UAE Seafood Market Size Set to Grow at Healthy CAGR of 3.57%

UAE Seafood Market
UAE Seafood Market

BlueWeave Consulting, a leading strategic consulting and Market research firm, in its recent study, estimated UAE Seafood Market size by value at USD 1.29 billion in 2023. During the forecast period bexpands24 and 2030, BlueWeave expects UAE Seafood Market size to expand at a CAGR of 3.57% reaching a value of USD 1.93 billion by 2030. UAE Seafood Market has experienced significant growth in recent years, driven by a combination of increasing consumer demand, the government’s initiatives to boost local production, and the country’s strategic position as a global trade hub. The market offers a diverse range of seafood, including both locally sourced and imported varieties. Key factors contributing to the market’s expansion include the rising health consciousness among consumers, who are increasingly opting for protein-rich, low-fat food options, and the growing popularity of seafood in the region’s culinary scene. The UAE’s advanced infrastructure, coupled with strong logistics and supply chain networks, has further facilitated the efficient distribution and availability of seafood products.

By volume, BlueWeave estimated UAE Seafood Market size at 3.51 million tons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects UAE Seafood Market size to expand at a CAGR of 3.94% reaching a volume of 4.77 million tons by 2030. The government’s efforts have played a crucial role in shaping UAE Seafood Market. Initiatives such as the National Food Security Strategy 2051 aim to enhance the sustainability and self-sufficiency of local seafood production. Investments in aquaculture and sustainable fishing practices are helping to reduce dependence on imports and ensuring a stable supply of high-quality seafood. The implementation of stringent quality control measures and certification standards has also boosted consumer confidence in the safety and quality of seafood products. Therefore, UAE Seafood Market is poised for continued growth, supported by a favorable regulatory environment and an increasing focus on innovation and sustainability in the sector.

Opportunity – Diversification of seafood offerings

UAE Seafood Market is flourishing due to a growing appetite for variety. Consumers, with rising disposable incomes, are seeking new and exciting options beyond traditional fish. The trend creates a demand for premium seafood like lobster, scallops, and exotic species. The market is responding by offering a wider selection, attracting new customers, and boosting overall growth.

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Impact of Escalating Geopolitical Tensions on UAE Seafood Market

Escalating geopolitical tensions, particularly in the Gulf region, have significantly impacted UAE Seafood Market. Trade disruptions and heightened maritime security risks have increased logistical challenges and costs for seafood imports, which the UAE heavily relies on. For instance, tensions between Iran and the US have led to stricter naval patrols in the Strait of Hormuz, a critical passage for global trade. Additionally, the Russia-Ukraine conflict has affected the supply of seafood from Eastern Europe, leading to increased prices and supply shortages. These factors have pushed the UAE to bolster its aquaculture initiatives to reduce dependency on imports and ensure food security amidst an unpredictable geopolitical climate.

Fish Is Most Popular Seafood in UAE Market by Type

UAE Seafood Market, on the basis of type is divided into Fish, Molluscs, and Crustaceans segments. The fish segment holds the largest share in UAE Seafood Market by type. With its diverse range of species including tuna, salmon, and grouper, fish consumption dominates the market due to its popularity among consumers and its versatility in culinary applications. Factors such as cultural preferences, health considerations, and accessibility contribute to the significant demand for fish products. Additionally, the UAE’s coastal location and robust fishing industry further bolster the prominence of fish in the seafood market, making it the leading segment in terms of both consumption and economic value.

Fresh/Chilled Seafood Holds Largest Share in UAE Market by Form

By form, UAE Seafood Market is divided into Canned, Fresh/Chilled, and Frozen, and Processed segments. The fresh/chilled segment holds the largest market share, owing to the region’s proximity to fishing grounds and the preference for freshly caught seafood. The segment often encompasses a wide variety of fish, shellfish, and crustaceans, catering to both local consumption and export demands. The popularity of fresh seafood aligns with consumer preferences for high-quality, nutritious options. While the canned and frozen segments also hold significance, the fresh/chilled segment tends to dominate due to its appeal to culinary traditions and the growing demand for premium seafood products in the UAE market.

Competitive Landscape

UAE Seafood Market is fiercely competitive. Major companies in the Market include Al Islami Foods, Almunajem Foods, Global Food Industries LLC, Enhance Group Holding Company Limited, Golden Dunes General Trading LLC, Krustasia Foods LLC, Tabuk Fisheries Co., The Deep Seafood Company, and The Savola Group. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in UAE Seafood Market.

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