Pangasius snatches the tilapia market, but the prospect of Chinese tilapia is still bright

La Quinta, Calif., USA – According to the Global Seafood Market Conference (GSMC) ,fin Fish Panel, U.S. pangasius imports are increasing while tilapia’s market share is declining, with prices of both "Normalization" and stable supply.

The U.S. imported 120,000 tonnes of pangasius fillets from January to November last year, compared with 96,000 tonnes of tilapia, according to official figures presented by Urner Barry analyst Lorin Castiglione at a GSMC panel meeting on January 19. , which is already close to the record high of 131,000 tons in 2016. "The US is very likely to set a new pangasius import record in 2022," Castiglione said. Full-year figures will be released in early February.

In terms of prices, prices for frozen fillets of tilapia and pangasius are down 26% and 32%, respectively, compared with a year ago, according to Castiglione. It's COVID-related demand and logistical issues that are driving the price up. All-time best prices for pangasius and tilapia range from $1.75 to $2/lb. With prices for both still above that level for now, "we'll see if we get down there."

Sam Galletti, president of U.S. importer and processor Southwind Foods, said he was optimistic about both commodities in 2023. "Consumers want a seafood product that they can afford. And then both are very stable in terms of supply, which is very important for the industry," he said.

The GSMC panel estimates that global pangasius production will increase by 62,000 tons to 3.402 million tons. As for Vietnam, which accounts for 44% of world production, production is expected to grow slightly to 1.487 million tonnes, according to the group. The panel provided positive data on the outlook for tilapia production, which is expected to grow by 5% to 6.701 million tonnes in 2023.

China, the main Tilapia producer and supplier to the US market, is expected to increase supplies by 3% to 1.716 million tons.