Saudi Arabia Seafood Market Size, Growth, Demand, and Forecast 2024-2032
Saudi Arabia Seafood Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 2.18% (2024-2032)
According to the latest report by IMARC Group, The Saudi Arabia seafood market size reached US$ 1.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1.25 Billion by 2032, exhibiting a growth rate (CAGR) of 2.18% during 2024-2032. The market is experiencing steady growth, driven by increasing urbanization, rising disposable incomes, and a growing preference for healthier dietary options.
Saudi Arabia Seafood Market Trends and Drivers:
The growing health awareness as well as the increasing need for diversified dietary options are the factors responsible for the growth of the Saudi Arabia seafood market. Additionally, the rising consciousness of the health benefits associated with seafood consumption, such as its high protein content and rich omega-3 fatty acids, is encouraging consumers to consume more seafood in their diets. Besides this, the initiatives taken by government authorities to boost domestic aquaculture production under the Saudi Vision 2030 are significantly contributing to market growth. These efforts aim to reduce dependency on imports and ensure a sustainable supply of fresh and high-quality seafood. The rising disposable incomes and the expanding middle class are also key drivers, as they fuel the demand for premium and exotic seafood varieties.
Key trends in the Saudi Arabia seafood market include the increasing popularity of value-added seafood products and the adoption of advanced aquaculture technologies. Consumers are showing a growing preference for ready-to-cook and ready-to-eat seafood options, which offer convenience and cater to busy lifestyles. This trend is prompting manufacturers to innovate and diversify their product offerings. Furthermore, advancements in aquaculture technology, such as recirculating aquaculture systems (RAS) and biofloc technology, are enhancing the efficiency and sustainability of seafood production. The market is also witnessing a rise in seafood restaurants and gourmet seafood retail outlets, reflecting the evolving culinary tastes of Saudi consumers. Apart from this, the emphasis on sustainable fishing practices and eco-friendly packaging is gaining traction, aligning with the global trend towards sustainability, which is anticipated to drive the Saudi Arabia seafood market over the forecasted period.
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Saudi Arabia Seafood Industry Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
Fish
Shrimp
Others
Breakup by Form:
Fresh / Chilled
Frozen / Canned
Processed
Breakup by Distribution Channel:
Off-Trade
Convenience Stores
Online Channel
Supermarkets and Hypermarkets
Others
On-Trade
Breakup by Region:
Northern and Central Region
Western Region
Eastern Region
Southern Region
Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant. Saudi Arabia seafood industry include Almunajem Foods, Arab Fisheries Co., IZAFCO LLC, National Aquaculture Group, Shell Fisheries Company W.L.L., and among many others.
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Key highlights of the Report:
Market Performance (2018-2023)
Market Outlook (2024-2032)
COVID-19 Impact on the Market
Porter’s Five Forces Analysis
Strategic Recommendations
Historical, Current and Future Market Trends
Market Drivers and Success Factors
SWOT Analysis
Structure of the Market
Value Chain Analysis
Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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