Report Overview

Increasing awareness about health benefits related to sea food, surging demand for protein enriched fat-free food, and rising government initiatives to promote domestic fish production are projected to propel the expansion of Saudi Arabia Seafood Market during forecast period 2022 and 2028.

Saudi Arabia Seafood Market - Industry Trends & Forecast Report, 2028

Saudi Arabia seafood market size was worth USD 1.07 billion in 2021. During the forecast period between 2022 and 2028, Saudi Arabia seafood market size is projected to grow at a steady CAGR of 4.8% reaching a value of USD 1.46 billion by 2028. Major growth drivers for Saudi Arabia seafood market include rising demand for protein-rich seafood, government strategies that encourage local fish production and increasing awareness of the advantages of sea food. Oil & gas is Saudi Arabia's main revenue-generating industry, and the government is introducing schemes to broaden income-generating resources to reduce its reliance on the oil industry, increasing investments in technology advancement of existing infrastructure and rapid advances in the aquaculture sector to utilize existing resources are expected to fuel the overall market expansion. Additionally, the presence of favorable environmental conditions in the Red Sea is predicted to contribute to increased seafood production as well as a soaring consumer demand for high-quality protein food and widespread consumption of seafood by the majority of population are expected to further contribute to the expansion of seafood market in Saudi Arabia.

Saudi Arabia Seafood Market

Growth Drivers

Increasing consumption of seafood

Saudi Arabia is a developing seafood market with substantial potential for expanded domestic consumption. Seafood has always formed a staple of the Saudi diet along the Red Sea and Arabian Gulf coasts, but not in the country's interior. However, increasing urbanization and a growing young population that is quickly adopting a new lifestyle owing to government's social and economic reforms, food consumption patterns are constantly evolving. The ordinary Saudi consumer is becoming more health conscious while yet having less time to prepare meals. Also, increasing disposable income is expected to boost the expansion of Saudi Arabia Sea Food Market.

Impact of COVID -19 on Saudi Arabia Seafood Market

Covid-19 had a detrimental effect on all the sectors including seafood market due to lockdown imposition which led to supply chain disruptions including closure of production unit, halt in harvesting and processing, decrease in workforce and decline in sales. Furthermore, only necessary movement of products and people were permitted. Due to increased awareness of health and hygiene, demand for seafood has increased. Additionally, individuals have switched to home cooked meals and retail purchasing. Demand for seafood surged as e-commerce platforms and online retail stores became the primary outlet for fish and seafood, particularly during the lockdown period. Since ready-to-eat seafood was available, the seafood market remained stable during the pandemic.

Saudi Arabia Seafood Market

Segmental Coverage

Saudi Arabia Seafood Market – By Type

By type, Saudi Arabia seafood market is categorized into Crustaceans, Cephalopods, Mollusks, Ground fish, and Flat fish segments.

Saudi Arabia Seafood Market – By Category

Based on category, Saudi Arabia seafood market is segmented into Frozen Seafood, Salted Seafood, and Dried Seafood. The dried seafood segment is expected to hold the highest market share, as it can be preserved for a longer duration of time and is significant for maximizing profit during off-season or supply deficit situations. Furthermore, the market is being driven by increased demand for different types of seasonal seafood throughout the Saudi Arabia region.

Saudi Arabia Seafood Market – By Distribution Channel

Based on distribution channel, Saudi Arabia seafood market is divided into Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, and Online Retail segments. The supermarkets and hypermarkets segment is expected to hold the highest market share. Supermarkets and hypermarkets feature a separate department for seafood. As a result, consumers have a wide range of products to select from, particularly in the freezer section. Supermarket and hypermarket fish counters are regarded as good locations for purchasing a wide selection of fresh and frozen seafood. Furthermore, supermarkets and hypermarkets offer rapid freezing, which keeps seafood fresh for an extended period.

Competitive Landscape

Major players operating in Saudi Arabia Seafood Market include Sealand, Arab Fisheries CO., National Aquaculture Group, Izafco LLC, Saudi Fisheries Company, Fitkar International Trading Company, King Fisheries Est. Jubail, Rubban Fisheries Trading Company, Uzma TE, and Zuhair Al Madani Food Trading. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In June 2022 - Almarai, a Saudi Arabia-based food and beverages manufacturer, announced its plans to venture into the seafood category as an additional strategy to strengthen food security in the Kingdom by constructing new facilities for processing seafood and manufacturing seafood-based products.

Scope of the Report

By Type

• Crustaceans

• Cephalopods

• Mollusks

• Ground fish

• Flat fish

By Category

• Frozen Seafood

• Salted Seafood

• Dried Seafood

By Distribution Channel

• Supermarkets/Hypermarkets

• Convenience Stores

• Specialty Stores

• Online Retail