Market Trends of Oman Fisheries And Aquaculture Industry
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.
