Market Trends of Oman Fisheries and Aquaculture Industry
This section covers the major market trends shaping the Oman Fisheries & Aquaculture Market according to our research experts:
Increase in Seafood Demand
Oman's growing population, thriving economy, and profile as one of the popular tourist destinations have increased the demand for quality food products. The population of the country has also risen gradually. According to the World Bank, the population in the country was 4.5 million in 2016. This rose to 5.1 million by 2020, placing a critical need on the sustainable and efficient management of marine resources and fish stock. The population growth rate and the consumption rate are expected to be the major factors driving the fisheries and aquaculture sector in the country. However, the marginal rise in disposable incomes and prosperity, accompanied by a noticeable shift in the dietary preferences of consumers in the country, as they have expanded their diets to include more meat of fish and seafood, may consequently contribute to the growth of the market. Oman has resource biodiversity along more than 3,000 km of coastline. It has the strategic advantage of being close to the major export regions that are politically stable and have orderly civil societies. Thus, these factors boost the market in the country.
Demersal Fish Segment Dominates the Market
Demersal fishes are the most popular and dominate the market in the country. Demersal fishes include grouper, trevally, emperor, and pomfret. The orange-spotted grouper is the most popular fish species in the country, but it has been pushed to the brink of extinction, which makes its procurement through aquaculture even more important. The major fish market in Oman is Muttrah. Most production is consumed locally, although some fish is exported to neighboring countries. Malabar Trevally, Orange Spotted Trevally, Brownback Trevally, Golden Trevally Blacktip Trevally, and Coast Trevally are some of the major trevally varieties caught in the region. Golden Toothless Trevally, Yellow Stripe Trevally, and Black Banded Trevally are a few of the majorly produced varieties in Oman. In line with the rapid growth and development, the population of Oman has risen exponentially, thus creating a need for the sustainable and efficient use of resources available in the region. Therefore, the increase in local demand due to the increasing population is anticipated to boost the market over the coming years.
