FARMED TILAPIA PRODUCTION PREDICTED TO SHOW FAST GROWTH

Farmed tilapia production predicted to show fast growth. Allied Market Research recently published a report, titled, “5 Major Aquaculture Market by Fish Type (Pompano, Snappers, Salmon, Milkfish, Tuna, Tilapia, Catfish, Seabass, and Others): Opportunity Analysis and Industry Forecast, 2018–2025”.

According to the report, the global five major aquaculture market accounted for $62.5 billion in 2018 and is projected to reach $87.6 billion by 2025, registering a CAGR of 4.9% during the forecast period.

The report states that Increase in fish production to meet food supply, technological advancements in the field of aquaculture, and rise in demand from livestock and fisheries have boosted the growth of the global five major aquaculture market. However, surge in temperature and water pollution hampers the market growth. On the contrary, evolution in inland fishing and use of more sustainable technology in aquaculture is expected to create lucrative opportunities in the near future.

The tilapia segment is projected to portray the fastest growth during the forecast period, registering a CAGR of 5.6%. This is due to increased consumption in the U.S. and Africa. Moreover, it is low in saturated fat, calories, carbohydrates, and sodium content making it a good protein source, which drives the growth of the segment. However, the salmon segment held the largest share in 2018, contributing nearly one-fourth of the global 5 major aquaculture market, owing to increase in demand from the hospitality, QSR food and nutrition sector, and favourable environment for rearing fish due to improved techniques and technology in the catchment area. Moreover, presence of supportive norms and regulation coupled with smooth trade relations across several countries supplemented the market growth.

The market across China held the largest share in 2018, contributing more than two-fifths of the global five major aquaculture market, owing to increased import of yellowtail in China and increasing popularity of sushi in the region. Moreover, the region is projected to register the fastest CAGR of 5.3% during the forecast period. The report includes analysis of the market across several other regions such as the U.S., Europe, Russia, and Japan.

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