Can catfish and red pacu be good replacements for tilapia, panga, the two most sales economic farmed fish globally? Tilapia, panga, the two most sales economic farmed fish globally, have reached most of the countries in the world. As the covid situation worldwide, Home-cooking is getting more popular at the expense of foodservice. At the same time, people reduced the frequency of their grocery shopping. This, in turn, gave a boost to demand pre-packaged and value-added products, like tilapia and panga. But then when we check the price level of panga and tilapia, we see that they are not cheap anymore.
For tilapia, in 2019, the price level is $2.93/kg for the fillet. And For pangasius, the price is $2.12/kg. For other fishes like APO fillet $2.1/kg, Salmon $3.5/kg, Cod $5.1/kg. We can see that tilapia and panga have an advantage through the price level. But nowadays, the price of tilapia increased by 42.6%, Pangasius 38.2%. Many importers are heisting a lot when they receive the offer at this price level, especially panga. But in the seafood market, which fish can be a substitution for panga and tilapia.
Catfish start popular in the fish farming industry especially when we see the success of pangasius. Over the past decade production, in China has increased from slightly less than 200,000 tons to over 300,000 tons and the price of catfish is still at a low level. This catfish can only export the whole round presentation. The current order is catfish is around 1.1$/kg.
Red pacu – Piaractus brachypomus
Red Pacu is also fish that can replace tilapia and panga in some markets like the Africa market. It’s also called red belly pacu is a new fish product for the market. It is quite like tilapia, but the price level now is very competitive, which is less than $1 for the whole round. And many markets are trying to develop this product.
For a whole view of the panga and tilapia market, Vietnam suffered almost three months and many factories are closed. The capacity of panga will be quite limited. Meanwhile, still, lots of pending orders are waiting to finish. For the tilapia market, considering the high-level freight cost, the China tilapia still needs time to absorb the price gap between the market fact and the final client expectation and Affordability.
In 2022, there might be more changes in the seafood market. Since the economy situation around the world, finding cheap and affordable fish can be a good way of business. It takes time to develop, and it deserves. so can catfish and red pacu be good replacements for tilapia, panga, the two most sales economic farmed fish globally?