Market Size of saudi arabia seafood Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 1.05 Billion |
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Market Size (2029) | USD 1.18 Billion |
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Largest Share by Type | Fish |
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CAGR (2024 - 2029) | 2.24 % |
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Fastest Growing by Type | Shrimp |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Saudi Arabia Seafood Market Analysis
The Saudi Arabia Seafood Market size is estimated at 1.05 billion USD in 2024, and is expected to reach 1.18 billion USD by 2029, growing at a CAGR of 2.24% during the forecast period (2024-2029).
1.05 Billion
Market Size in 2024 (USD)
1.18 Billion
Market Size in 2029 (USD)
3.72 %
CAGR (2017-2023)
2.24 %
CAGR (2024-2029)
Largest Segment by Type
67.92 %
value share, Fish, 2023
The country'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 Form
53.09 %
value share, Fresh / Chilled, 2023
Local consumers choose wild-caught as they believe it to be more natural, fresh, delicious, and healthy. The demand rose considerably after the relaxation of the lockdown.
Fastest-growing Segment by Type
3.74 %
Projected CAGR, Shrimp, 2024-2029
The fast projected growth in shrimp consumption is led by surging awareness regarding its health benefits like its abundance in omega-3 fatty acids and vitamins D and B2.
Fastest-growing Segment by Form
2.54 %
Projected CAGR, Processed, 2024-2029
The growth of the Saudi tourism and hospitality sector has resulted in a rise in demand for processing fish products at hotels, restaurants, and catering services.
Leading Market Player
1.29 %
market share, Saudi Fisheries Company, 2022
Saudi Fisheries Company with its wide market penetration caters to both on-trade and off-trade channels via restaurants, wholesale, and retailer formats in Saudi Arabia.
Increased domestic seafood production with government support propelling the market growth
- The Saudi Arabian seafood market witnessed significant growth in sales value of 9.98% from 2020 to 2022. This is due to the increased domestic seafood production reaching 399.5 million metric ton in 2022, which was 15 million metric ton higher than 2018. The government is attempting to increase domestic production by investing in sustainable fishing practices, which, in turn, has fueled market growth. However, Saudi Arabia has a diverse network of suppliers of fish and seafood products, with imports coming primarily from Thailand, the United Arab Emirates, Indonesia, Yemen, and Norway.
- Fish is the most consumed seafood type in the Saudi Arabian seafood market. From 2020 to 2022, the sales value of fish increased by 10.08%. The increasing domestic consumption of fish is driven by an increasing population keen on pursuing healthy lifestyles and diets. This factor continues to drive Saudi Arabia’s seafood market, which, in turn, has increased fish per capita consumption in the country, which was 7.34 kg in 2022, as compared to shrimp and other seafood.
- Shrimp is the fastest-growing segment of the Saudi Arabian seafood market. It is projected to reach a CAGR of 4.75% during the forecast period (2023-2029). There is a growing demand for sustainably farmed shrimp among Saudi consumers, and the prices for shrimps are also reasonable, which were USD 3.02 per kg in 2022, fueling the demand among consumers. Thus, the country is producing shrimp in inland waters on a commercial scale using the closed system in the Tabuk region. The shrimp cultivation method in Saudi Arabia is considered one of the largest aquaculture programs in the Middle East. Owing to all these factors, shrimp demand is likely to grow in the future.
Understand The Key Trends Shaping This Market
