IMARC Group’s latest report, titled “Saudi Arabia Aquaculture Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” finds that the Saudi Arabia aquaculture market size reached 103,141 Tons in 2019. Aquaculture refers to the practice of breeding, raising and harvesting aquatic organisms, including shellfish, fish or algae, under controlled conditions. With the growing local seafood consumption, driven by population increase and high per capita incomes, the aquaculture industry has expanded rapidly in Saudi Arabia. The country is strategically located with a 2,600 km long coastline that is suitable for aquaculture development and is home to a wide range of fish and other marine species.
Saudi Arabia Aquaculture Market Trends:
On account of the favorable geographical location of the Red Sea and suitable environmental conditions, significant investments have been made by the Government of Saudi Arabia to upgrade the infrastructure and encourage industrial sea farming in the country. Along with this, the Ministry of Environment, Water and Agriculture in Saudi Arabia has introduced various programs to promote sustainable aquaculture practices, which are economically, technically viable, environment-friendly, and socially acceptable. Besides this, the region is attracting significant foreign investment in the aquaculture industry, which are providing a further push to the market growth. For instance, Viking Labels, a Norwegian startup specializing in land-based recirculating aquaculture system (RAS) technology, has planned to establish a salmon farm in the city of Jeddah, with a capacity of 5,000 metric tons within the next few years. Moreover, the growing consumption of seafood products, the increasing number of farms applying for aquaculture licenses and continuous research and development (R&D) activities to develop cost-effective techniques for enhancing farm production are some of the factors contributing to the success of the aquaculture industry in Saudi Arabia. Looking forward, the market is projected to reach a volume of 277,722 Tons by 2025, expanding at a CAGR of 15.9% during 2020-2025.
- The market has been segmented into production and consumption based on the fish type. At present, crustaceans represent the most popular type of fish produced in Saudi Arabia, whereas Pelagic fish is the most widely consumed product.
- On the basis of the environment, marine water currently holds the majority of the overall market share. Other major segments include fresh and brackish water.
- The market has been classified based on the distribution channel into traditional retail, supermarkets and hypermarkets, convenience stores, online and others. Amongst these, traditional retail dominates the market, holding the largest market share.
- 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) and Tabuk Fisheries Company.
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