Gurugram, India, May 21, 2024 (GLOBE NEWSWIRE) -- Dive into a world of opportunity! The Saudi Arabian seafood market is poised for a significant catch, with a projected market value of $900 million by 2027. Fueled by a growing population, rising disposable incomes, and government initiatives aimed at boosting domestic production, the Kingdom is experiencing a surge in demand for seafood. This press release, based on Ken Research's insightful report "Saudi Arabia Seafood Market: Opportunities, Competitors: A Rising Tide of Demand," explores the key trends driving this dynamic market and offers valuable insights for investors, food businesses, and aquaculture players alike.
Casting a Wider Net: Key Drivers Propelling Saudi Arabia's Seafood Market
Several key factors are contributing to the flourishing Saudi Arabian seafood market:
- Population Boom Fuels Demand: Saudi Arabia's burgeoning population, with a growing middle class and a rising taste for seafood, is driving demand for high-quality fish and shellfish. This presents a lucrative opportunity for businesses involved in the import, processing, and distribution of seafood products.
Interested to Know More about this Report, Request a Free Sample Report
Alternative Stat-Based Headings
- Growing Appetites: Population Boom Drives $900 Million Saudi Seafood Market by 2027 (Highlights the role of population growth)
- Rising Incomes Fuel Spending: Increased Disposable Income Propels Demand for Seafood in Saudi Arabia (Focuses on the impact of disposable income)
- Disposable Incomes on the Rise: As disposable incomes rise in Saudi Arabia, consumers are spending more on premium food products, including seafood. This trend creates a market for diverse and high-value seafood options.
- Government Support Bolsters Domestic Production: Vision 2030, the Kingdom's ambitious economic and social reform program, prioritizes increasing domestic seafood production. Government initiatives, such as investments in aquaculture and infrastructure development, are expected to play a crucial role in reducing reliance on seafood imports.
Market Segmentation: A Catch for Every Preference
The Saudi Arabian seafood market caters to a variety of consumer preferences and dietary needs. Here's a closer look at the segmentation within this dynamic market:
- Fish Leads the Pack: Fish accounts for the largest share of the Saudi Arabian seafood market. Popular varieties include tuna, sardines, and hammour, a type of grouper. This category is expected to maintain its dominance in the coming years.
- Shrimp Gains Traction: Shrimp is another popular seafood choice in Saudi Arabia. Growing consumer awareness of the health benefits of shrimp and its versatility in various cuisines are driving demand for this segment.
- Emerging Niche Markets: Specialty seafood items like oysters, mussels, and lobster are gaining popularity, particularly in high-end restaurants and hotels. This niche market caters to adventurous palates and a growing demand for unique culinary experiences.
Visit this Link :- Request for custom report
Building a Competitive Landscape: Local and Global Players Set Sail
The Saudi Arabian seafood market features a blend of established international players and ambitious domestic companies:
- International Seafood Giants Enter the Market: Recognizing the Kingdom's potential, major international seafood companies are entering the Saudi market. They bring expertise in sourcing, processing, and distribution, contributing to improved product quality and efficiency.
- Domestic Players Invest in Aquaculture: Saudi Arabian companies are actively investing in aquaculture to enhance domestic production and reduce dependence on imports. This includes establishing fish farms and hatcheries, fostering innovation in sustainable aquaculture practices.
- Focus on Cold Chain Infrastructure: A well-developed cold chain infrastructure is crucial for maintaining seafood quality throughout the supply chain. Investments in refrigerated transportation and storage facilities are creating a more efficient and streamlined seafood market.
The Future is Sustainable and Diverse: Emerging Trends Shaping the Landscape
The Saudi Arabian seafood market is poised for exciting advancements:
- Sustainability Takes Center Stage: Environmental consciousness is rising among Saudi consumers. Sustainable fishing practices and responsible aquaculture methods are gaining traction, with businesses focusing on minimizing environmental impact.
- E-commerce Drives Online Seafood Sales: The growth of e-commerce platforms is offering convenient access to fresh seafood for consumers. This trend presents new opportunities for businesses to develop innovative online sales strategies and delivery solutions.
- Focus on Value-Added Products: Consumers are increasingly seeking convenient and ready-to-eat seafood options. The market for value-added products like marinated fish, pre-packaged shellfish, and ready-to-cook meals is expected to grow significantly.
Request free 30 minutes analyst call
Download the full report to gain a comprehensive analysis of the Saudi Arabia Seafood Market and its exciting future. This report equips you with the knowledge needed to navigate this dynamic landscape and position yourself for success in the Kingdom's flourishing seafood industry.
Taxonomy
KSA Seafood Market Segmentation
By Type
- Fish
- Shrimps
- Crustaceans
- Others (Lobsters, Mullusks and more)
By Form
- Fresh
- Frozen
- Primary Processed
- Secondary Processed
By Fish
- Frozen
- Fresh
- Primary Processed
- Secondary Processed
By Shrimp
- Fresh
- Frozen
- Primary Processed
- Secondary Processed
By Crustaceans
- Fresh
- Frozen
- Primary Processed
- Secondary Processed
By others (Lobsters, Mullusks and more)
- Fresh
- Frozen
- Primary Processed
- Secondary Processed
By Place of Retail
- Off-Trade
- On- Trade
By Off-Trade
- Offline
- Online
By On Trade
- Restaurants
- Hotels
- Catering
- Others (food trucks, cloud kitchens and other un-organized food sellers)
By Offline
- Traditional Markets
- Hypermarkets
By Major Region
- Western Region
- Central Region
- Eastern Region
- Sothern Region
- Northern Region
KSA Processed Seafood Market Segmentation
By Type of Processing
- Primary
- Secondary
By Fish
- Primary Processed
- Secondary Processed
By Shrimp
- Primary Processed
- Secondary Processed
By Crustaceans
- Primary Processed
- Secondary Processed
By others (Lobsters, Mullusks and more)
- Primary Processed
- Secondary Processed
By Primary Processing
- Filleting
- Portioning
- Skinning
- Others (Cleaning, heading, slaughtering and more.)
By Secondary Processing
- Dried
- Smoked
- Breaded
- Others (Pickling, marinating, brining and more.)
By Place of Retail
- Off-Trade
- On- Trade
By Place of Retail for Primary Processing
- Off-Trade
- On- Trade
By Major region
- Western Region
- Central Region
- Eastern Region
- Sothern Region
- Northern Region
KSA Distribution & Retail Seafood Market Segmentation
By Distribution Channel
- Wholesale Channels
- Direct Retail
By Type of wholesale
- Fish
- Shrimp
- Crustaceans
- Others
By Major region
- Western Region
- Central Region
- Eastern Region
- Sothern Region
- Northern Region
KSA Fish Feed Market Segmentation
By Type
- Fish
- Shrimps
- Crustaceans
- Others (Sea cucumber, mussels and more.)
By End-Users
- E-Commerce
- Retail
- Others
By Form
- Pellet
- Granules
- Sticks
- Flakes
- Powder and Others
By End User
- Nutritional Feed
- Medication Feed
- Environmental Feed
- Algae- Based Feed
- Color enhancing Feed
- Others
By Type of Trade
- Domestic
- Import
By Distribution Channel
- Wholesale
- Direct Retail
By Major City
- Jeddah
- Jazan
- Dammam
- Others (Makkah, Tabuk, Madinah.)
For More Insights On Market Intelligence, Refer To The Link Below: –
KSA Seafood and Fish Feed Market
Related Reports by Ken Research: –
The global snack food market is expected to reach USD 304306 Mn from 2022 to 2027, with a projected increase in market size driven by changing consumer preferences, urbanization, and a rising demand for convenience foods. A major growth driver in the snack food market will be the increasing consumer focus on health and wellness. There is a growing demand for snacks that are not only tasty but also nutritious.
Europe wheat protein market is expected to show constant increase and is expected to grow at a CAGR of ~6% from 2022 to 2028 with increasing focus of concerning health issues. Wheat protein market is expected to grow from 2022-2028 due to factors like increase in trust on organic farming, growing demand of wheat protein, and increase in number of gyms and fitness centers in Europe.
The meat snack market is finding huge acceptance from the audience who are searching for quick sources of nutrients and protein in their hectic lifestyle. As a result, the us meat market is expected to grow significantly in the future. Currently, USA’s 73% population consume meat food items as a result the market for meat snacks is increasing growing with a CAGR of 2% in the last 5 years. Meat snacks such as beef jerky, beef sausages, beef sticks, and cold-crafted link attract a wide range of customers.
According to Ken Research, this market is anticipated to grow at a CAGR of ~7% in between 2022-2028 owing to rise in allergy cases, rapid urbanization and technological advancements along with rise in demands and sales of gluten free products. Functional Flours can be best described as alternative options to traditional flours with high nutritional content.
Follow Us –
LinkedIn | Instagram | Facebook | Twitter | YouTube
Contact Us:-
Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
Ankur@kenresearch.com
+91-9015378249
