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Saudi Arabia Seafood Market Size

The Saudi Arabia seafood market is experiencing growth driven by increased domestic production and a rising demand for fish and shrimp. The market's expansion is supported by government investments in sustainable fishing practices, which have boosted local production. Fish remains the most consumed seafood, with a notable increase in sales value, while shrimp is the fastest-growing segment due to its sustainable farming and reasonable prices. This growth trajectory is expected to continue, reflecting the country's commitment to enhancing its seafood market size through sustainable practices and increased consumer demand.

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Market Size of saudi arabia seafood Industry

Saudi Arabia Seafood Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 1.05 Billion
svg icon Market Size (2029) USD 1.18 Billion
svg icon Largest Share by Type Fish
svg icon CAGR (2024 - 2029) 2.24 %
svg icon Fastest Growing by Type Shrimp
svg icon Market Concentration Low

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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Saudi Arabia Seafood Market Analysis

The Saudi Arabia Seafood Market size is estimated at 1.05 billion USD in 2024, and is expected to reach 1.18 billion USD by 2029, growing at a CAGR of 2.24% during the forecast period (2024-2029).

1.05 Billion

Market Size in 2024 (USD)

1.18 Billion

Market Size in 2029 (USD)

3.72 %

CAGR (2017-2023)

2.24 %

CAGR (2024-2029)

Largest Segment by Type

67.92 %

value share, Fish, 2023

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The country's demand for fish is fueled by a range of factors, including fish's lower price, greater nutritional value, and ease of availability due to increased production.

Largest Segment by Form

53.09 %

value share, Fresh / Chilled, 2023

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Local consumers choose wild-caught as they believe it to be more natural, fresh, delicious, and healthy. The demand rose considerably after the relaxation of the lockdown.

Fastest-growing Segment by Type

3.74 %

Projected CAGR, Shrimp, 2024-2029

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The fast projected growth in shrimp consumption is led by surging awareness regarding its health benefits like its abundance in omega-3 fatty acids and vitamins D and B2.

Fastest-growing Segment by Form

2.54 %

Projected CAGR, Processed, 2024-2029

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The growth of the Saudi tourism and hospitality sector has resulted in a rise in demand for processing fish products at hotels, restaurants, and catering services.

Leading Market Player

1.29 %

market share, Saudi Fisheries Company, 2022

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Saudi Fisheries Company with its wide market penetration caters to both on-trade and off-trade channels via restaurants, wholesale, and retailer formats in Saudi Arabia.

Increased domestic seafood production with government support propelling the market growth

  • The Saudi Arabian seafood market witnessed significant growth in sales value of 9.98% from 2020 to 2022. This is due to the increased domestic seafood production reaching 399.5 million metric ton in 2022, which was 15 million metric ton higher than 2018. The government is attempting to increase domestic production by investing in sustainable fishing practices, which, in turn, has fueled market growth. However, Saudi Arabia has a diverse network of suppliers of fish and seafood products, with imports coming primarily from Thailand, the United Arab Emirates, Indonesia, Yemen, and Norway.
  • Fish is the most consumed seafood type in the Saudi Arabian seafood market. From 2020 to 2022, the sales value of fish increased by 10.08%. The increasing domestic consumption of fish is driven by an increasing population keen on pursuing healthy lifestyles and diets. This factor continues to drive Saudi Arabia’s seafood market, which, in turn, has increased fish per capita consumption in the country, which was 7.34 kg in 2022, as compared to shrimp and other seafood.
  • Shrimp is the fastest-growing segment of the Saudi Arabian seafood market. It is projected to reach a CAGR of 4.75% during the forecast period (2023-2029). There is a growing demand for sustainably farmed shrimp among Saudi consumers, and the prices for shrimps are also reasonable, which were USD 3.02 per kg in 2022, fueling the demand among consumers. Thus, the country is producing shrimp in inland waters on a commercial scale using the closed system in the Tabuk region. The shrimp cultivation method in Saudi Arabia is considered one of the largest aquaculture programs in the Middle East. Owing to all these factors, shrimp demand is likely to grow in the future.
Saudi Arabia Seafood Market

Saudi Arabia Seafood Industry Segmentation

Fish, Shrimp are covered as segments by Type. Canned, Fresh / Chilled, Frozen, Processed are covered as segments by Form. Off-Trade, On-Trade are covered as segments by Distribution Channel.

  • The Saudi Arabian seafood market witnessed significant growth in sales value of 9.98% from 2020 to 2022. This is due to the increased domestic seafood production reaching 399.5 million metric ton in 2022, which was 15 million metric ton higher than 2018. The government is attempting to increase domestic production by investing in sustainable fishing practices, which, in turn, has fueled market growth. However, Saudi Arabia has a diverse network of suppliers of fish and seafood products, with imports coming primarily from Thailand, the United Arab Emirates, Indonesia, Yemen, and Norway.
  • Fish is the most consumed seafood type in the Saudi Arabian seafood market. From 2020 to 2022, the sales value of fish increased by 10.08%. The increasing domestic consumption of fish is driven by an increasing population keen on pursuing healthy lifestyles and diets. This factor continues to drive Saudi Arabia’s seafood market, which, in turn, has increased fish per capita consumption in the country, which was 7.34 kg in 2022, as compared to shrimp and other seafood.
  • Shrimp is the fastest-growing segment of the Saudi Arabian seafood market. It is projected to reach a CAGR of 4.75% during the forecast period (2023-2029). There is a growing demand for sustainably farmed shrimp among Saudi consumers, and the prices for shrimps are also reasonable, which were USD 3.02 per kg in 2022, fueling the demand among consumers. Thus, the country is producing shrimp in inland waters on a commercial scale using the closed system in the Tabuk region. The shrimp cultivation method in Saudi Arabia is considered one of the largest aquaculture programs in the Middle East. Owing to all these factors, shrimp demand is likely to grow in the future.
Type
Fish
Shrimp
Other Seafood
Form
Canned
Fresh / Chilled
Frozen
Processed
Distribution Channel
Off-Trade
Convenience Stores
Online Channel
Supermarkets and Hypermarkets
Others
On-Trade
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Saudi Arabia Seafood Market Size Summary

The Saudi Arabia seafood market is experiencing a notable expansion, driven by increased domestic production and a growing demand for seafood products. The government's investment in sustainable fishing practices and aquaculture has significantly contributed to this growth, with a focus on enhancing domestic production capabilities. The market is characterized by a diverse supply chain, with substantial imports from countries such as Thailand, the United Arab Emirates, and Norway. Fish remains the most consumed seafood type, with rising per capita consumption attributed to a population increasingly inclined towards healthy diets. Shrimp is emerging as the fastest-growing segment, supported by the demand for sustainably farmed products and the development of large-scale aquaculture programs in regions like Tabuk.

The Saudi government is actively promoting the fisheries sector through initiatives like the National Fisheries Development Program (NFDP), which aims to boost the sector's contribution to the GDP and expand aquaculture production. This program, along with partnerships and training initiatives, is expected to enhance fish production and productivity. Despite challenges such as price inflation due to energy costs and weather impacts on fishing activities, the market remains fragmented with key players like Almunajem Foods and the National Aquaculture Group leading the industry. The preference for fresh over frozen seafood among consumers is anticipated to persist, further shaping the market dynamics in the coming years.

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Saudi Arabia Seafood Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 Type

      1. 1.1.1 Fish

      2. 1.1.2 Shrimp

      3. 1.1.3 Other Seafood

    2. 1.2 Form

      1. 1.2.1 Canned

      2. 1.2.2 Fresh / Chilled

      3. 1.2.3 Frozen

      4. 1.2.4 Processed

    3. 1.3 Distribution Channel

      1. 1.3.1 Off-Trade

        1. 1.3.1.1 Convenience Stores

        2. 1.3.1.2 Online Channel

        3. 1.3.1.3 Supermarkets and Hypermarkets

        4. 1.3.1.4 Others

      2. 1.3.2 On-Trade

Saudi Arabia Seafood Market Size FAQs

The Saudi Arabia Seafood Market size is expected to reach USD 1.05 billion in 2024 and grow at a CAGR of 2.24% to reach USD 1.18 billion by 2029.

In 2024, the Saudi Arabia Seafood Market size is expected to reach USD 1.05 billion.

KSA Seafood Market Report Snapshots

Saudi Arabia Seafood Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029