Global Tilapia Market 2018-2022 - Growing Demand for Processed Seafood to Boost
Posted by Loise Williams on August 14th, 2019
Technavio analysts forecast the global tilapia market to grow at a CAGR of over 5% during the forecast period, according to their latest market research report.
Growth prospects in e-commerce are one of the major trends being witnessed in the global tilapia market 2018-2022. With the rising trend of e-commerce businesses, players' potential to improve their profitability online has increased. Many customers now prefer to shop online and pay using credit or debit cards, which helps them avoid time-consuming journeys and billing queues. This trend has encouraged numerous companies to focus on the internet-savvy customer segment and venture into the e-retail space. Moreover, the online mode of business helps players save on operating costs. For instance, Ocean Executive has set up a business-to-business (B2B) marketplace that offers an open bilateral bid/offer exchange and private auction e-commerce platform for seafood companies throughout the supply chain from the fishermen, fish farmers, and processors to the wholesalers/distributors, traders, brokers and foodservice companies that deliver the finished goods to grocery stores, retailers, and large restaurant chains.
According to Technavio analysts, one of the key factors contributing to the growth of the global tilapia market is the growing demand for processed seafood:
Global tilapia market: Growing demand for processed seafood
Processed seafood such as canned and frozen tilapia, is gaining popularity among consumers because of their busy lifestyles and growing demand for ready-to-cook yet healthy products. Consumers are more inclined toward eating protein-rich food, especially seafood products like tilapia. Seafood is rich in essential nutrients, such as proteins, vitamins, and minerals, and is considered as a staple diet in many geographies and cultures. Processed seafood like frozen whole tilapia and tilapia fillets are healthy and provide convenience to the consumer as they are easy to cook. Consumers prefer the wide variety of tilapia products in ready-to-cook packaging as it helps them save time and effort, without compromising on health and nutrition.
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According to a senior analyst at Technavio for research on food, “Apart from the growing demand for processed food, new product launches is another factor that is boosting the growth of the market. New and innovative products, in line with growing consumer demand, characterize the global market. Players launch new products to meet the changing consumer demands and to stay competitive in the market. For instance, in April 2018, HAINAN XIANGTAI FISHERY, a leading tilapia producer in Hainan Province, China, launched an organic pre-cooked range of tilapia products. Similarly, in March 2017, High Liner Foods launched 10 new value-added products through its Sea Cuisine line, like tilapia, salmon, cod, and scallops, all with better flavors.”
Global tilapia market: Segmentation analysis
The global tilapia market research report provides market segmentation by product (Nile tilapia, Blue tilapia, Mozambique tilapia), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Nile tilapia segment held the largest share of the market in 2017, accounting for over 80% share, followed by the Blue tilapia and Mozambique tilapia respectively. However, during the forecast period, the Blue tilapia segment is expected to register the highest incremental growth, followed by the Mozambique tilapia segment.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Five Forces Analysis
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About the AuthorLoise Williams
Joined: August 7th, 2019
Articles Posted: 266
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