Analysis of Fisheries and Aquaculture Sector in Saudi Arabia Market Size

Saudi Arabia Aquaculture Market Analysis

The Analysis of Fisheries and Aquaculture Sector in Saudi Arabia Market size is estimated at USD 373.02 million in 2024, and is expected to reach USD 432.64 million by 2029, growing at a CAGR of 3.01% during the forecast period (2024-2029).

• Over the past few years, the country's aquaculture industry has grown, making it the largest producer and exporter of seafood in the world.According to FAO, the production quantity of aquaculture reached 99,907 metric tons, an increase from 75,563 metric tons. This growth is mostly due to strict biosecurity, cutting-edge technology, and high standards for product safety and traceability.Moreover, there are significant chances for expansion due to the potential of the Red Sea's clean waters, acceptable environmental conditions, and advantageous geographical locations regarding logistics and transport requirements for seafood.
• Along with this, the government's support for the sector is growing, demand is growing quickly, and more and more fish are being sold through social media platforms. There have also been a number of technological advances to help meet the growing demand for fisheries in the country.
• On the other hand, domestic aquaculture production has grown a lot over the past few years, while landings from capture fisheries have stayed about the same. Despite the increased supply from aquaculture, the domestic market still relies heavily on imports. Saudi Arabia mostly depends on developing countries in South and Southeast Asia, South America, and Africa to meet its domestic demand for fish and fish products. Therefore, the high production and demand for aquaculture products in the country are pushing the market's growth in the forecast period.