Oman Aquaculture Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 636.78 Million |
| Market Size (2029) | USD 860.22 Million |
| CAGR (2024 - 2029) | 6.20 % |
Oman Aquaculture Market Analysis
The Oman Fisheries And Aquaculture Market size is estimated at USD 636.78 million in 2024, and is expected to reach USD 860.22 million by 2029, growing at a CAGR of 6.20% during the forecast period (2024-2029).
- The aquaculture industry is the most important and oldest in Oman. The Sultanate of Oman has identified aquaculture as a key pillar of diversifying its national economy. The overall vision of the Ministry of Agriculture & Fisheries is to develop a sustainable, competitive, and environment-friendly aquaculture sector that meets the needs of customers from high-quality aqua products. Currently, the Ministry for Agriculture and Fisheries focuses on increasing aquaculture production to 2,20,000 metric tons, with a value of USD 883 million by 2030. Oman's environmental advantage provides a high potential for aquaculture development, and the government is strongly committed to developing this sector competitively and sustainably in harmony with the country's social, economic, cultural, and historical values.
- Besides, Oman is one of the largest fish producers in the Middle East region and a net exporter of fish and fish products. According to the Ministry of Agriculture, Fisheries, and Water Resources, farmed fish production surged to 4,767 metric tons in 2023 from 3,179 metric tons in 2022. Further, Oman-origin fish products, including fresh, chilled fish, frozen fish, value-added fish products, fish meal, and fish oil, are exported to 40 countries, including Europe, the United States, and the Far East, besides the Middle East regularly, and is a major contributor to Oman’s national economy. Hence, the production and export of the aquaculture sector in the country are increasing.
Oman Aquaculture Market Trends
Rising Demand for Fish
Oman's growing population, thriving economy, and profile as one of the popular tourist destinations have increased the demand for quality food products. The population of the country has also risen gradually. According to the World Bank, the population in the country was 4,576.3 million in 2022. This rose to 4,644.4 million by 2023, placing a critical need on the sustainable and efficient management of marine resources and fish stock. The population growth and consumption rates are anticipated to be the major factors driving the aquaculture sector in the country.
The rise in affluence in the country is likely to increase the consumption of fisheries supporting good amounts of antioxidants and good cholesterol. Oman, the young population largely prefers a low-fat protein diet good for skin and physical building, further driving the demand. For instance, fish consumption per capita reached 31.4 kg in 2021 in Oman, which was 0.512% more than in the previous year. Also, in Oman, private wealth is controlled by prosperous individuals, increasing the market portion for good quality fisheries products. Thus, it is anticipated that the highest increase in demand will be in the fisheries sector.
Further, fish imports are high in Oman due to the high per capita consumption of fish in Oman. The imports of fish are rising every year with the consumption pattern changes and shift of people towards more protein-rich sources like fish. Furthermore, the country imports most fish from countries like Türkiye, Cyprus, Norway, Sri Lanka, and Greece. For instance, according to the ITC Trade Map report, Oman's fresh fish import was 93.1 thousand tons in 2020, which increased to 97.3 thousand tons in 2023. Hence, the increasing import of fresh fish is contributing to the growth of the market.
Freshwater Fish Is the Significant Segment by Type
Freshwater fish are the most popular fish in the country. Freshwater fish include scallops, Shrimp, Lobsters, Caviar, and Other Types. Shrimp is one of the most popular fish species in the country, but it has been pushed to the brink of extinction, which makes its procurement through aquaculture even more important. For instance, according to the FDO (Fisheries Development Oman) report, farmed shrimp harvests more than doubled to 2,673 metric tons in 2023, up from 1,076 metric tons in 2022. In addition, in 2023, Fisheries Development Oman launched a shrimp farm project. The farm includes a hatchery, a post-larval production unit, a nursery unit, and 126 grow-out ponds with a production capacity of 3,700 metric tons.
The consumption of freshwater fish is high in Oman due to the nearby marine line. Fishing is the country's main economic activity due to the country's greatest freshwater biodiversity. The country also ranks among the top four in the Middle East region for fish consumption. Furthermore, it is a major source of nutrition for the people in the country. In addition, the per capita fish consumption in Oman is the highest in the world. For instance, according to the Fisheries Development of Oman, the per capita consumption of fish is 27 kg, whereas it is 17 kg all over the world. This shows a high per capita fish consumption in the country compared to the world per capita consumption. Therefore, the nearby coastal line of Oman increased the activity of freshwater fish, raising the availability and consumption of fish, which is anticipated to boost the market over the coming years.
Oman Aquaculture Market News
- February 2024: The Ministry of Agriculture, Fisheries, and Water Resources (MAFWR) launched five new aquaculture projects. These projects not only pave the way for new commercial opportunities but also bolster the livelihoods of the local community. MAFWR aims to boost the value addition of the nation's aquaculture products and diversify the local market with premium fishery offerings, solidifying Oman's stature in the global aquaculture arena.
- April 2023: The Ministry of Agriculture, Fisheries and Water Resources (MAFWR) approved 12 fish farming projects, which are to be set up at a cost of more than RO160mn.
Oman Aquaculture Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumption and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase In Sales Via E-Commerce Platform Influenced by Social Network
4.2.2 Adequate Support from The Government and Other Associations
4.2.3 Rising Demand for Fish
4.3 Market Restraints
4.3.1 Major Disease Outbreaks in Fisheries
4.3.2 Extreme Meteorological and Hydrological conditions
4.4 Value Chain Analysis
4.4.1 Value Chain Overview
4.4.2 Price Markups in the Value Chain
4.4.3 Value Chain Issues and Challenges
4.5 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Pelagic Fish
5.1.1.1 Sardines
5.1.1.2 Mackerel
5.1.1.3 Tuna
5.1.1.4 Barracuda
5.1.2 Demersal Fish
5.1.2.1 Grouper
5.1.2.2 Trevally
5.1.2.3 Emperor
5.1.2.4 Pomfret
5.1.3 Freshwater Fish
5.1.4 Scallop
5.1.5 Shrimp
5.1.6 Lobsters
5.1.7 Caviar
5.1.8 Other Types
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Oman Aquaculture Industry Segmentation
Aquaculture is the practice of farming aquatic organisms, including fish, mollusks, and crustaceans. The commercial production of aquatic species, namely, fish (pelagic fish types, demersal fish types, freshwater fish types, caviar, and salmon) and other edible aquatic species (scallops, shrimp, lobsters, and other species) produced through the country's fisheries and aquaculture sector have been considered for the market study. The Omani fisheries and aquaculture market is segmented by type (pelagic fish, demersal fish, freshwater fish, scallops, shrimp, lobsters, caviar, and other types). The report offers the market size and forecasts in terms of volume (metric tons) and value (USD) for all the above segments.
| By Type | ||||||
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| Freshwater Fish | ||||||
| Scallop | ||||||
| Shrimp | ||||||
| Lobsters | ||||||
| Caviar | ||||||
| Other Types |
Oman Aquaculture Market Research FAQs
How big is the Oman Fisheries And Aquaculture Market?
The Oman Fisheries And Aquaculture Market size is expected to reach USD 636.78 million in 2024 and grow at a CAGR of 6.20% to reach USD 860.22 million by 2029.
What is the current Oman Fisheries And Aquaculture Market size?
In 2024, the Oman Fisheries And Aquaculture Market size is expected to reach USD 636.78 million.
What years does this Oman Fisheries And Aquaculture Market cover, and what was the market size in 2023?
In 2023, the Oman Fisheries And Aquaculture Market size was estimated at USD 597.30 million. The report covers the Oman Fisheries And Aquaculture Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Oman Fisheries And Aquaculture Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Oman Aquaculture Industry Report
Statistics for the 2024 Oman Aquaculture market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Oman Aquaculture analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
