The tilapia market may gain a stable growth rate during the forecast period of 2019-2028 owing to the escalating demand for tilapia among the global populace. The demand is mainly revolving around the beneficial nutrients and minerals it contains. Typically, a 100g tilapia contains 26g of protein and 128 calories. Tilapia is also rich in phosphorus, potassium, selenium, and niacin. In addition, it only contains 3g of fat per serving. The swift expansion of aquaculture has contributed largely to the growth of the tilapia market. The growing preference of tilapia as an option to meat is also proving to be a major growth factor.
This report offers headways influencing the growth of the tilapia market positively. It emphasizes on various parameters such as key trends, competitive structure, regional assessment, etc. The segmental study enables an individual to thoroughly understand the different growth aspects of the tilapia market diligently.
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Tilapia Market: Competitive Outlook
The tilapia market has numerous players in the fray and is involved in fierce competition. Key players design strategies for increased growth opportunities and for strengthening their position in the market. Other activities such as mergers, acquisitions, collaborations, partnerships, and joint ventures aid in increasing the growth rate of the tilapia market. Key players in the tilapia market are Blue Ridge Aquaculture Inc., Beihai Evergreen Aquatic Product Science and Technology Co. Ltd., Netuno Internacional S/A., and Baiyang Aquatic Group.
The increase in consumption of frozen tilapia also pings considerable growth opportunities for key players in the tilapia market. An increase in the distribution of tilapia to restaurants may also assure good growth for the tilapia market.
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Tilapia market: Growth Restraints
Market shareholders and individuals involved in tilapia fish farming have a grave threat to tackle: the tilapia lake virus (TiLV). The advent of the tilapia lake virus can be traced back to 2009 where tilapia fish died under mysterious circumstances. Since then, this virus has been creating havoc and is proving to be a prominent growth dampener for the tilapia market.
Tilapia market: Latest insights
Efforts and technologies to boost the production of tilapia are in constant development. IPRS technology is a classic instance. The use of IPRS technology has yielded good results in increasing production levels. Therefore, similar technologies to increase the production of tilapia may drastically improve the growth rate of the tilapia market.
The growing influence of genetically improved farmed tilapia (GIFT) may also serve as a strong growth pillar for the tilapia market. The following development is a perfect example regarding the growing influence of GIFT: India’s Marine Products Export Development Authority (MPEDA) recently sold 3 million genetically improved farmed tilapia (GIFT) seeds in the Indian state of Tamil Nadu.
Government support is also proving to be a boon for the growth of the tilapia market. The announcement on adding GIFT production sites in Kerala by the Rajiv Gandhi Center for Aquaculture (RGCA), a society under Marine Products Export Development Authority, India’s Ministry of Commerce & Industry is a classic instance.
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Tilapia market: Geographical landscape
The tilapia market is geographically segmented into North America, Europe, Japan, the Middle East and Africa, South America, Asia Pacific Excluding Japan (APEJ), and Europe. North America and Asia Pacific may serve as key growth contributors across the forecast period. The growing consumption of tilapia and the U.S. being the largest importer of tilapia pings considerable growth opportunities for the region.
In terms of Asia Pacific, China is the largest producer and exporter of Tilapia. In 2008, China accounted for almost 45 percent of the total worldwide tilapia production. It may continue to hold the title of massive tilapia production. Therefore, this factor may ping promising growth from Asia Pacific.