U.S. tilapia and pangasius imports both declined, and the price difference widened to $0.50/lb

Frozen Tilapia

Frozen Whole Catfish

Seafood

United States

Market & Price Trends

Published Jan 31, 2024

Tridge summary

The U.S. imported seafood market is projected to see a decline in 2023, particularly in the import volumes of tilapia and pangasius, two affordable seafood products. In the first 11 months of 2023, the U.S. imported 84,822 tons of frozen tilapia fillets and 75,293 tons of pangasius. However, the dynamics between the two have shifted, with pangasius imports seeing a significant drop and tilapia imports experiencing a slight decrease. Despite this, the global tilapia market is growing at an annual rate of 5.4%, with production anticipated to hit 7 million tons in 2024.

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

In 2023, the U.S. imported seafood market will decline as a whole. Tilapia and pangasius, two relatively cheap products, have seen import volumes decline by more than double digits. According to data from the National Oceanic and Atmospheric Administration (NOAA), the United States imported 84,822 tons of frozen tilapia fillets in the first 11 months of 2023, 13% more than pangasius (75,293 tons). Tilapia imported into the United States is mainly produced in China, and pangasius comes from Vietnam. In the past decade, tilapia and pangasius have formed the same level of competition in the US catering and retail markets. In 2016, pangasius imports exceeded tilapia for the first time. In the early days of the COVID-19 epidemic, tilapia occupied an advantageous position with a relatively stable supply. Pangasius caught up and surpassed tilapia again in 2022. However, the competitive relationship between the two has reversed again in 2023, with U.S. imports of pangasius ...

Source: Foodmate