Saudi Arabia Seafood Market Size Set to Touch USD 1.46 billion by 2028

Saudi Arabia Seafood Market

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Saudi Arabia seafood market size at USD 1.07 billion in 2021. During the forecast period between 2022 and 2028, BlueWeave expects Saudi Arabia seafood market size to grow at a steady CAGR of 4.8% reaching a value of USD 1.46 billion by 2028. Saudi Arabia seafood market expansion is driven by rising demand for protein-rich seafood, government programs that

encourage local fish production and increasing awareness of the advantages of sea food. Saudi Arabia’s main revenue-generating industry is oil & gas, and the government is introducing schemes to broaden income-generating resources to reduce its reliance on the oil & gas industry, increasing investments in technology advancements of existing infrastructure, and rapid advances in the aquaculture sector to utilize existing resources are expected to fuel the overall market expansion. The presence of favorable environmental conditions in the Red Sea is predicted to contribute to increased seafood production as well as a soaring consumer demand for high-quality protein food and widespread consumption of seafood by the majority of population are expected to further contribute to the expansion of seafood market in Saudi Arabia. However, stringent law regulations about animal cruelty are anticipated to limit the growth Saudi Arabia seafood market during the period in analysis.

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 Saudi Arabia Seafood Market– Overview

Seafood refers to any type of sea life considered edible by humans. The collection of wild seafood is known as fishing or hunting, and the cultivation and growing of seafood is known as aquaculture or fish farming. Seafood is a key source of protein found in coastal areas. Seafood includes a variety of mollusks, crustaceans, and echinoderms in addition to fish and shellfish. In some locations, seafood is known as plant food, which is then used to produce edibles for human consumption. Products derived from seafood include fish oil and spiraling pills. Seafood is also fed to aquarium fish and is utilized to feed domestic pets, such as cats. A minor fraction of the seafood industry is used in medical or for industrial reasons besides consumption.

Saudi Arabia Seafood Market – By Distribution Channel

Based on distribution channel, Saudi Arabia seafood marketis divided into Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, and Online Retail. The supermarkets and hypermarkets segment is expected to hold the highest market share. Supermarkets and hypermarkets feature a separate department for seafood. As a result, consumers have a wide range of products to select from, particularly in the freezer section. Supermarket and hypermarket fish counters are regarded as good locations for purchasing a wide selection of fresh and frozen seafood. Furthermore, supermarkets and hypermarkets offer rapid freezing, which keeps seafood fresh for an extended period.

Impact of COVID -19 on Saudi Arabia Seafood Market

Covid-19 had a detrimental effect on all the sectors including seafood market due to lockdown imposition which led to supply chain disruptions including closure of production unit, halt in harvesting and processing, decrease in workforce and decline in sales. Only necessary movement of products and people were permitted. Due to increased awareness of health and hygiene, demand for seafood increased. Additionally, individuals switched to home cooked meals and retail purchasing. Demand for seafood surged as e-commerce platforms and online retail stores became the primary outlet for fish and seafood, particularly during the lockdown period. As ready-to-eat seafood was available, the seafood market remained stable during the pandemic.

Competitive Landscape

Major players operating in Saudi Arabia seafood market include Sealand, Arab Fisheries CO., National Aquaculture Group, Izafco LLC, Saudi Fisheries Company, Fitkar International Trading Company, King Fisheries Est. Jubail, Rubban Fisheries Trading Company, Uzma TE, and Zuhair Al Madani Food Trading. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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