Saudi Arabia Aquaculture Market Size, Share, Growth and Statistics 2023-2028

IMARC Group report titled "Saudi Arabia Aquaculture Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The Saudi Arabia aquaculture market size reached a production volume of 397,800 Tons in 2022. Looking forward, IMARC Group expects the market to reach 631,300 Tons by 2028, exhibiting a growth rate (CAGR) of 7.9% during 2023-2028.

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Factors Affecting the Growth of the Saudi Arabia Aquaculture Industry:

• Government Initiatives and Investments:

Government initiatives and investments play a pivotal role in the development of the aquaculture market across Saudi Arabia. The Saudi Arabian government has recognized the importance of aquaculture in achieving food security and reducing reliance on seafood imports. To support this, it has introduced a range of policies and incentives, including financial support, subsidies, and infrastructure development. These initiatives encourage local and foreign investments in the aquaculture sector, fostering its growth and sustainability. Government commitment is further exemplified by the establishment of dedicated agencies and research institutions aimed at advancing aquaculture practices and ensuring its long-term success as a vital component of the country's food production and security strategies.

• Rising Seafood Demand:

The Saudi Arabia aquaculture market is witnessing an increase in consumer demand for seafood, driven by both domestic and international factors. Domestically, a growing population and changing dietary preferences have led to an increased appetite for seafood, which is considered a healthy and protein-rich dietary choice. Furthermore, the country's economic diversification efforts and a focus on tourism have fueled demand for seafood in the hospitality sector. Internationally, Saudi Arabia is eyeing seafood exports, particularly to countries with high seafood demand, capitalizing on its strategic location and the quality of its aquaculture products. This dual demand, both at home and abroad, is propelling the growth of the Saudi Arabia aquaculture market.

• Abundant Marine Resources:

Saudi Arabia's suitability for aquaculture operations is underscored by the abundant availability of marine water resources and favorable environmental conditions. With its extensive coastline along the Red Sea and the Arabian Gulf, the country possesses ample access to marine waters. These pristine coastal areas provide an ideal habitat for aquaculture, ensuring a consistent supply of clean and nutrient-rich seawater. Moreover, the region's climate, characterized by warm temperatures and ample sunlight, fosters optimal conditions for aquaculture species. This unique combination of marine water resources and favorable environmental factors has positioned Saudi Arabia as a prime location for sustainable and thriving aquaculture operations, thus making it a key player in the aquaculture market.

Major Companies Covered in Saudi Arabia Aquaculture Industry Report:

• National Aquaculture Group (NAQUA)
• Saudi Fisheries Company (SFC)
• Arabian Shrimp Company
• Asmak Holdings
• Jazan Energy, and Development Company (Jazadco)
• Tabuk Fisheries Company

Saudi Arabia Aquaculture Market Report Segmentation:

Breakup by Fish Type:

• On the Basis of Production
o Freshwater Fishes
o Diadromous Fishes
o Marine Fishes
o Crustaceans
o Others
• On the Basis of Consumption
o Pelagic Fish
o Freshwater and Diadromous Fish
o Crustaceans
o Demersal Fish
o Others

Production (crustaceans) represented the largest fish type segment in the Saudi Arabia aquaculture market due to the high demand for species like shrimp and prawns, which are favored seafood choices among consumers and have gained popularity in domestic and international markets.
Breakup by Environment:

• Marine Water
• Fresh Water
• Brackish Water

Marine water represented the largest environment segment in the market as it aligns with the country's extensive coastline along the Red Sea and the Arabian Gulf, providing abundant access to marine water resources for aquaculture operations.

Breakup by Distribution Channel:

• Traditional Retail
• Supermarkets and Hypermarkets
• Convenience Stores
• Online Channel
• Others

Traditional retail represented the largest distribution channel segment in the market because traditional markets and local retail outlets continue to be a significant channel for the sale of seafood products in Saudi Arabia, reflecting consumer preferences for fresh and locally-sourced seafood.

Saudi Arabia Aquaculture Market Trends:

The growing trend towards diversifying the range of aquaculture species beyond traditional choices represents one of the key factors driving the growth of the aquaculture market across Saudi Arabia. This includes the cultivation of various types of fish, shrimp, and other aquatic organisms, driven by consumer demand for a wider selection of seafood options. Sustainability is becoming a key focus in Saudi Arabia's aquaculture industry. With a commitment to environmentally responsible production, practices, such as recirculating aquaculture systems (RAS) and organic farming methods are gaining prominence to reduce environmental impact and conserve water resources.

The widespread adoption of advanced technology and automation in aquaculture operations, including the use of IoT (Internet of Things) sensors for water quality monitoring, Artificial Intelligence (AI) for feeding optimization, and innovative fish health management systems enhance productivity and efficiency. Saudi Arabia is increasingly targeting international markets for seafood exports. The aquaculture industry's growth is geared towards meeting both domestic and export demand, aligning with the country's economic diversification and food security goals.

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Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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