Rise in the health-consciousness and increase in the per capita income is expected to drive the demand for Saudi Arabia Seafood market in the forecast period.
According to TechSci Research report, “Saudi Arabia Seafood Market By Product (Fish, Shrimp, Crab, Lobster, Others) By Type (Raw, Frozen, Processed) By Application (Retail, Institution Sales and Food Service) By Distribution Channel (Supermarket/Hypermarket, Departmental Stores, Specialized Stores, Online, Others), Company Forecast & Opportunities, 2026”, The Saudi Arabia Seafood market is expected to witness steady growth in the next five years. An increase in the initiatives offered by the government to raise the confidence of the consumers in eating quality seafood is expected to influence the demand for seafood in the next five years. According to the Saudi Vision 2030, the leading authorities are encouraging to increase the domestic production of the fish by adopting advanced technologies and measures to reduce the dependency on the export of the fish. Under Vision 2030, aquaculture production is expected to reach around half a million tonnes thereby significantly contributing to the growth of the economy and fuel the growth of the seafood market in the next five years. The presence of a large red sea coastline and favorable environmental conditions is expected to act as a positive factor contributing to the growth of the seafood market. Identification of the geographic locations favoring the maximum production of the seafood and supply of raw materials and quick logistics by the concerned authorities can accelerate the growth of the seafood market. Organizing social media campaigns to raise consumer awareness regarding the health benefits of consuming seafood is expected to fuel the seafood market growth. Technological advancements made in the production, packaging, distribution of seafood and its related products are expected to influence the market growth in the forecast period.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected countries adversely. Leading authorities of Saudi Arabia imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Coronavirus-affected patients started suffering from shortness of breath along with coughing and sneezing. Manufacturing units were temporarily shut down, and the shortage of workforce was observed as the majority of workers moved back to their native places. The disruption in the supply chain and the restriction over the import and export activities negatively affected the growth of the seafood market.
However, depletion of certain sea species and short shelf life of the seafood products may hamper the Seafood market growth in the forecast period.
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Saudi Arabia Seafood market is segmented into product, type, application, distribution channel, regional distribution, and company. Based on the product, the market can be divided into fish, shrimp, crab, lobster, and others. The fish segment is expected to account for major market share in the forecast period, 2022-2026 owing to the high demand for the consumption of the fish. An increase in the popularity of the fish as a high protein alternative to meat is expected to foster the fish segment market growth.
Sea Land Seafood Trading Co., Arab Fisheries Co, Al Faisal Fisheries Co, National Aquaculture Group, Rubban Fisheries Trading Company, Izafco LLC, Jazadco Shrimp Sales, Saudi Fisheries Company, Sami Hamad Est, Mohamed Ali Al Aradi & Partner Co., Uzma TE, Zuhair Al Madani Food Trading, King Fisheries Est. Jubail, Kingdom, Fitkar International Trading Company, Mohamed A. Alharbi Est. - Alharbi Seafoods are the leading players operating in Saudi Arabia Seafood market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several Seafood manufacturers are coming up with their technologically advanced offerings.
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“The adoption of a sustainable method of fishing can increase the domestic production of fish to satisfy the growing consumer demand for the consumption of fish. The increase in the presence of restaurants, hotels, cafes, amongst others, and the collaboration of fisherman and fish farmers with retailers, foodservice providers, and distributors can act as a catalyst for the growth of the seafood market in the next five years. Improvement of the infrastructure of the supply chain along with the rise in the affordability of seafood is further expected to propel the seafood market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a global research-based management consulting firm.
“Saudi Arabia Seafood Market By Product (Fish, Shrimp, Crab, Lobster, Others) By Type (Raw, Frozen, Processed) By Application (Retail, Institution Sales and Food Service) By Distribution Channel (Supermarket/Hypermarket, Departmental Stores, Specialized Stores, Online, Others), Company Forecast & Opportunities, 2026” has evaluated the future growth potential of Saudi Arabia Seafood market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of Saudi Arabia Seafood market.