Local tilapia rapidly expands into billion-dollar markets

Continuous positive signs for tilapia exports

According to the Viet Nam Association of Seafood Exporters and Producers (VASEP), from January through August 2026, Viet Nam’s tilapia exports to Brazil reached USD 44 million, up 22,142% from the same period last year. The surge was mainly driven by rapidly expanding export volumes.

With this result, Brazil now accounts for nearly half of Viet Nam’s total tilapia export value, making it one of the industry’s most important markets.

In contrast, tilapia exports to the US reached USD 21 million, down 48%. Demand has yet to show a clear recovery. Relatively high inventories have made importers more cautious about new orders. This trend continues to affect Viet Nam’s tilapia exports to one of its major consumer markets.

The Middle East and Japan recorded positive signals. In the first eight months of the year, Viet Nam’s tilapia exports to Saudi Arabia reached USD 7 million, up 23%. As for Japan, export value reached USD 2 million, up 77%.

It is worth noting that Viet Nam’s brackish-water tilapia has begun entering the sushi and sashimi segment. Access to a segment with stringent requirements for quality, farming environment control, traceability, and processing demonstrates the potential to increase Vietnamese tilapia’s value rather than competing solely in the mainstream market.

Beyond individual markets, several regions also posted positive results. In the first eight months of the year, tilapia exports to CPTPP countries reached USD 6 million, up 50%. Exports to the EU reached USD 4 million, up 7%, with Belgium among the markets driving growth.

Particularly in Europe, limited supplies and high prices for some types of wild-caught whitefish are creating more room for farmed species that can provide a stable supply. Against this backdrop, tilapia has an opportunity to become an alternative source of raw material in some segments if it can meet requirements for quality, product specifications, traceability, and sustainability certification.

Opportunities and challenges in “billion-dollar markets”

According to Fact.MR, the global tilapia market is projected to grow from USD 15.5 billion in 2025 to around USD 21 billion by 2035, representing a 35.5% increase. The compound annual growth rate (CAGR) is expected to reach 3.1% during 2025-2035.

This market size shows that tilapia is no longer simply a low-cost farmed fish, but has become a seafood industry worth tens of billions of dollars. Demand is being driven by its affordability, relatively stable supply, and versatility in processing into a wide range of products, from mainstream consumer goods to higher-value segments with more demanding requirements.

Within this “playground,” Viet Nam’s USD 90 million in tilapia exports during the first eight months of 2026 remains modest compared with the size of the global market. However, the 43% growth rate, rapid expansion in Brazil, the Middle East, and CPTPP markets, and particularly the entry into the sushi and sashimi segment in Japan indicate that Vietnamese tilapia is gradually finding its own market niches.

This also presents an opportunity for Viet Nam to avoid competing solely on volume and low prices. With its seafood processing capabilities, experience in meeting the standards of numerous markets, and export networks developed through products such as shrimp, pangasius and tilapia, the country can develop tilapia toward deeper processing, product diversification and higher-value market segments.

The sharp increase in exports to Brazil, the Middle East, Japan and several CPTPP markets also demonstrates room for further market diversification. In particular, the initial entry of brackish-water tilapia into Japan’s sushi and sashimi segment points to a higher-value direction. Rather than focusing mainly on raw materials or mainstream products, businesses can develop value-added products, convenience foods and product lines tailored to the requirements of individual markets.

However, opportunities come with growing competitive pressure. Tilapia has a large global supply base, with many countries having established large-scale farming areas, professional supply chains, and cost advantages. If Vietnamese tilapia competes solely on price, it will be difficult to establish a sustainable competitive advantage.

Another challenge is building a sufficiently large and stable raw-material supply. To penetrate higher-value markets, the industry needs integrated control over everything from breeding stock, feed, farming conditions and disease management to harvesting, processing and traceability. Requirements for food safety, sustainability certification and environmental responsibility are also becoming increasingly stringent in many markets.

The challenge for Vietnamese tilapia, therefore, is not simply how much can be exported, but also what products should be exported and which market segments should be targeted. If the industry can establish concentrated farming areas, maintain effective quality control, develop deeper processing, and target higher-value segments, tilapia could become a significant complementary product in Vietnam’s seafood export portfolio in the coming years.

*USD 1 = VND 26,170. Source: Vietcombank.