Demand for tilapia fillet from Mexico and USA frozen seafood importers and suppliers is strong at this time, particularly for retail channels in the seafood sector.
According to exporters and suppliers tilapia raw material price in both China and Thailand has been increasing. In China July tilapia raw material price was RMB 7.80/KG, in August, raw material price increased to RMB 8.20/KG.
It is expected that raw material prices for the remainder of the year will be firm and possibly moving up further.
For 2021, raw material prices in China could potentially move up to RMB 8.60/KG, if the Covid-19 situation is improving. A vaccine or general improvement in the overall situation will give a boost to the food service sector.