Market Size of gcc seafood Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 3.54 Billion |
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Market Size (2029) | USD 3.84 Billion |
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Largest Share by Type | Fish |
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CAGR (2024 - 2029) | 1.63 % |
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Largest Share by Country | United Arab Emirates |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
GCC Seafood Market Analysis
The GCC Seafood Market size is estimated at 3.54 billion USD in 2024, and is expected to reach 3.84 billion USD by 2029, growing at a CAGR of 1.63% during the forecast period (2024-2029).
3.54 Billion
Market Size in 2024 (USD)
3.84 Billion
Market Size in 2029 (USD)
2.68 %
CAGR (2017-2023)
1.63 %
CAGR (2024-2029)
Largest Segment by Type
72.74 %
value share, Fish, 2023
The region's demand for fish is fueled by a range of factors, including fish's lower price, greater nutritional value, and ease of availability due to increased production.
Largest Segment by Country
38.60 %
value share, United Arab Emirates, 2023
UAE dominates the market as there is a growing demand for organic fish, that is being driven by high-income immigrants and buyers who support sustainable seafood.
Fastest-growing Segment by Type
2.59 %
Projected CAGR, Shrimp, 2024-2029
Regional government adding an effort to increase the local production of shrimps in Bahrain, Saudi Arabia, UAE, and others for makes shrimp a promising market segment.
Fastest-growing Segment by Country
2.44 %
Projected CAGR, Bahrain, 2024-2029
The surging sales of fish is driving the Bahrain market. Local consumers favor domestic seafood because they believe it is sustainably farmed and of acceptable quality.
Leading Market Player
1.92 %
market share, The Deep Seafood Company, 2022
The Deep Seafood Company primarily offers a wide range of seafood products to the market with international food safety and quality standards.
Saudi Arabia dominates the regional market with the assistance of strategic investments and partnerships
- In 2022, fish occupied the largest share among all other seafood variants in the market. The sales value grew at a CAGR of 2.37% over 2017-22. The increasing health consciousness among the population and preference toward a nutrient and protein-rich diet without added cholesterol components is leading consumers to spend more on different varieties of fish like sardines, salmon, and tuna. The region of the GCC, apart from hosting extensive desert lands, comprises miles of coastline that assist in the growth of local fisheries.
- Shrimp is estimated to be the fastest-growing seafood segment in the Middle East over the forecast period. Most shrimp in the region are imported from Asian countries like India, Pakistan, and China. Shrimps are an ideal choice for consumers opting for a protein-rich weight loss diet. Obesity is a pressing issue in GCC, with Kuwait, Jordan, and Saudi Arabia having more than 25% of their population identified as obese as of 2023, expanding the opportunity for the shrimp industry to flourish in the region.
- Saudi Arabia is one of the significant countries in the region, occupying one of the highest shares in the market over the study period. The country launched the National Fisheries Development Program as a part of its Vision 2030 to raise a fund of USD 4 billion in 2022. This fund is expected to increase infrastructure and develop the workforce for inland fisheries cultivation. The United Arab Emirates proposed fuel subsidies to its fishing sector to reduce operating costs in 2022 in partnership with the UAE Ministry of Climate Change and the Environment, Abu Dhabi National Oil Company, and Emirates National Oil Company.
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Increasing private sector investments in seafood production are driving the demand
- The United Arab Emirates is the leader in the Middle Eastern seafood market. The seafood consumption per person increased, reaching 25.50 kg in 2021, ranking second only to Oman's 29.01 kg. The demand for seafood products is driven by an expanding population with rising income levels and a growing appetite for fish. Nearly 90% of the Emirati population is made up of immigrants, and the typical meals in the region often include seafood products. Indians make up over 40% of the total population in the United Arab Emirates, followed by Indonesians and Bangladeshis.
- Saudi Arabia intends to produce 300,000 metric tons of fish by 2025 and 600,000 metric tons by 2030. Private sector investments in the pre-harvest, production, and post-harvest segments of the aquaculture sector witnessed a sharp increase as a result of the initiative. Saudi Arabia's partnership with the Network of Aquaculture Centers in Asia-Pacific (NASA) also aims to increase the nation's seafood production. The higher availability of seafood is expected to increase local demand further.
- Bahrain is projected to register the fastest CAGR of 5.11% during the forecast period. Fish farming is a crucial sector that the government is relying on to ensure food security, as marine products are a key food item in Bahrain. In 2021, six plots of land were identified as candidates to boost agricultural production and fish farming as part of efforts to ensure the country's food security. The move is expected to achieve 50-62% self-sufficiency in fish. Investing in fish farming has many benefits, such as reducing pressure on natural resources and releasing fish fingerlings raised on the farm into the wild to restock Bahrain’s marine population.
