Saudi Arabia Aquaculture Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 373.02 Million |
| Market Size (2029) | USD 432.60 Million |
| CAGR (2024 - 2029) | 3.01 % |
Saudi Arabia Aquaculture Market Analysis
The Analysis Of Fisheries And Aquaculture Sector In Saudi Arabia Market size is estimated at USD 373.02 million in 2024, and is expected to reach USD 432.60 million by 2029, growing at a CAGR of 3.01% during the forecast period (2024-2029).
- Saudi Arabia, known for its vast deserts and abundant oil reserves, is now focusing on aquaculture as a crucial part of its economic diversification strategy. Recently, the nation's aquaculture sector has grown significantly, making Saudi Arabia a leading global seafood producer and exporter. According to the Food and Agriculture Organization (FAO), Saudi Arabia's aquaculture output reached 114,490 metric tons in 2022, a decrease from 119,845 metric tons in 2021. This growth is mainly due to strict biosecurity measures, the adoption of advanced technologies, and high standards in product safety and traceability. Additionally, the sector benefits from the pristine waters of the Red Sea, favorable environmental conditions, and a strategic geographic location that facilitates seafood logistics and transportation.
- The Saudi government is also increasing its support for the aquaculture sector. Through its Vision 2030 initiative, the country aims to reduce its reliance on oil revenues and promote growth across various industries, with a focus on food security and sustainable resource management. As part of this initiative, aquaculture has become a central focus. The Ministry of Environment, Water, and Agriculture has set an ambitious target of producing 600,000 metric tons of fish and seafood annually by 2030, aligning with the broader Vision 2030 goals. Concurrently, rising demand is driving an increase in online fish sales, further expanding the market.
- Furthermore, the industry is shifting towards sustainability, with practices like integrated multi-trophic aquaculture (IMTA) gaining traction. Integrated multi-trophic aquaculture (IMTA) involves farming different species together to enhance ecological balance, addressing environmental concerns while boosting productivity. This sustainable shift was evident during the study period. In 2023, NEOM, a flagship project of Saudi Arabia, launched Topian, a sustainable food company that emphasizes regenerative aquaculture. With strong production and demand for aquaculture products, supported by significant government backing, the market is poised for substantial growth in the coming years.
Saudi Arabia Aquaculture Market Trends
Processed Fish Segment is likely to Witness Significant Growth
The consumption of processed fish is being driven by the rising demand for aqua food because of its nutritional properties, such as the availability of superior-quality proteins, vital fatty acids, and macro- and micronutrients. The increasing working population, busy lifestyles, and companies introducing flavourful and tasty processed fish products are a few major factors supporting the growth of the processed fish segment. In addition, the expanding trend of consuming convenience foods due to busy lifestyles is influencing consumer inclination toward processed foods such as ready-to-eat and ready-to-cook fish products. This is raising the demand for imports of prepared and processed fish from different countries. For instance, according to the ITC trade map, the imports of preserved and prepared fish drastically increased from 345 metric tons in 2021 to 39,732 metric tons in 2022. This shows the rapid growth of the processed fish segment in the coming days.
Along with this, the business of processing fish in Saudi Arabia is growing because of better ways to distribute fish and process it. In 2022, Almarai, a prominent food and beverage manufacturer in Saudi Arabia, is diversifying into the seafood sector, bolstering the Kingdom's food security efforts. The initiative includes establishing state-of-the-art seafood processing facilities and introducing a range of seafood products. As a part of this, the company allocated an initial investment of USD 67.2 million. This is the projected growth of distribution channels, and improvements in canning methods will speed up the market growth of the processed food segment during the projection period.
Furthermore, the local market is witnessing a surge in consumer interest towards a wide array of processed fish varieties. These encompass cleaned fish, available in diverse forms such as raw, salted, battered, or breaded. The consumers have access to options that come with added ingredients for convenient cooking, alongside a plethora of ready-to-eat processed fish offerings. Noteworthy is the strategic approach of Saudi, which consistently is set to fuel market growth in the coming years. In 2023, the Kingdom of Saudi Arabia (KSA) broadened the roster of Russian enterprises authorized to supply fish products to their respective markets. Moreover, the Kingdom of Saudi Arabia (KSA)'s State Food and Drug Administration has recently permitted one canned fish manufacturer, bringing the total count of Russian organizations cleared to export fish products to 40 for the Kingdom. Therefore, the rising demand for processed food coupled with the expansion of the industry is aiding the market growth during the forecast period.
Growing Support from the Government
Aquaculture has become a pivotal sector in Saudi Arabia's quest to diversify its economy and bolster food security. The Saudi government has seamlessly woven aquaculture into its overarching economic and environmental strategies. Central to these efforts is the Vision 2030 initiative, which lays out a detailed roadmap for economic diversification and reduced oil dependency. Aquaculture stands at the forefront of this vision, underscoring the kingdom's dedication to food security and sustainable industry growth. Further emphasizing this commitment, in 2022, the Saudi Minister of Environment, Water, and Agriculture inaugurated the Aquatic Animal Diseases Network in Riyadh. This network aims to enhance the role of aquatic and marine animals in food production and curb disease spread, ensuring sustainable growth for the region's aquaculture business.
Despite these advancements, Saudi Arabia still relies on imports to meet its domestic seafood needs. To address this import dependency, the government has launched several initiatives aimed at boosting local seafood production. In 2024, King Abdullah University of Science and Technology (KAUST) Beacon Development, in partnership with the Saudi Ministry of Environment, Water and Agriculture (MEWA), rolled out an Aquaculture Development Program (ADP) along Saudi Arabia's coast. Targeting an annual seafood production of 280,000 metric tons by 2030, the program aims to stimulate economic growth and reduce fish import reliance. To facilitate this ambitious goal, King Abdullah University of Science and Technology (KAUST) is actively training the local workforce, enhancing skills to propel the aquaculture sector forward.
In addition to these initiatives, the Saudi government is backing aquaculture with significant financial investments and incentives, fostering growth and innovation. For example, Saudi Arabia's fisheries department, through private-sector investments, is eyeing a fish output of 230,000 metric tons by 2024. This endeavor aims to bridge the notable gap between the nation's fish supply and its demand, strengthening domestic production. These concerted efforts have borne fruit: Saudi Arabia's fisheries department reported an impressive 80% year-over-year surge in fish production for 2023, hitting 214,600 metric tons, up from 119,000 metric tons the previous year. Such robust government backing bodes well for the aquaculture sector's growth trajectory in the coming years.
Saudi Arabia Aquaculture Market News
- February 2024: Topian, the NEOM Food Company, entered into strategic partnerships with The National Livestock and Fisheries Development Program (NLFDP) to promote research and sustainable aquaculture practices in the Red Sea. Additionally, Topian signed a Memorandum of Understanding (MoU) with Pure Salmon to set up a salmon production facility at NEOM. Furthermore, Topian inked an agreement with the National Aquaculture Group (NAQUA) to enhance the local aquaculture sector and to market NAQUA’s seafood products within the Saudi market.
- February 2024: Saudi Arabia, together with the Ministry of Environment, Water and Agriculture (MEWA) and the National Livestock & Fisheries Development Program (NLFDP), organized the Saudi International Marine Exhibition (SIMEC). This event, the largest of its kind in the Kingdom, highlights sustainable seafood production and aims to attract both domestic and foreign investments in the nation's aquaculture sector.
- January 2024: Neom, a Saudi Arabian company, has joined forces with Tabuk Fisheries Company to introduce Topian Aquaculture. This collaboration emphasizes Saudi Arabia's dedication to developing a resilient and sustainable aquaculture sector, strengthening food security, and advancing self-sufficiency.
Analysis Of Fisheries And Aquaculture Sector In Saudi Arabia Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions & 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 Growing Support from Government
4.2.2 Rising Demand for Fish and Seafood
4.2.3 Increasing Technological Advancements
4.3 Market Restraints
4.3.1 Water Scarcity in the country
4.3.2 Increase in Disease Outbreaks
4.4 Regional Analysis
4.4.1 Supply Chain Analysis
4.4.2 PESTLE Analysis
4.4.3 Government Regulations
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Unprocessed
5.1.1.1 Fresh, Chilled
5.1.1.1.1 Production Analysis
5.1.1.1.2 Consumption Analysis
5.1.1.1.3 Import Analysis
5.1.1.1.4 Export Analysis
5.1.1.1.5 Price Trend Analysis
5.1.1.2 Frozen
5.1.1.2.1 Production Analysis
5.1.1.2.2 Consumption Analysis
5.1.1.2.3 Import Analysis
5.1.1.2.4 Export Analysis
5.1.1.2.5 Price Trend Analysis
5.1.2 Processed
5.1.2.1 Production Analysis
5.1.2.2 Consumption Analysis
5.1.2.3 Import Analysis
5.1.2.4 Export Analysis
5.1.2.5 Price Trend Analysis
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Saudi Arabia Aquaculture Industry Segmentation
Aquaculture is the farming of aquatic organisms, including fish, mollusks, and crustaceans. Fisheries can be defined as raising and harvesting wild marine and freshwater fish for food or industrial purposes. Aquaculture is one of Saudi Arabia's fastest-expanding food production sectors. The Saudi Arabia Aquaculture Market is Segmented by Type Into Unprocessed, and Processed. The report includes Production Analysis (Volume), Consumption Analysis (Value and Volume), Export Analysis (Value and Volume), Import Analysis (Value and Volume), and Price Trend Analysis. The report offers market size and forecasts in terms of value (USD) and volume (Metric Tons) for all the above segments.
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Analysis Of Fisheries And Aquaculture Sector In Saudi Arabia Market Research Faqs
How big is the Analysis Of Fisheries And Aquaculture Sector In Saudi Arabia Market?
The Analysis Of Fisheries And Aquaculture Sector In Saudi Arabia Market size is expected to reach USD 373.02 million in 2024 and grow at a CAGR of 3.01% to reach USD 432.60 million by 2029.
What is the current Analysis Of Fisheries And Aquaculture Sector In Saudi Arabia Market size?
In 2024, the Analysis Of Fisheries And Aquaculture Sector In Saudi Arabia Market size is expected to reach USD 373.02 million.
What years does this Analysis Of Fisheries And Aquaculture Sector In Saudi Arabia Market cover, and what was the market size in 2023?
In 2023, the Analysis Of Fisheries And Aquaculture Sector In Saudi Arabia Market size was estimated at USD 361.79 million. The report covers the Analysis Of Fisheries And Aquaculture Sector In Saudi Arabia Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Analysis Of Fisheries And Aquaculture Sector In Saudi Arabia Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Analysis Of Fisheries And Aquaculture Sector In Saudi Arabia Industry Report
Statistics for the 2024 Saudi Arabia Aquaculture market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Saudi Arabia 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.
Analysis Of Fisheries And Aquaculture Sector In Saudi Arabia Report Snapshots
