China and Indonesia are driving growth in global tilapia production

Frozen Tilapia

Indonesia

Published Jan 31, 2024

Tridge summary

According to Rabobank and the Global Seafood Alliance, global tilapia production is expected to increase by 5% annually, reaching over 7 million metric tons in 2024, a 13% increase from 2019. This growth is primarily driven by China and Indonesia, with China's tilapia industry growing at a steady 2.4% annually and Indonesia's growth surging at 10.4% since 2010. However, the U.S. has seen a significant drop in tilapia imports in 2023, and wholesale prices have also decreased from their peak in mid-2022.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

China and Indonesia are leading a charge that will see global tilapia production rise to over 7 million metric tons in 2024.If the prediction from Rabobank and the Global Seafood Alliance holds true, it would be the equivalent of 5 percent year-over-year growth, and a 13 percent increase from 2019. “Overall, the growth of tilapia has been pretty consistent with year-over-year increases, averaging about 5.4 percent each year,” Urner Barry Seafood Market Reporter Lorin Castiglione said at the 2024 Global Seafood Market Conference in Orlando, Florida, U.S.A. on 25 January. “There was a bit of a [decline] in 2020, obviously due to the pandemic, but growth has continued, although it is at a slightly slower pace [since].”China’s tilapia industry “has entered a phase of stability,” according to Castiglione.“We're seeing a steady but moderate growth here and that's indicating a more mature market that continues to expand at a measured pace [at] about 2.4 percent growth annually,” she ...

Source: Seafoodsource