Saudi Arabia Seafood Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Size in 2023: USD 1.0 Billion
Market Forecast in 2032: USD 1.25 Billion
Market Growth Rate: 2.18% (2024-2032)
The Saudi Arabia seafood market size reached USD 1.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 1.25 Billion by 2032, exhibiting a growth rate (CAGR) of 2.18% during 2024-2032. The market is experiencing steady growth, driven by increasing urbanization, rising disposable incomes, and a growing preference for healthier dietary options.
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Saudi Arabia Seafood Market Trends:
The market in Saudi Arabia is primarily driven by the increasing demand for fresh and high-quality seafood and the growing consumer focus on healthier dietary options. Moreover, the implementation of favorable government initiatives aiming at improving domestic aquaculture production and reducing reliance on imports are fostering market growth. Additionally, the increasing awareness regarding the nutritional benefits of seafood, such as its rich omega-3 content, is encouraging higher consumption, further driving market expansion.
Furthermore, the expanding food service industry, particularly the upscale dining segment, is incorporating diverse seafood options into menus, which is contributing to the growth of the market. Besides this, the growing influence of global cuisines and culinary trends is introducing a variety of seafood products to the local market, thereby creating lucrative growth opportunities for the market. In addition to this, the increasing integration of sustainable fishing practices is enhancing consumer trust and supporting long-term market growth.
Saudi Arabia Seafood Market Scope & Growth Analysis:
The scope of the market in Saudi Arabia is significantly expanding due to the integration of advanced aquaculture techniques, which are enabling the production of high-quality, locally sourced seafood. Additionally, the paradigm shifts towards premium seafood products, including exotic and organic varieties, catering to evolving consumer preferences, are enhancing market scope. As per the market analysis, the rise in direct-to-consumer delivery channels, supported by digital platforms, is making a diverse range of seafood products more accessible, which is also broadening the scope of the market.
Furthermore, the development of value-added products, such as frozen and marinated seafood, is enriching market versatility. Additionally, strategic collaboration between international suppliers and local distributors is expanding the variety of seafood options available in the market, which is also positively impacting the market. The scope of the market is further broadened by the increasing focus on food safety and traceability, which is strengthening consumer confidence in the seafood supply chain. Moreover, the incorporation of innovative packaging solutions that extend shelf life is further expanding the scope of the market.
Saudi Arabia Seafood Industry Segmentation:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest Saudi Arabia seafood market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.
Breakup by Type:
Fish
Shrimp
Others
Breakup by Form:
Fresh / Chilled
Frozen / Canned
Processed
Breakup by Distribution Channel:
Off-Trade
Convenience Stores
Online Channel
Supermarkets and Hypermarkets
Others
On-Trade
Breakup by Region:
Northern and Central Region
Western Region
Eastern Region
Southern Region
Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant. Saudi Arabia seafood industry include Almunajem Foods, Arab Fisheries Co., IZAFCO LLC, National Aquaculture Group, Shell Fisheries Company W.L.L., and among many others.
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Key highlights of the Report:
Market Performance (2018-2023)
Market Outlook (2024-2032)
COVID-19 Impact on the Market
Porter’s Five Forces Analysis
Strategic Recommendations
Historical, Current and Future Market Trends
Market Drivers and Success Factors
SWOT Analysis
Structure of the Market
Value Chain Analysis
Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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