Market Size of Analysis of the Fisheries and Aquaculture Sector in the GCC Region
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.20 % |
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GCC Fisheries and Aquaculture Market Analysis
The GCC fisheries and aquaculture market is estimated to register a CAGR of 7.2% during the forecast period.
- The drivers identified in the market are a rapid rise in the population, an increase in affluent households, a focus on diversification, and changing diet preferences. The restraints identified in the market are unsustainable capture fishing patterns, a low level of informal fisheries consolidation, and a low level of knowledge and technology dissemination.
- According to the Ministry of Environment, Water & Agriculture (M EWA), the country's local seafood market is thriving, and Saudi Arabia's seafood consumption is expected to grow by 7.4% per annum until 2030.
- Population growth and increased consumption per capita will generate additional demand in the coming years. With a declining growth in capture fisheries and stricter safety regulations imposed on imports, aquaculture is set to be the main source of seafood supply for the Kingdom. This is expected to grow the market during the forecasting period.
- The MEWA has established strict regulations, such as the mandatory Global Aquaculture Alliance/Best Aquaculture Practices (GAA/BAP) certification. The country plans to be the first in the world to have a national-level BAP certification. This can help ensure environmentally safe and sustainable products. Furthermore, this will help in the safety and security of the country along with environmental issues and tends to grow the market in the coming years.
