The commercial fisheries sector in Bahrain is small and contributes only 0.4% to the GDP. However, it is important from the socio-economic viewpoint as it provides employment and is the main economic activity for many coastal villages. Though minimal in value, the exports were on a rise till 2013 and then there was a huge fall and now the exports are not even over half a million. The market for fisheries and aquaculture in Bahrain was worth USD XX million as of 2015 and is expected to grow at a CAGR of XX% per annum over 2016-2022.
The production of a variety of aquatic species has now become possible with the expansion of research activities and the promotion of the marine culture projects. Due to its prime location, Bahrain is rich in shellfish and finfish. Some of these have already been identified as potentially suitable for aquaculture development by the National Marine Culture Centre within the Directorate of Marine Resources. Enhanced legal and administrative frameworks attracting many foreign investors, an increase in population, affluence, preference for protein rich food, and impetus by the government to increase self-sufficiency in terms of food are factors promoting growth in this sector.
Restraints and Challenges
Limited production and space constraints are the biggest challenges for the aquaculture market. Fish landing statistics in the country indicate a steady scarcity in its supply of fish, due to the combination of habitat destruction by over-exploitation and increased pollution in the coastal areas. Constraints to this sector include a shift to other profitable sectors, a lack of knowledge dissemination, poor management of resources, overfishing in common areas, and a lack of labor incidence from the Philippines, Bangladesh, and India.
Taking into account the advantages offered by the climate, location, coastal area, and market, the Kingdom of Bahrain has a good potential for fish farming. The demand and per capita consumption of fish products continues to increase. This is mainly because of the rising awareness about the health benefits of consuming fish among the upcoming generation. In order to meet this increasing demand, there is a strong requirement of investments in the aquaculture market in Bahrain, which shall also address the consumption need of its growing population. In the long-term, it is estimated that investment in the development of the aquaculture sector will contribute to food security and self-sufficiency of Bahrain, as well as its ability to earn foreign exchange through the export of aquatic products.
Key Deliverables in the Study
PESTLE analysis (overview): Macro market factors pertinent to this region.
Market definition: Main as well as associated/ancillary components constituting the market.
Key findings of the study: Top headlines about market trends & numbers.
• Drivers: Key factors driving growth in the market.
• Restraints: Most relevant threats and restraints hindering the growth of the market.
• Opportunities: Sectors of high return or quick turnaround on investment.
• Market concentration: Porter’s five forces analysis quantified by a comprehensive list of parameters.
• Market share analysis: Top players in the market (by value and volume)
• Company profiles: Pertinent details about leading, high growth, and innovation-motivated stakeholders; with contact, operations, product/service offerings, financials, strategies, and insights.
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