The global tilapia market is growing strongly. In 2024, the global tilapia market size reached 10.6 billion USD. It is expected to hit 14.5 billion USD by 2033, equivalent to a compound annual growth rate (CAGR) of about 3.52%.
The production in 2024 is around 7 million tons and will increase to 7.3 million tons in 2025. The four countries that dominate both the supply and trade of tilapia are China, Indonesia, Egypt, and Brazil.
The growth in production reflects the increasing demand for tilapia in the international market, opening up significant opportunities for exporting countries, including Vietnam.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in 2024, tilapia exports were 41 million USD, an increase of 138% compared to 2023. Vietnam’s tilapia exports account for about 0.39% of the total global trade value.
Tilapia is a key export fish in Vietnam’s seafood industry.
Vietnam’s main export markets are the United States, with 19 million USD (an increase of 572% compared to 2023); the EU, with 4 million USD (a decrease of 8%); South Korea, with over 2 million USD; the Middle East, with nearly 2 million USD; ASEAN over 1 million USD; and Japan 992,000 USD.
In the first quarter of 2025, Vietnam’s total tilapia exports were nearly 14 million USD, an increase of 131% compared to the same period last year. Exports to the U.S. reached over 6 million USD, tripling compared to the same period last year, accounting for 46% of the total. This is the largest market for Vietnam’s tilapia. Exports to Russia reached nearly 1.8 million USD, accounting for 13% of the total. Exports to Belgium reached over 700,000 USD, accounting for 5% compared to the same period last year.
Tilapia is a key export fish in Vietnam’s seafood industry. Vietnam has a tropical climate (27 – 32°C) and a large water surface area (3,300 ha in the Mekong Delta), which are ideal for tilapia farming with a short cycle (5 – 6 months, 600 – 800g per fish) at low cost. Vietnam currently ranks fifth in Asia in tilapia production, after China, Indonesia, Bangladesh, and the Philippines.
Mr. Nguyen Hoai Nam, General Secretary of the VASEP, said that Vietnam has a great opportunity for exporting this type of seafood. According to Mr. Nam, China is the largest producer of tilapia in the world but is facing significant challenges.
The new 125% tariff imposed by the US on China results in a total tariff of 150% on tilapia, making this Chinese product less competitive in the US. Those involved in China’s tilapia industry all agree that they must seek new opportunities in other international markets, such as Europe, Africa, and the Middle East.
“In 2024, the US imported 178,000 tons of tilapia, an 8% increase compared to 2023,” Mr. Nam said.
Along with that, Vietnam provides many types of tilapia products, from whole frozen fish to fillets, meeting the diverse needs of the US market. Therefore, exporting products to the US market has many advantages.