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Kuwait Fisheries And Aquaculture Market Size (2024 - 2029)

The Kuwait fisheries and aquaculture market is experiencing growth driven by government support, increasing consumer demand, and the expansion of aquaculture activities to supplement local fish landings. Despite the nascent stage of aquaculture development, initiatives like the UK Gulf Marine Environment Partnership are aimed at enhancing sustainable fishing practices and reducing import dependence. The market's expansion is further supported by the rising seafood consumption, which underscores the country's efforts to boost self-sufficiency in fish production.

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Market Size of Kuwait Fisheries And Aquaculture Industry

Kuwait Fisheries and Aquaculture Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Market Size (2024) USD 238.70 Million
Market Size (2029) USD 340.30 Million
CAGR (2024 - 2029) 7.40 %

Kuwait Fisheries and Aquaculture Market Analysis

The Kuwait Fisheries And Aquaculture Market size is estimated at USD 238.70 million in 2024, and is expected to reach USD 340.30 million by 2029, growing at a CAGR of 7.40% during the forecast period (2024-2029).

Kuwait's fisheries fulfill only 30% of the nation's fish demand, with the remaining 70% imported. Despite policies aimed at managing wild fish stocks, populations have continued to dwindle, particularly among Kuwait's four key species: Suboor (Shad), Zobaidy (White Pomfret), Hamoor (Grouper), and Nagroor (Grunt). The Aquaculture Program is researching and implementing viable technologies to bolster Kuwait's aquaculture industry, enhancing its commercial viability and strengthening food security. This initiative emphasizes fish hatchery technologies during reproduction and early life stages and is developing practical nutrition and disease management protocols. In Kuwait, government support for the industry, a rapid increase in consumer demand, and the rising sale of fish through social network platforms drive the market. These platforms provide customers with greater bargaining flexibility and timely delivery. Again, this trend is poised to boost seafood sales as lifestyles evolve. Consequently, this rising consumption has made the country increasingly reliant on imports to satisfy domestic demand.

Through the United Kingdom Gulf Marine Environment Partnership (GMEP) Programme, the United Kingdom Government's Centre for Environment, Fisheries and Aquaculture Science (Cefas) collaborates with Gulf region partners to promote sustainable fishing and address biodiversity loss. Cefas, known for its extensive marine and freshwater science expertise, inaugurated its Kuwait office in June 2020. These efforts aim to reduce import dependence and enhance the country's self-sufficiency in production. As seafood consumption rises in the nation, production keeps pace, indicating a burgeoning market.

Kuwait Fisheries and Aquaculture Industry Segmentation

Aquaculture is aqua farming of fish, crustaceans, mollusks, aquatic plants, algae, and other organisms. It is the breeding, rearing, and harvesting fish, shellfish, algae, and other organisms in all water environments. The Kuwaiti fisheries and aquaculture market is segmented by type into freshwater fishes and marine fishes. The report includes production (volume), consumption (volume and value), import (volume and value), export (volume and value), and price trend analysis. The report offers market estimation and forecasts in value (USD) and volume (metric tons) for the above segments.

Type
Fresh Water Fishes
Diadromous Fishes
Crustaceans
Shrimp
Marine Fishes
Pelagic Fish
Tuna
Other Marine Fishes
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Kuwait Fisheries And Aquaculture Market Size Summary

The Kuwait fisheries and aquaculture market is experiencing a notable expansion, driven by government support and increasing consumer demand for seafood. Despite the nascent stage of aquaculture development in the country, initiatives such as the commercial production of gilthead and Sobaity seabream in floating cages have laid the groundwork for growth. The market is further bolstered by the rise in fish sales through social media platforms, offering consumers greater flexibility and timely delivery. However, the growing consumption of seafood has led to a significant reliance on imports to meet domestic demand. Collaborative efforts, such as those with the UK Gulf Marine Environment Partnership, aim to enhance sustainable fishing practices and reduce import dependency, thereby increasing the country's self-sufficiency in seafood production.

Kuwait's strategic initiatives, including the "Blue Economy" project, seek to diversify the economy away from oil revenues by focusing on marine and maritime ventures. The country faces challenges with declining fish stocks, prompting the Public Authority for Agricultural Affairs and Fish Resources to implement a development plan aimed at achieving self-sufficiency in locally consumed fish. Despite higher prices, the demand for fresh fish and shrimp continues to rise, necessitating increased imports from countries like India, Pakistan, and Turkey. Recent projects, such as the farming of white leg shrimp and the development of a tech-driven e-commerce platform for seafood distribution, underscore Kuwait's commitment to enhancing its aquaculture operations and meeting the growing demand for seafood.

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Kuwait Fisheries And Aquaculture Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Growing Government Support in the Aquaculture Industry

      2. 1.2.2 Increasing Seafood Consumption Fuels Market Growth

      3. 1.2.3 Rising Seafood Import in the Country

    3. 1.3 Market Restraints

      1. 1.3.1 Extreme Climatic Conditions

      2. 1.3.2 Decline in Fisheries Employment

  2. 2. MARKET SEGMENTATION (Production Analysis, Consumption Analysis by Value & Volume, Import Analysis by Value & Volume, Export Analysis by Value & Volume and Price Trend Analysis)

    1. 2.1 Type

      1. 2.1.1 Fresh Water Fishes

      2. 2.1.2 Diadromous Fishes

      3. 2.1.3 Crustaceans

        1. 2.1.3.1 Shrimp

      4. 2.1.4 Marine Fishes

        1. 2.1.4.1 Pelagic Fish

        2. 2.1.4.2 Tuna

        3. 2.1.4.3 Other Marine Fishes

Kuwait Fisheries And Aquaculture Market Size FAQs

The Kuwait Fisheries And Aquaculture Market size is expected to reach USD 238.70 million in 2024 and grow at a CAGR of 7.40% to reach USD 340.30 million by 2029.

In 2024, the Kuwait Fisheries And Aquaculture Market size is expected to reach USD 238.70 million.

Kuwait Aquaculture and Fisheries Market Report Snapshots

Kuwait Fisheries and Aquaculture Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)