Market Size of Analysis of Fisheries and Aquaculture Sector in Saudi Arabia
| 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 % |
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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 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.
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Analysis of Fisheries and Aquaculture Sector in Saudi Arabia Size Summary
The aquaculture industry in Saudi Arabia has experienced significant growth, positioning the country as a leading global producer and exporter of seafood. This expansion is attributed to stringent biosecurity measures, advanced technology, and high standards for product safety and traceability. The Red Sea's clean waters and favorable environmental conditions offer substantial opportunities for further development. Government support is increasing, with initiatives aimed at boosting domestic production and reducing reliance on imports. Despite the growth in aquaculture, the domestic market still depends heavily on imports to meet demand, primarily sourcing from developing regions in Asia, South America, and Africa. The rising demand for seafood, driven by a shift towards protein-rich diets, is further propelling the market's expansion.
The Saudi government has implemented various programs and regulations to strengthen the aquaculture sector, aligning with the Vision 2030 plan to enhance food security and economic diversification. This includes significant investments and strategic initiatives to increase local production and create job opportunities. The processed fish segment is also witnessing growth due to changing consumer preferences for convenience foods and the introduction of new products. The industry is expected to benefit from improved distribution channels and processing methods, attracting both local and international investors. Additionally, efforts to combat aquatic diseases and enhance food production capabilities are set to support sustainable growth in the sector.
Analysis of Fisheries and Aquaculture Sector in Saudi Arabia Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Regional Analysis
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1.4.1 Supply Chain Analysis
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1.4.2 PESTLE Analysis
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1.4.3 Government Regulations
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Unprocessed
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2.1.1.1 Fresh, Chilled
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2.1.1.1.1 Market Size and Consumption Trends
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2.1.1.1.2 Domestic Production Overview
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2.1.1.1.3 Import Value and Volume
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2.1.1.1.4 Export Value and Volume
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2.1.1.2 Frozen
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2.1.1.2.1 Market Size and Consumption Trends
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2.1.1.2.2 Domestic Production Overview
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2.1.1.2.3 Import Value and Volume
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2.1.1.2.4 Export Value and Volume
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2.1.2 Processed
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2.1.2.1 Market Size and Consumption Trends
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2.1.2.2 Domestic Production Overview
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2.1.2.3 Import Value and Volume
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2.1.2.4 Export Value and Volume
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Analysis of Fisheries and Aquaculture Sector in Saudi Arabia Market Size 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.
