Saudi Arabia Fisheries and Aquaculture Sector - Growth, Trends, and Forecast (2020 - 2025)
The market in Saudi Arabia was valued at USD 342.0 million in 2019, and it is projected to reach USD 402.5 million by 2025, at a CAGR of 2.7% during the forecast period. The drivers identified in this market are growing government support to the sector, rapid increase in demand, and increasing sale of fish via social network platforms. The restraints identified in this market are extreme meteorological and hydrological conditions, fishing bans in the country, and decline in employment by the fisheries sector.
Key Market Trends
Unprocessed Fresh/Chilled Fish Dominate the Market
The aquaculture market in Saudi Arabia is in the nascent stage of development, as compared to other Middle Eastern countries. In 2019, the fresh/chilled unprocessed fish segment in Saudi Arabia was estimated at USD 151.8 million and happens to be the largest segment by type. The segment is projected to reach USD 177.1 million by 2025, with a CAGR of 2.6% during the forecast period.
Processed Fish Segment is likely to Witness Significant Growth
Saudi Arabia is mostly dependent on the developing countries in South and Southeast Asia, South America, and Africa, toward meeting its domestic demand for fish and fish products. Processed shrimps, lobsters, caviars, and cuttlefish are mainly imported from Korea, Thailand, the Philippines, India, Pakistan, Bangladesh, Hong-Kong, Taiwan, and Argentina. According to the Saudi Society of Agricultural Sciences, as most of the seafood in the Kingdom is imported from other countries, their prices are usually high. In 2019, the market for processed fish in Saudi Arabia was estimated at USD 80.8 million, and it is projected to reach USD 101.1 million by 2025, with a CAGR of 3.8% during the forecast period.
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