Summary
The Saudi Arabia Seafood Market is projected to register a CAGR of 2.02%
Key Highlights
Largest Segment by Type - Fish : 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 - Fresh / Chilled : 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 - Fish : The fast projected growth in fish 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 - Frozen / Canned : The country being highly dependent on imports of seafood drives the demand for frozen/canned seafood owing to its better shelf life and easy transportation to the country.
Key Market Trends
Fish is the largest segment by Type.
In 2018, Saudi Arabia’s seafood market observed a major decline of 5.61% in value compared to the previous year, primarily due to a reduction in the country’s fish production, which also declined by 4% in 2018 over 2017. Seafood production, including fish, declined in 2018 due to the government’s attempt to prevent overfishing and rationalize the fishing fleet to maintain sustainability in the aquaculture sector.
Fish is the most consumed seafood type in the Saudi Arabian seafood market. In 2021, the sales value of fish increased by 5.64%. 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. Fish has the highest per capita consumption in the country, recorded at 8.07 kg in 2021, as compared to shrimp and other seafood. Hence, fish is the major seafood consumed across the country.
Shrimp is the fastest-growing segment of the Saudi Arabian seafood market. It is projected to reach a CAGR of 2.0% during the forecast period (2022-2028). There is a growing demand for sustainably farmed shrimp among Saudi 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. Therefore, considering all these factors, shrimp demand is likely to grow in the future.
Competitive Landscape
The Saudi Arabia Seafood Market is fragmented, with the top five companies occupying 2.11%. The major players in this market are Al-Kabeer Group ME - The Savola Group, Almunajem Foods-Asmak, Naqua Seafood, Saudi Fishries Company and Tabuk Fisheries Co. (sorted alphabetically).
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
