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 432.64 Million |
| CAGR (2024 - 2029) | 3.01 % |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 432.64 million by 2029, growing at a CAGR of 3.01% during the forecast period (2024-2029).
- Over the past few years, the country's aquaculture industry has grown, making it the largest producer and exporter of seafood in the world.According to FAO, the production quantity of aquaculture reached 99,907 metric tons, an increase from 75,563 metric tons. This growth is mostly due to strict biosecurity, cutting-edge technology, and high standards for product safety and traceability.Moreover, there are significant chances for expansion due to the potential of the Red Sea's clean waters, acceptable environmental conditions, and advantageous geographical locations regarding logistics and transport requirements for seafood.
- Along with this, the government's support for the sector is growing, demand is growing quickly, and more and more fish are being sold through social media platforms. There have also been a number of technological advances to help meet the growing demand for fisheries in the country.
- On the other hand, domestic aquaculture production has grown a lot over the past few years, while landings from capture fisheries have stayed about the same. Despite the increased supply from aquaculture, the domestic market still relies heavily on imports. Saudi Arabia mostly depends on developing countries in South and Southeast Asia, South America, and Africa to meet its domestic demand for fish and fish products. Therefore, the high production and demand for aquaculture products in the country are pushing the market's growth in the forecast period.
Saudi Arabia Aquaculture Market Trends
Government support for the aquaculture industry
The demand for seafood in the country is going up because more people are eating protein-rich foods and more people are eating shrimp and oysters.To meet domestic requirements, countries are dependent on imports. Importing and exporting reduce import dependency, and the government has undertaken various production-oriented initiatives to meet the growing seafood consumption within the country. The government has established regulations on fish entering and leaving the country. According to Circular No. 35657 dated 8/2/1431 AH by the Ministry of Environment, Water, and Agriculture, the government has brought about restrictions to govern the imports of certain species and controls on aquatic organism imports. Thus, Saudi Arabia's specific, strict quality and safety assurance programs made KSA renowned for its safe and high-quality seafood products and imports into the country.
Moreover, the government has undertaken five main programs totaling SAR 1.3 billion (0.35 billion USD) to strengthen the country's aquaculture business. These efforts seek to reduce the local economy, promote food security, and secure job opportunities in the country. Along with this, regional food security is a vital part of the government's efforts to improve the region's quality of life and increase the efficiency and competitiveness of locally produced food products, one of its strategic initiatives. Growing local consumption, driven by population growth and an increase in consumption per capita, is expected to generate an additional demand of 600,000 tons in 2030. With the government's commitment to the growing aquaculture industry, it introduced the "Vision 2030" plan. The improvement plan focuses on building safe and strategic food systems. The project "Vision 2030" aims to increase production from 100 thousand tons in 2020 to 600 thousand tons of fisheries products in 2030 and generate around 200,000 direct and indirect jobs in the fisheries sector by 2030. Additionally, as part of the Kingdom's Vision 2030 project, the National Fisheries Development Programme (NFDP) intends to attract USD 4 billion in investments in the aquaculture sector. As a result, there is increased interest from local and international investors for either expanding fisheries or aquaculture farming in Saudi Arabia in the forecast period.
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 flavorful 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, in 2021, the imports of preserved and prepared tuna stood at 32,317 metric tons, which were valued at USD 178,268 thousand. Furthermore, due to the prevailing pandemic conditions, imports showed a slight decrease in 2021, but the industry recovered after the post-pandemic conditions, and the segment is expected to grow at a faster pace during the forecast period.
Along with this, the business of processing fish in Saudi Arabia is growing because of better ways to distribute fish and to process it.So, it is expected that the introduction of new products, the growth of distribution channels, and improvements in canning methods will speed up market growth during the projection period.
Moreover, different varieties of processed fish available in the country's market are also attracting people to try new products. Cleaned fish is available raw, salted, battered or breaded, with ready-to-cook added ingredients, as well as many ready-to-eat processed fish products. Also, players in the country are making their launches in such an attractive way by introducing different flavorful products. As a result, such factors are expected to drive and boost the market under consideration during the forecast period. There are several seafood companies in Saudi Arabia, of which some have processing plants, imports, or even exports, like Arab Fisheries Co., Izalco LLC, Sami Hamad Est., and Saudi Fisheries Company.
Saudi Arabia Aquaculture Market News
- November 2022: the Saudi Minister of Environment, Water, and Agriculture, Abdul Rahman bin Abdul Mohsen Al-Fadhli, launched the Aquatic Animal Diseases Network in the Middle East in Riyadh.He said that the network's goals include improving the role that aquatic and marine animals play in food production and stopping the spread of disease. This will help the aquaculture business in the area grow in a sustainable way.
- October 2022: The Saudi Ministry of Environment, Water, and Agriculture launched a fisheries incubator and accelerator to increase its exports to 300,000 metric tons at SAR 12 billion (USD 3.19 billion).
- August 2022: As part of the Kingdom's Vision 2030 strategy to diversify the Saudi economy, Dr. Ali Al-Shaikhi's National Fisheries Development Programme (NFDP) in Saudi Arabia announced that they aim to attract USD 4 billion in investments in the aquaculture sector. NFPD CEO Dr. Ali Al-Shaikhi described an eight-year investment plan in an interview to develop the nation's marine industry, enhance food security, and boost agricultural exports.
Saudi Arabia Aquaculture 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
4.3 Market Restraints
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 Market Size and Consumption Trends
5.1.1.1.2 Domestic Production Overview
5.1.1.1.3 Import Value and Volume
5.1.1.1.4 Export Value and Volume
5.1.1.2 Frozen
5.1.1.2.1 Market Size and Consumption Trends
5.1.1.2.2 Domestic Production Overview
5.1.1.2.3 Import Value and Volume
5.1.1.2.4 Export Value and Volume
5.1.2 Processed
5.1.2.1 Market Size and Consumption Trends
5.1.2.2 Domestic Production Overview
5.1.2.3 Import Value and Volume
5.1.2.4 Export Value and Volume
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Saudi Arabia Aquaculture Industry Segmentation
Aquaculture is the farming of aquatic organisms, including fish, molluscs, and crustaceans. Fisheries can be defined as raising and harvesting wild marine and freshwater fishes for food or industrial purposes. Aquaculture is one of Saudi Arabia's fastest-expanding food production sectors. Saudi Arabia's Fisheries and Aquaculture market are segmented by Type into unprocessed (fresh, chilled, and frozen) and processed fish. The attributes, such as production, consumption, import, and export trends, have been evaluated for unprocessed and processed products. The report offers market size and forecasts in terms of value (USD) and volume (metric ton) for all the above segments.
| Type | ||||||||||||||
| ||||||||||||||
|
Saudi Arabia Aquaculture Market Research FAQs
How big is the Saudi Arabia Fisheries and Aquaculture Market?
The Saudi Arabia Fisheries and Aquaculture Market size is expected to reach USD 373.02 million in 2024 and grow at a CAGR of 3.01% to reach USD 432.64 million by 2029.
What is the current Saudi Arabia Fisheries and Aquaculture Market size?
In 2024, the Saudi Arabia Fisheries and Aquaculture Market size is expected to reach USD 373.02 million.
What years does this Saudi Arabia Fisheries and Aquaculture Market cover, and what was the market size in 2023?
In 2023, the Saudi Arabia Fisheries and Aquaculture Market size was estimated at USD 362.12 million. The report covers the Saudi Arabia Fisheries and Aquaculture Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Saudi Arabia Fisheries and Aquaculture Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Saudi Arabia Aquaculture 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.
