The Saudi Arabia fish market is evaluated at US$700.840 million for the year 2019 and is projected to grow at a CAGR of 5.55% to reach a market size of US$1,022.662 million by the year 2026.
The Saudi Arabian fish market has grown significantly over the past few years, making it one of the leading producers and exporters of Sea Food worldwide. According to an FAO report, the kingdom accounted for 56.1 thousand tonnes of aquaculture production in 2019. Aquaculture has been practiced in the country for the last four decades. In 1970, the Ministry of agriculture and water in collaboration with FAO and the White Fish Authority (WFA) conducted studies on the potential aquaculture development underlining list of species suitable in fresh and marine waters of the kingdom. The kingdom has had a long history of aquaculture dating back to the 1980s when Nile Tilapia was first reared in inland water bodies. Later the sector started moving towards shrimp aquaculture, mainly focusing on giant tiger prawn and Indian white shrimp. Whereas, the capture fisheries market production has been an average of 68,000 tonnes according to an FAO report. In recent years, several technological advancements have been made to support the growing demand for fisheries in the country. The market has grown exponentially over the past several years owing to stringent product standards, rigorous biosecurity measures, technological advancements, and the adoption of the highest product safety norms. Moreover, rapid urbanization, Industrial and Agricultural growth, and diversification of the oil-based economy into other sectors have fueled the growth in the Saudi Arabian Fishery market. Besides, rising incomes, changing consumer preferences, and moving trends towards high-quality protein-rich food have led to growth in the Saudi Arabian fish market. However, the market growth has been hindered due to fishing bans, drop-in employment levels in the sector, and meteorological and hydrological conditions.
The outbreak of the novel coronavirus disease severely impacted the Saudi Arabian Fish market. The market witnessed a decline in growth in 2020. The main impact of Covid-19 on the fisheries market has been on the retail level. Following the outbreak of the virus, the fish markets in the country were forced to shut down or were operating at limited capacity owing to lockdown restrictions in the region. Exports and imports to other countries were hampered due to the pandemic, resulting in a rise in domestic prices for the local produce. However, according to Saudi Arabia's Ministry of Environment, Water, and Agriculture, the country was able to achieve unprecedented levels of self-sufficiency, with 55% in the sector.
The Saudi Arabian Fish market has been segmented based on type, end-user, and province. Geographically, the Saudi Arabian Fish market is segmented into Jeddah, Riyadh, and others.
By origin, the classification of the market has been done as Capture Fisheries and Aquaculture. Contrary to capture fisheries, the aquaculture market has witnessed significant growth in the domestic market. Although, the country's domestic market remains heavily reliant on imports.
Government Support and Initiatives
The government has taken several product-oriented initiatives to meet the growing demand for seafood in the country. The government aims to improve fish resource management within the country and bring about sustainable management of fisheries and watersheds.
Moreover, the government has instated certain regulations on the import and export of fishes in and out of the country. According to circular No. 35657 dated 8\2\1431AH by the Ministry of environment, water and agriculture, the government has brought about restrictions to govern the imports of certain species and controls on aquatic organism imports. The government has launched 5 key initiatives, equaling SAR 1.3 billion to boost the aquaculture market in the country. These initiatives aim to support the local economy, achieve food security and provide job securities in the country. Moreover, rising consumption due to the growing population and increasing per capita income is expected to augment the demand in the sector up to 600,000 tons by 2030, in order to meet 65% of the domestic demand and further reduce cost by 30%.
Participation by market players
The market players are actively participating in form of increased investments in R&D and are taking collaborative efforts for launching new products to expand their market share to meet the growing end-use requirements.
Prominent market players in the Saudi Arabian Fishmarket include Naqua, Arab Fisheries Co., and Asmak among others. The players in the Saudi Arabian Fish market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Saudi Arabian Fishmarket.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining a faster and efficient understanding of the market.
Notable players in the market are Naqua, Arab Fisheries Co., Asmak, Jazadco Co, and Tabuk Fisheries Co.