Kuwait Fisheries and Aquaculture Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 238.70 Million |
| Market Size (2029) | USD 340.30 Million |
| CAGR (2024 - 2029) | 7.40 % |
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Kuwait Fisheries and Aquaculture Market Analysis
The Kuwait Fisheries And Aquaculture Market size is estimated at USD 238.70 million in 2024, and is expected to reach USD 340.30 million by 2029, growing at a CAGR of 7.40% during the forecast period (2024-2029).
Kuwait's fisheries fulfill only 30% of the nation's fish demand, with the remaining 70% imported. Despite policies aimed at managing wild fish stocks, populations have continued to dwindle, particularly among Kuwait's four key species: Suboor (Shad), Zobaidy (White Pomfret), Hamoor (Grouper), and Nagroor (Grunt). The Aquaculture Program is researching and implementing viable technologies to bolster Kuwait's aquaculture industry, enhancing its commercial viability and strengthening food security. This initiative emphasizes fish hatchery technologies during reproduction and early life stages and is developing practical nutrition and disease management protocols. In Kuwait, government support for the industry, a rapid increase in consumer demand, and the rising sale of fish through social network platforms drive the market. These platforms provide customers with greater bargaining flexibility and timely delivery. Again, this trend is poised to boost seafood sales as lifestyles evolve. Consequently, this rising consumption has made the country increasingly reliant on imports to satisfy domestic demand.
Through the United Kingdom Gulf Marine Environment Partnership (GMEP) Programme, the United Kingdom Government's Centre for Environment, Fisheries and Aquaculture Science (Cefas) collaborates with Gulf region partners to promote sustainable fishing and address biodiversity loss. Cefas, known for its extensive marine and freshwater science expertise, inaugurated its Kuwait office in June 2020. These efforts aim to reduce import dependence and enhance the country's self-sufficiency in production. As seafood consumption rises in the nation, production keeps pace, indicating a burgeoning market.
Kuwait Fisheries and Aquaculture Market Trends
Increasing Seafood Consumption Fuels Market Growth
Seafood is an excellent source of lean, high-quality, easily digested protein. Seafood is low in saturated fat and sodium and is a rich source of many essential vitamins and minerals. Seafood is also one of the few foods that contain long-chain omega-3 fatty acids, which have many beneficial health effects and are necessary for developing the nervous system and retina. Seafood includes fish such as catfish, salmon, tuna, trout, and tilapia, and shellfish such as shrimp, crab, clams, and oysters, mainly Nila Tilapia fish becoming popular in the parts of the country. Based on consumer health awareness of seafood and dietary, the aquaculture market is anticipated to grow in the coming years.
Demand for fresh fish and shrimp in Kuwait is expected to exceed the sustainable potential of its fishery resources. The Public Authority for Agricultural Affairs and Fish Resources (PAAFR) Kuwait has created a development plan to achieve locally consumed fish self-sufficiency and narrow the gap between seafood product supply and demand. According to ITC Trademap, the import of fresh and chilled fish accounted for USD 142,081 thousand in 2021, higher than USD 119,474 thousand in 2019.
Additionally, the organization projects that fish farming could fill 50.0% of the fresh fish deficit by 2026 if the PAAF completes implementing all its planned projects. Despite the higher price, the increasing demand for fish and seafood is projected to increase consumption in Kuwait during the forecast period, mainly driven by the government's focus on developing the aquaculture industry to reduce import dependency.
Rising Seafood Import in the Country
Kuwait's "Blue Economy" project seeks to transition the nation from its heavy reliance on oil revenues, which constitute 80% of its GDP, to focus on marine and maritime ventures. This initiative's key focus is pinpointing the primary causes behind the dwindling fish stocks. Data from the Kuwaiti Central Statistical Office and the State Authority of Agriculture Affairs and Fish Resources (PAAFR) reveal a concerning 30% decline in fish stocks within Kuwaiti waters, pushing the nation towards increased import reliance. Additionally, while local shrimp catches have lagged behind pre-invasion levels, a surge in domestic demand has led to heightened imports and escalating prices.
Data from ITC Trademap indicates that in 2021, Kuwait's fish imports reached 121 million metric tons, underscoring the nation's struggle to satiate its domestic appetite. This rising import trend is poised to support market growth in the coming years. As awareness of the health benefits of fish consumption grows, Kuwait's demand has surged, outpacing local supply. Consequently, vendors increasingly turn to international sources for frozen and fresh fish. ITC Trademap data highlights that in 2021, India, Pakistan, and Turkey emerged as Kuwait's primary fish suppliers, with India accounting for 22% of imports (valued at USD 51 million) and Pakistan closely following at 20% (USD 47 million). Therefore, increasing government initiatives to invest in farmland, coupled with rising imports of fisheries and aquaculture, is expected to boost the sales of seafood in the review period.
Kuwait Fisheries and Aquaculture Market News
- December 2023: EnerTech Holding Company and Aqua Bridge Group unveiled their joint venture at COP28, targeting the decarbonization of Kuwait's food supply chains. This initiative aims to lessen Kuwait's dependence on imports and strengthen its aquaculture and fisheries industries. These efforts align with the state's national food security goals, emphasizing creating a resilient and sustainable agri-food system capable of withstanding global economic shocks and disruptions.
- September 2022: Kuwait Institute for Scientific Research (KISR) initiated the farm white leg shrimp project as an important step to boost food production, availability, and sustainability. It also aims to farm fish in desert areas and improve aquaculture operations.
Kuwait Fisheries and Aquaculture Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Government Support in the Aquaculture Industry
4.2.2 Increasing Seafood Consumption Fuels Market Growth
4.2.3 Rising Seafood Import in the Country
4.3 Market Restraints
4.3.1 Extreme Climatic Conditions
4.3.2 Decline in Fisheries Employment
5. MARKET SEGMENTATION (Production Analysis, Consumption Analysis by Value & Volume, Import Analysis by Value & Volume, Export Analysis by Value & Volume and Price Trend Analysis)
5.1 Type
5.1.1 Fresh Water Fishes
5.1.2 Diadromous Fishes
5.1.3 Crustaceans
5.1.3.1 Shrimp
5.1.4 Marine Fishes
5.1.4.1 Pelagic Fish
5.1.4.2 Tuna
5.1.4.3 Other Marine Fishes
6. REGIONAL ANALYSIS
6.1 PESTLE Analysis
6.2 Value Chain Analysis
6.3 Government Policies
7. COMPETITIVE ANALYSIS
7.1 Distribution Network and Retail Analysis
7.2 List/Profile of Key Players
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Kuwait Fisheries and Aquaculture Industry Segmentation
Aquaculture is aqua farming of fish, crustaceans, mollusks, aquatic plants, algae, and other organisms. It is the breeding, rearing, and harvesting fish, shellfish, algae, and other organisms in all water environments. The Kuwaiti fisheries and aquaculture market is segmented by type into freshwater fishes and marine fishes. The report includes production (volume), consumption (volume and value), import (volume and value), export (volume and value), and price trend analysis. The report offers market estimation and forecasts in value (USD) and volume (metric tons) for the above segments.
| Type | |||||
| Fresh Water Fishes | |||||
| Diadromous Fishes | |||||
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Kuwait Fisheries and Aquaculture Market Research FAQs
How big is the Kuwait Fisheries And Aquaculture Market?
The Kuwait Fisheries And Aquaculture Market size is expected to reach USD 238.70 million in 2024 and grow at a CAGR of 7.40% to reach USD 340.30 million by 2029.
What is the current Kuwait Fisheries And Aquaculture Market size?
In 2024, the Kuwait Fisheries And Aquaculture Market size is expected to reach USD 238.70 million.
What years does this Kuwait Fisheries And Aquaculture Market cover, and what was the market size in 2023?
In 2023, the Kuwait Fisheries And Aquaculture Market size was estimated at USD 221.04 million. The report covers the Kuwait Fisheries And Aquaculture Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Kuwait Fisheries And Aquaculture Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Kuwait Aquaculture and Fisheries Industry Report
Statistics for the 2024 Kuwait Aquaculture and Fisheries market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Kuwait Aquaculture and Fisheries analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
