Market Breakup by Product
Frozen fillets currently represent the largest product type accounting for the highest market share.
Market Breakup by Sector
Based on the sector, the global tilapia market has been segmented into institutional and retail sector.
The report has also examined the competitive landscape of the global tilapia market.
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