Brazil's aquaculture exports reached a new high in the third quarter of 2024, with export volume increasing by 158% and value increasing by 174% year-on-year, reaching 4,031 tons with a value of US$18.5 million.

This strong increase marks the largest quarterly growth since Brazil began recording seafood export data in 2020, reflecting a period of significant growth for the country’s aquaculture sector.

At the heart of this growth is tilapia, which accounts for the majority of Brazil’s seafood export revenue, at 98% of total export value. Fresh tilapia fillets are the most exported product, accounting for 65% of total export revenue, with 1,531 tons, reaching more than $12 million in revenue in the third quarter of 2024.

In the third quarter alone, Brazil’s tilapia exports saw impressive growth, with a total volume of 3,872 tons, worth $18 million, up 158% in volume and 173% in value compared to the same period last year.

The whole frozen tilapia category also saw strong growth, up 283% and 213% year-on-year, with exports totaling 1,718 tonnes for a value of US$4.8 million. The rapid growth of whole frozen tilapia marks a significant shift in the global market, particularly in regions such as Asia and Latin America, where whole fish are preferred for cooking.

Brazil has invested heavily in promoting whole tilapia exports and has seen positive results, particularly in markets such as Japan and China. The whole frozen tilapia category is increasingly becoming a distinguishing feature of Brazilian exports.

Brazil's seafood exports peak in July 2024, with exports reaching $6.6 million, the highest monthly export value of the year. The strong export trend in July has been consistent in recent years, with similar increases in 2022 and 2023, reflecting seasonal demand trends.

In this way, the US continues to be Brazil's largest export market, accounting for 92% of total seafood exports in Q3 2024, equivalent to $17 million. In fact, in Q3 2024 alone, Brazil's tilapia exports to the US reached $16.9 million, up 179% year-on-year.

In the first eight months of 2024, Brazil became the second largest exporter of fresh tilapia fillets to the US, surpassing several other countries, with sales reaching $23.4 million, up sharply from just $3.7 million in 2020.

While the US remains dominant, other international markets are also adding significant value to Brazil’s tilapia sector. Canada and Japan are important markets, with exports reaching $397,000 and $313,000, respectively.

One of the most striking trends in Brazil’s farmed seafood exports this quarter was the continued dominance of fresh tilapia fillets. This product category has grown steadily since 2022, cementing its position as Brazil’s top seafood export product.

However, other tilapia product categories had more mixed results. Notably, frozen tilapia fillet exports fell sharply by 90% compared to Q3 2023.

Despite a slight increase of 19% QoQ, frozen tilapia fillets still face strong price competition, especially from Chinese and other Asian producers, who are introducing cheaper products to the global market. The sharp decline in frozen fillet prices may stem from weaker retail demand in the US, a major export market for these products.

Despite the growth, average prices for tilapia products remained volatile. Prices for fresh fillets and whole frozen tilapia increased, while prices for fresh or chilled whole tilapia and frozen fillets decreased significantly.

Fresh tilapia prices fell from $4.91/kg to $3.17/kg, while frozen tilapia fillets fell from $7.25/kg to $5.91/kg.

The price declines for some products may be related to changes in consumer preferences and increased competition from Asian producers, particularly China, which has been aggressively expanding its share of the global tilapia market.

While tilapia still dominates Brazil’s seafood exports in terms of value and volume, the country is also seeing growth in other fish species.

Curimata, a little-known and rare fish from Brazil, has shown impressive growth, with exports increasing 805% year-on-year in the third quarter of 2024, reaching USD 146,000. Tambaqui, another freshwater fish, has also grown, albeit on a smaller scale, with total exports reaching USD 108,000.

While these fish represent a small portion of Brazil’s total seafood exports, their rapid growth reflects the country’s efforts to diversify its fishing and aquaculture sectors. Key priorities include improving production quality, adopting sustainable farming methods, and diversifying export products.

Efforts to diversify its aquaculture products will help Brazil further strengthen its position in the competitive international market.

Source: VASEP