Market Trends of saudi arabia seafood Industry
This section covers the major market trends shaping the Saudi Arabia Seafood Market according to our research experts:
Fish is the largest 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.
Understand The Key Trends Shaping This Market
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