US fresh tilapia demand declines, frozen fillet market remains stable

Published Nov 12, 2024

Tridge summary

In September 2024, the United States experienced a significant decrease in the import volume and price of chilled tilapia, with a year-on-year drop of 18% and 5% respectively. This decline is attributed to a reduction in supply from major exporting countries such as Colombia, Brazil, and Honduras. Factors contributing to this include Colombia's ongoing decline in exports, Brazil's slight dip after a strong start, and Honduras' increase followed by a decrease. Additionally, a decrease in market share for Costa Rica's main tilapia exporter, Rainforest, due to an FDA import warning, has further impacted the market. As a result, prices have fallen, with fresh tilapia fillets in Miami FOB reaching below $4/lb by the end of October. The stable demand for frozen tilapia fillets, along with increased exports from China and Indonesia, has helped offset some of the losses.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In September 2024, the import volume and price of chilled tilapia in the United States showed a significant decline. Data showed that at the end of September, the import volume of fresh tilapia fillets in the United States decreased by 18% year-on-year, while the total import value decreased by 5% to 1,532 tons, worth US$14.8 million. Industry insiders pointed out that this trend reflects "broad market challenges". The main reason for the decline in the import volume of fresh tilapia fillets in the United States is the reduction in supply from major exporting countries such as Colombia, Brazil and Honduras. Colombia, a long-term supplier to the US market, has continued to decline in exports this year. As of September, Colombia's total export volume of fresh tilapia fillets to the United States was 595 tons, with a price of US$14.8 million. The value of US$6.2 million was 43% and 28% lower year-on-year. Brazil, in contrast, had strong export growth at the beginning of the year, but ...

Source: Foodmate