Saudi Arabia Seafood Market Sails With 4.8% CAGR: Rising Demand, Government Support & Shrimp Surge Propel Growth


(MENAFN- PR Newswire) GURUGRAM, India, Feb. 12, 2024 /PRNewswire/ -- Saudi Arabia's seafood market is casting a wider net, propelled by a rising tide of consumer demand, supportive government policies, and a booming shrimp segment. Ken Research's ' Saudi Arabia Seafood Market Outlook to 2028' report forecasts a steady growth of 4.8% CAGR between 2022 and 2028, offering enticing opportunities for stakeholders in this evolving market. This press release dives into the report's key findings, highlighting the market's growth drivers, challenges, and promising future.

Market Overview: A Healthy Catch for the Economy

Saudi Arabia's seafood market plays a crucial role in contributing to the country's food security and diversifying its economy. With a current market size of $1.07 billion , the demand for seafood is expected to reach $1.46 billion by 2028 , propelled by several factors:

  • Rising Demand:
    Increasing awareness about the health benefits of seafood, coupled with growing disposable incomes and urbanization, is driving demand for a wider variety of seafood products.
  • Government Support:
    Initiatives like the National Aquaculture Strategy and the Fish Farming Development Program are actively promoting domestic fish production and aquaculture, further strengthening the market.
  • Diversification Drive:
    Recognizing the potential of the sector, the government is encouraging investments in seafood processing and infrastructure development, aiming to reduce reliance on imports.

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Market Segmentation: Casting a Wider Net

The report segments the Saudi Arabia seafood market by product type, distribution channel, and regional distribution:

  • Product Type:
    Fish is the most consumed seafood type, accounting for 45% of the market value in 2022. However, shrimp is the fastest-growing segment, expected to witness a CAGR of 4.75% during the forecast period, driven by increasing demand and domestic production.
  • Distribution Channel:
    The on-trade segment (restaurants and hotels) currently dominates the market, accounting for 55% of the market value in 2022. However, the off-trade segment (supermarkets and hypermarkets) is expected to witness faster growth due to changing consumer preferences and convenience.
  • Regional Distribution:
    Major cities like Riyadh, Jeddah, and Dammam account for the majority of seafood consumption, but smaller cities and rural areas are expected to contribute to future growth.

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Competitive Landscape: A School of Diverse Players

The market features a mix of established players and emerging ones:

  • Leading Seafood Distributors:
    Sea Land Seafood Trading Co., Arab Fisheries Co., and Al Faisal Fisheries Co. are major players with extensive distribution networks and brand recognition.
  • International Seafood Suppliers:
    Companies like Thai Union and Cargill cater to the demand for imported seafood varieties.
  • Emerging Aquaculture Players:
    The rise of local aquaculture farms like National Aquaculture Group and Rubban Fisheries Trading Company is increasing domestic production and diversifying product offerings.

Challenges: Rough Waters Ahead

Despite its promising future, the Saudi Arabia seafood market faces some challenges:

  • Limited Domestic Production: The country largely relies on imports for its seafood needs, making it vulnerable to fluctuations in global prices and supply chain disruptions.
  • Inadequate Infrastructure: Limited cold storage facilities and underdeveloped logistics networks pose challenges for efficient distribution and quality control.
  • Skilled Workforce Shortage:
    The lack of trained professionals in aquaculture and seafood processing hinders the industry's growth potential.

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Future Outlook: Navigating Towards Smoother Sailing

Despite these challenges, the Saudi Arabia seafood market is expected to maintain its positive trajectory, driven by several factors:

  • Continued Government Support:
    Continued investments in domestic production, infrastructure development, and capacity building initiatives will provide a significant boost.
  • Technological Advancements:
    The adoption of advanced technologies like aquaculture automation and traceability solutions will enhance efficiency and sustainability.
  • Growing E-commerce:
    The surge of e-commerce platforms like noon and Amazon is creating new avenues for online seafood sales, particularly in the off-trade segment.

Key Takeaways for Stakeholders:

This report provides valuable insights for various stakeholders in the Saudi Arabia seafood market, including:

  • Investors:
    Identifying lucrative investment opportunities in aquaculture, processing facilities, and cold chain infrastructure.
  • Seafood Suppliers:
    Understanding evolving consumer preferences, expanding product offerings, and adapting to changing distribution channels.
  • Government Agencies:
    Formulating policies and regulations that support sustainable aquaculture practices, attract foreign investments, and address the skilled workforce shortage.
  • Consumers:
    Gaining insights into the safety and sustainability of seafood products, with government initiatives contributing to improved quality and responsible sourcing.

Conclusion:

Conclusion: Chart Your Course in Saudi Arabia's Booming Seafood Market

The Saudi seafood market simmers with promise, fueled by rising demand, government backing, and a surging shrimp segment. But navigating its currents requires deeper understanding.

Ken Research's "Saudi Arabia Seafood Market Outlook to 2028" report serves as your comprehensive guide, providing:

  • Granular segmentation:
    Dive beyond trends to understand specific product types, distribution channels, and regional markets.
  • Competitive landscape analysis: Identify key players, their strengths, and formulate winning strategies.
  • Future predictions: Navigate market currents with confidence using informed forecasts on growth trends, technologies, and challenges.
  • Actionable insights:
    Gain practical guidance on investment opportunities, entry strategies, and navigating regulations.

Taxonomy

KSA Seafood Market Segmentation

By Type

Fish

Shrimps

Crustaceans

Others (Lobsters, Mullusks and more)

By Form

Fresh

Frozen

Primary Processed

Secondary Processed

By Fish

Frozen

Fresh

Primary Processed

Secondary Processed

By Shrimp

Fresh

Frozen

Primary Processed

Secondary Processed

By Crustaceans

Fresh

Frozen

Primary Processed

Secondary Processed

By others (Lobsters, Mullusks and more)

Fresh

Frozen

Primary Processed

Secondary Processed

By Place of Retail

Off-Trade

On- Trade

By Off-Trade

Offline

Online

By On Trade

Restaurants

Hotels

Catering

Others (food trucks, cloud kitchens and other un-organized food sellers)

By Offline

Traditional Markets

Hypermarkets

By Major Region

Western Region

Central Region

Eastern Region

Sothern Region

Northern Region

KSA Processed Seafood Market Segmentation

By Type of Processing

Primary

Secondary

By Fish

Primary Processed

Secondary Processed

By Shrimp

Primary Processed

Secondary Processed

By Crustaceans

Primary Processed

Secondary Processed

By others (Lobsters, Mullusks and more)

Primary Processed

Secondary Processed

By Primary Processing

Filleting

Portioning

Skinning

Others (Cleaning, heading, slaughtering and more.)

By Secondary Processing

Dried

Smoked

Breaded

Others (Pickling, marinating, brining and more.)

By Place of Retail

Off-Trade

On- Trade

By Place of Retail for Primary Processing

Off-Trade

On- Trade

By Major region

Western Region

Central Region

Eastern Region

Sothern Region

Northern Region

KSA Distribution & Retail Seafood Market Segmentation

By Distribution Channel

Wholesale Channels

Direct Retail

By Type of wholesale

Fish

Shrimp

Crustaceans

Others

By Major region

Western Region

Central Region

Eastern Region

Sothern Region

Northern Region

KSA Fish Feed Market Segmentation

By Type

Fish

Shrimps

Crustaceans

Others (Sea cucumber, mussels and more.)

By End-Users

E-Commerce

Retail

Others

By Form

Pellet

Granules

Sticks

Flakes

Powder and Others

By End User

Nutritional Feed

Medication Feed

Environmental Feed

Algae- Based Feed

Color enhancing Feed

Others

By Type of Trade

Domestic

Import

By Distribution Channel

Wholesale

Direct Retail

By Major City

Jeddah

Jazan

Dammam

Others (Makkah, Tabuk, Madinah.)

For More Insights On Market Intelligence, Refer To The Link Below: –

KSA Seafood and Fish Feed Market

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