Summary

The Saudi Arabian seafood market is undergoing a seismic shift, presenting unprecedented opportunities for investors, processors, and retailers. Once heavily reliant on imports, the kingdom is now actively pursuing seafood self-sufficiency, fueled by ambitious Vision 2030 initiatives. The Red Sea's pristine waters and government support have catalyzed a burgeoning domestic aquaculture industry, particularly for shrimp and fish farming. Recent news of Saudi Arabia's successful cultivation of red coral, a previously unattainable luxury, underscores the nation's ambition to become a global seafood powerhouse. This strategic move not only diversifies the seafood portfolio but also positions Saudi Arabia as a pioneer in marine aquaculture. This paradigm shift is reshaping the entire value chain, from hatcheries to retail outlets. Notably, the recent landmark agreement between Saudi Arabia and Israel has opened new avenues for aquaculture technology transfer and joint ventures, propelling the sector into a new era of innovation. The Kingdom's strategic location at the crossroads of major shipping routes and its proximity to abundant fishing grounds offers a competitive edge. Furthermore, the rapid expansion of retail and food service channels, coupled with increasing consumer awareness of the health benefits of seafood, is driving demand for premium and value-added products.

According to the research report "Saudi Arabia Seafood Market Overview, 2029," published by Bonafide Research, the Saudi Arabian Seafood market is projected to add more than 0.4 Billion USD from 2024 to 2029. The country's burgeoning population, with a growing middle class, has led to a rising demand for protein-rich foods. Seafood, seen as a healthy and diverse dietary option, has become increasingly popular. Additionally, the Saudi government's emphasis on food security and diversification of the economy has spurred investments in the seafood sector. The kingdom's vast coastline along the Red Sea and the Arabian Gulf offers potential for robust fishing and aquaculture activities. However, the market currently relies heavily on imports to meet domestic demand. To address this, the government is actively promoting aquaculture development and supporting local fishermen. This focus on domestic production is expected to reduce reliance on imports, create jobs, and enhance food security. Despite the promising outlook, the Saudi seafood market faces challenges. A primary concern is the sustainability of fish stocks due to overfishing and illegal fishing practices. Stricter regulations and enforcement are needed to protect marine ecosystems and ensure long-term supply. Another challenge is the development of a robust cold chain infrastructure. Efficient transportation and storage are crucial for maintaining the quality and freshness of seafood products. Furthermore, consumer education about the benefits of seafood consumption is essential. Many Saudis are still unfamiliar with different types of seafood and how to prepare them. Promoting seafood as a healthy and delicious option can help expand the market.

Farm-raised seafood, particularly shrimp and fish, is gaining popularity due to increasing consumer demand for sustainably sourced and consistently available products. The government's support for aquaculture initiatives is further driving the growth of this segment. However, wild-caught seafood, renowned for its taste and nutritional value, still holds a substantial share of the market. The vast coastline of Saudi Arabia provides a rich source for various fish species, including tuna, mackerel, and sardines. Despite challenges in maintaining consistent supply due to factors like weather conditions and overfishing, wild-caught seafood remains a preferred choice for many consumers. The Saudi Arabian seafood market presents opportunities in both processed and fresh seafood categories. Processed seafood, encompassing products like canned tuna, frozen shrimp, and breaded fish fillets, offers convenience and extended shelf life, catering to the busy lifestyles of urban consumers. The government's focus on food processing industries is also contributing to the growth of this segment. Fresh seafood, on the other hand, is highly valued for its taste and freshness. Traditional souqs and modern supermarkets offer a wide variety of fresh fish, shrimp, and other seafood products. The increasing disposable income of Saudi consumers and their growing preference for healthy and natural foods are driving demand for fresh seafood. Saudi Arabia's seafood market is diverse, with fish, crustaceans, and mollusks being the primary categories. Fish, including both freshwater and marine varieties, dominates the market. Tuna, mackerel, and salmon are popular choices among consumers. The growing demand for sushi and sashimi has also increased the popularity of certain types of fish. Crustaceans, primarily shrimp and crab, are highly sought after for their taste and nutritional value. The Kingdom's coastal regions are known for producing high-quality shrimp, which is a staple in many Saudi households. Molluscs, including oysters, mussels, and squid, have a smaller but growing market share.

Supermarkets and hypermarkets are the dominant channels, offering a wide range of fresh, frozen, and processed seafood products. These large-scale retailers cater to a broad consumer base, providing convenience and a variety of choices. Convenience stores, while smaller in size, are gaining importance due to their accessibility and extended operating hours. They primarily offer a limited selection of ready-to-eat seafood products to meet the demands of busy consumers. Specialty seafood stores, focusing on premium and niche products, cater to discerning customers seeking high-quality and exotic options. These stores often offer expert advice and personalized services. The online seafood market is a relatively new but rapidly growing segment, offering convenience and access to a wider range of products. This channel is particularly appealing to younger consumers and those residing in remote areas. Finally, traditional distribution channels like wholesale markets and direct sales from fishermen still play a significant role in certain regions, especially for fresh and local seafood. These channels often serve the needs of restaurants, hotels, and local communities.

The market can be segmented into various categories based on product form. Frozen seafood, the largest segment, dominates the market due to its convenience, extended shelf life, and availability of a wide range of imported and locally caught varieties. Salted seafood, a traditional staple in the region, particularly dried shrimp (rubian), holds a strong position among local consumers. However, this segment is facing competition from imported salted fish and processed seafood. Dried seafood, while a niche market, has a loyal customer base that appreciates its long shelf life and distinct flavor. Smoked seafood, a relatively new category, is gaining popularity among consumers seeking premium and gourmet options. This segment is primarily driven by imported products, but there is potential for local producers to enter the market. The "others" category encompasses canned and pickled seafood, which are gradually increasing in demand due to their convenience and perceived health benefits. This segment is dominated by imported products, but local producers are starting to explore opportunities in value-added seafood products.



Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Seafood market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Source
• Farm Raised
• Wild Caught

By Form
• Processed
• Fresh

By Type
• Fish
• Crustaceans
• Molluscs
• Others (sea cucumbers, sea urchins,)

By Distribution Channel
• Supermarkets/Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Store
• Others (wholesale markets, direct sales from fishermen)

By Category
• Frozen Seafood
• Salted Seafood
• Dried Seafood
• Smoked Seafood
• Others (canned or pickled seafood)

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Seafood industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.
Keywords:
Seafood, Farm Raised, Wild Caught, Processed, Fresh, Fish, Crustaceans, Molluscs, sea cucumbers, sea urchins, Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Store, Wholesale markets, direct sales from fishermen, Frozen Seafood, Salted Seafood, Dried Seafood, Smoked Seafood, canned or pickled seafood

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Table of Contents

Table of Contents

1. Executive Summary
2. Market Structure
2.1. Market Considerate
2.2. Assumptions
2.3. Limitations
2.4. Abbreviations
2.5. Sources
2.6. Definitions
2.7. Geography
3. Research Methodology
3.1. Secondary Research
3.2. Primary Data Collection
3.3. Market Formation & Validation
3.4. Report Writing, Quality Check & Delivery
4. Saudi Arabia Macro Economic Indicators
5. Market Dynamics
5.1. Market Drivers & Opportunities
5.2. Market Restraints & Challenges
5.3. Market Trends
5.3.1. XXXX
5.3.2. XXXX
5.3.3. XXXX
5.3.4. XXXX
5.3.5. XXXX
5.4. Covid-19 Effect
5.5. Supply chain Analysis
5.6. Policy & Regulatory Framework
5.7. Industry Experts Views
6. Saudi Arabia Seafood Market Overview
6.1. Market Size By Value
6.2. Market Size and Forecast, By Form
6.3. Market Size and Forecast, By Type
6.4. Market Size and Forecast, By Category
6.5. Market Size and Forecast, By Region
7. Saudi Arabia Seafood Market Segmentations
7.1. Saudi Arabia Seafood Market, By Form
7.1.1. Saudi Arabia Seafood Market Size, By Processed, 2018-2029
7.1.2. Saudi Arabia Seafood Market Size, By Fresh, 2018-2029
7.2. Saudi Arabia Seafood Market, By Type
7.2.1. Saudi Arabia Seafood Market Size, By Fish, 2018-2029
7.2.2. Saudi Arabia Seafood Market Size, By Crustaceans, 2018-2029
7.2.3. Saudi Arabia Seafood Market Size, By Molluscs, 2018-2029
7.2.4. Saudi Arabia Seafood Market Size, By Others, 2018-2029
7.3. Saudi Arabia Seafood Market, By Category
7.3.1. Saudi Arabia Seafood Market Size, By Frozen seafood, 2018-2029
7.3.2. Saudi Arabia Seafood Market Size, By Salted seafood, 2018-2029
7.3.3. Saudi Arabia Seafood Market Size, By Dried seafood, 2018-2029
7.3.4. Saudi Arabia Seafood Market Size, By Smoked seafood, 2018-2029
7.3.5. Saudi Arabia Seafood Market Size, By Others, 2018-2029
7.4. Saudi Arabia Seafood Market, By Region
7.4.1. Saudi Arabia Seafood Market Size, By North, 2018-2029
7.4.2. Saudi Arabia Seafood Market Size, By East, 2018-2029
7.4.3. Saudi Arabia Seafood Market Size, By West, 2018-2029
7.4.4. Saudi Arabia Seafood Market Size, By South, 2018-2029
8. Saudi Arabia Seafood Market Opportunity Assessment
8.1. By Form, 2024 to 2029
8.2. By Type, 2024 to 2029
8.3. By Category, 2024 to 2029
8.4. By Region, 2024 to 2029
9. Competitive Landscape
9.1. Porter's Five Forces
9.2. Company Profile
9.2.1. Company 1
9.2.1.1. Company Snapshot
9.2.1.2. Company Overview
9.2.1.3. Financial Highlights
9.2.1.4. Geographic Insights
9.2.1.5. Business Segment & Performance
9.2.1.6. Product Portfolio
9.2.1.7. Key Executives
9.2.1.8. Strategic Moves & Developments
9.2.2. Company 2
9.2.3. Company 3
9.2.4. Company 4
9.2.5. Company 5
9.2.6. Company 6
9.2.7. Company 7
9.2.8. Company 8
10. Strategic Recommendations
11. Disclaimer

List of Figures

Figure 1: Saudi Arabia Seafood Market Size By Value (2018, 2023 & 2029F) (in USD Million)
Figure 2: Market Attractiveness Index, By Form
Figure 3: Market Attractiveness Index, By Type
Figure 4: Market Attractiveness Index, By Category
Figure 5: Market Attractiveness Index, By Region
Figure 6: Porter's Five Forces of Saudi Arabia Seafood Market

List of Tables

Table 1: Influencing Factors for Seafood Market, 2023
Table 2: Saudi Arabia Seafood Market Size and Forecast, By Form (2018 to 2029F) (In USD Million)
Table 3: Saudi Arabia Seafood Market Size and Forecast, By Type (2018 to 2029F) (In USD Million)
Table 4: Saudi Arabia Seafood Market Size and Forecast, By Category (2018 to 2029F) (In USD Million)
Table 5: Saudi Arabia Seafood Market Size and Forecast, By Region (2018 to 2029F) (In USD Million)
Table 6: Saudi Arabia Seafood Market Size of Processed (2018 to 2029) in USD Million
Table 7: Saudi Arabia Seafood Market Size of Fresh (2018 to 2029) in USD Million
Table 8: Saudi Arabia Seafood Market Size of Fish (2018 to 2029) in USD Million
Table 9: Saudi Arabia Seafood Market Size of Crustaceans (2018 to 2029) in USD Million
Table 10: Saudi Arabia Seafood Market Size of Molluscs (2018 to 2029) in USD Million
Table 11: Saudi Arabia Seafood Market Size of Others (2018 to 2029) in USD Million
Table 12: Saudi Arabia Seafood Market Size of Frozen seafood (2018 to 2029) in USD Million
Table 13: Saudi Arabia Seafood Market Size of Salted seafood (2018 to 2029) in USD Million
Table 14: Saudi Arabia Seafood Market Size of Dried seafood (2018 to 2029) in USD Million
Table 15: Saudi Arabia Seafood Market Size of Smoked seafood (2018 to 2029) in USD Million
Table 16: Saudi Arabia Seafood Market Size of Others (2018 to 2029) in USD Million
Table 17: Saudi Arabia Seafood Market Size of North (2018 to 2029) in USD Million
Table 18: Saudi Arabia Seafood Market Size of East (2018 to 2029) in USD Million
Table 19: Saudi Arabia Seafood Market Size of West (2018 to 2029) in USD Million
Table 20: Saudi Arabia Seafood Market Size of South (2018 to 2029) in USD Million