According to the latest report by IMARC Group, titled “Tilapia Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached 6.4 Million Tons in 2018. Tilapia is a species of freshwater fish that belongs to the ‘Cichlidae’ family. This species of fish is mostly found in shallow streams, ponds, rivers, lakes and brackish water. It is considered an ideal fish for farming since it is extremely adaptable, grows quickly, requires a cost-effective vegetarian diet and can survive in poor-quality water or overcrowded conditions. It is characterized by a mild taste and is easy to prepare. It is relatively inexpensive and is rich in nutrients such as proteins, vitamins, minerals, niacin, phosphorus, selenium, potassium, and fatty acids omega-3 and omega-6. Besides this, it contains lower concentrations of sodium, calories and total fat as compared to other processed meats and is associated with improving vision, heart health and joint strength.
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Global Tilapia Market Trends:
Globalization and changing dietary patterns have led to the incorporation of seafood in the diet of the majority of the population, which is primarily driving the growth of the market. This, along with the growing health consciousness among consumers, has increased the demand for protein-rich seafood like tilapia. Additionally, owing to the increasing working population and their busy schedules, canned and frozen variants of tilapia are also gaining wide preference across the globe. These ready-to-cook food products save a significant amount of time and effort of the users. Apart from this, the expansion of the e-commerce industry is improving access to the product as the convenience associated with online shopping has impelled manufacturers and vendors to venture into the online retail sector. Improvements in genetic technology and selective breeding are the other major factors creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a volume of 7.9 Million Tons by 2024, growing at a CAGR of 3.7% during 2019-2024.
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Market Summary:
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