Between 2014 and 2023, the crustaceans market volume in Saudi Arabia showed a significant decline. The volume fell from 30.84 thousand metric tons in 2014 to 17.14 thousand metric tons in 2023. This decline includes notable year-on-year drops such as the 29.37% decrease from 2016 to 2017 and the 20.48% decrease from 2019 to 2020. Over the last five years, the market experienced a Compound Annual Growth Rate (CAGR) of -3.78%, indicating an overall shrinking market. In 2023, the market showed a year-on-year decrease of 4.51%, continuing the downward trend.
Forecast data suggests that the market will continue to decline, reaching 12.84 thousand metric tons by 2028, with a forecasted 5-year CAGR of -4.52%. This implies a 20.66% reduction in market volume over the next five years.
Future trends to watch for include potential shifts in consumer preferences, sustainability initiatives, and regulatory changes that may impact the crustaceans market. Additionally, technological advancements in aquaculture could play a crucial role in shaping the future of this market.
