Saudi Arabia Aquaculture Market to Reach 631,300 Tons by 2028, Bolstered by Increasing Seafood Consumption

According to the latest report by IMARC Group, titled “Saudi Arabia Aquaculture Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the Saudi Arabia aquaculture market reached a production volume of 397,800 Tons in 2022. Aquaculture refers to the practice of breeding, raising and harvesting aquatic organisms under human supervision in a tank, floating cage, pond, or any other water body. This farming procedure involves interventions in the rearing process to enhance production, such as regular stocking, feeding, and protection from predators. Over the years, the aquaculture industry has witnessed rapid growth in Saudi Arabia as the country is strategically located with a 2,600 km long coastline that is home to a wide range of fish and other marine species and is suitable for aquaculture development.

Saudi Arabia Aquaculture Market Trends:

The market is primarily driven by the rising seafood consumption in Saudi Arabia, as aquaculture production fulfills the partial domestic demand of seafood in the country. Moreover, the rising per capita income, changing lifestyles, and increasing demand for high-quality protein-rich food have also expanded the aquaculture industry. Besides this, the market is further propelled by the rising health consciousness among individuals as seafood is considered a rich source of protein, vitamins, and omega-3 fatty acids. In addition, its consumption is associated with numerous health benefits, including enhanced digestion, improved skin health, and strong metabolism. Furthermore, the government of Saudi Arabia is undertaking various initiatives to raise domestic seafood production and upgrade the infrastructure to encourage industrial sea farming in the country, which represents another growth-inducing factor. Looking forward, IMARC Group expects the market production volume to reach 631,300 Tons by 2028, exhibiting a CAGR of 7.9% during 2023-2028.

Market Summary:

• Based on the fish type, the market has been bifurcated into on the basis of production (freshwater fish, diadromous fish, marine fish, crustaceans, and others) and on the basis of the consumption (pelagic fish, freshwater and diadromous fish, crustaceans, demersal fish, and others).
• On the basis of the environment, the market has been segmented into marine, fresh, and brackish water.
• Based on the distribution channel, the market has been classified into traditional retail, supermarkets and hypermarkets, convenience stores, online channel, and others.
• The competitive landscape of the market has been examined, with some of the key players being National Aquaculture Group (NAQUA), Saudi Fisheries Company (SFC), Asmak Holdings, Jazan Energy, and Development Company (Jazadco), Arabian Shrimp Company, and Tabuk Fisheries Company.
   

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