BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Saudi Arabia shrimp market size to grow at a CAGR of 5.4% during the forecast period between 2022 and 2028. Saudi Arabia shrimp market is booming because of a surging demand of seafood and emerging new cuisines worldwide. The convenient accessibility of processed and frozen shrimp products, which are inexpensive and help to reduce preparation time, is providing market players with lucrative growth potential. Moreover, increasing awareness of health benefits of shrimps such as lowering the risk of cardiovascular diseases, increasing bone and brain health, assisting weight reduction, soothing eye tiredness, and lowering blood pressure are bolstering market expansion in the region. Additionally, economic expansion as well as shifting dietary patterns, particularly among urban consumers, are now propelling the region’s shrimp industry. Consumers in Saudi Arabia are migrating toward protein-based diets and, as a result, including animal protein into their normal meal plan. However, restriction in distribution chains to preserve the natural flavor of the shrimp is expected to impede the overall market expansion.
Saudi Arabia Shrimp Market – Overview
A shrimp is a tiny crustacean found on the seabed. Shrimp species, such as white leg shrimp, monster tiger shrimps, inlet shrimps, blue shrimps, and regal ruddy shrimps, are the most popular varieties consumed worldwide. Shrimp farmers are gradually beginning to employ technology to help monitor output and verify the shrimp are disease-free. Technology, such as closed recirculating systems, is assisting farmers in increasing their income, improving crop yields, and forecasting diseases. As a result, a rise in government initiatives is projected to result in increased prospects for the shrimp industry during the projection period.
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Saudi Arabia Shrimp Market – By Distribution Channels
Based on distribution channels, Saudi Arabia Shrimp Market is divided into Hypermarkets and Supermarkets, Convenience Stores, Specialty Stores, and Online Channels. The online channels segment is expected to hold the highest market share due to the increasing consumption of Frozen Shrimps products and Online Channels have a wide availability of different frozen shrimp products, as well as evolving consumer purchasing patterns, and reduced price grabs consumers’ interest to purchase through E-Commerce, which in turn reinforces the expansion of the Saudi Arabia Shrimps Market during the forecast period.
Impact of COVID-19 on Saudi Arabia Shrimp Market
COVID-19 pandemic had a detrimental effect on the foodservice industry, causing company activity to decline by 80-90%. As a result of pandemic-related lockdowns, curfews, and other social distance control measures, retail sales of shrimp soared considerably in several areas. Travel restrictions have been imposed throughout all main regions, severely affecting the shrimp industry’s distribution channel structure. In 2020, the COVID-19 pandemic had substantially reduced Saudi Arabia shrimp output, with global demand for fresh and frozen shrimp had also declined significantly. Furthermore, coronavirus is expected to have an ongoing impact on the aquaculture industry and market. Despite the challenges, following the Covid-19 pandemic, consumers have become conscious of health and wellbeing, which improves their purchasing habits and raises concerns about the food they eat. As a result, there has been an increase in demand for nutritional, immunity-boosting, and beneficial shrimp food products. Therefore, these factors are expected to propel the expansion of Saudi Arabia shrimp market.
Saudi Arabia shrimp market is highly competitive. Major companies in the market include National Aquaculture Group, Sealand, Arab Fisheries CO., Fitkar International Trading Company, Rubban Fisheries Trading Company, Zuhair Al Madani Food Trading, Global Food Industries LLC, Shrimp Sales, Sami Hamad Est, and Al Faisal Fisheries Co. To further enhance their market share, these players are primarily focused on the development of innovative and efficient products, new product releases, market initiatives, mergers and acquisitions, and other collaborative activities.
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