The pelagic fish market in the United Arab Emirates has witnessed significant growth and fluctuations over the past decade. Actual data shows a sizable increase from 65.91 thousand metric tons in 2014 to 99.33 thousand metric tons in 2023, reflecting an overall positive trend with key variations. For instance, the market had notable spikes in 2017 (24.14%) and 2021 (16.93%), balanced by a downturn in 2020 (-15.12%) due to global disruptions. The average annual growth rate (CAGR) over the last five years stands at 1.92%. From 2024 onwards, the market is expected to grow at an average rate of 1.55% per annum, projecting a volume of 109.2 thousand metric tons by 2028.
Looking forward, future trends to watch include:
- Technological advancements in fishing and processing, enhancing yield and efficiency.
- Impact of environmental regulations and sustainability initiatives on fishing practices.
- Fluctuations in global demand and trade policies affecting import-export dynamics.
- Consumer preferences shifting towards more sustainable and eco-friendly seafood options.