(Entertainment-NewsWire.com, September 12, 2019 ) According to the latest report by IMARC Group, titled “Tilapia Market Research Report and Forecast 2019-2024”, the global tilapia 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.
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.
The market has been analyzed on the basis of farmed vs. wild capture, wherein farmed tilapia exhibits a clear dominance in the market.
Market Breakup by Species:
Based on the species, Nile tilapia accounts for the majority of the market share. Other major segments include Tilapias Nei, Blue Nile tilapia, Mozambique tilapia and others.
Market Breakup by Product:
On the basis of the product, the market has been categorized into frozen fillets, whole fish, fresh fillets and others. At present, frozen fillets represent the most preferred product.
Market Breakup by Sector:
On the basis of the sector, the market has been bifurcated into institutional and retail, wherein the institutional segment holds the leading market share.
Market Breakup by Region:
On the geographical front, the market has been divided into China, Indonesia, Egypt, Bangladesh, the Philippines, Brazil, Thailand and Others. Amongst these, China holds the leading position in the market. The market has further been segregated into imports and exports based on the trade data.
Competitive Landscape:
The competitive landscape of the market has also been examined, along with the detailed profiles of the key players operating in the market.
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