Report Overview

Increasing consumption of shrimps, growing popularity of various cuisines, and growing awareness of health benefits of shrimps are projected to propel the expansion of Saudi Arabia Shrimp Market at a steady growth rate during forecast period 2022 and 2028.

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

Saudi Arabia shrimp market size is expected to expand at a steady CAGR of 5.4% during the forecast period between 2022 and 2028. Major growth factors for Saudi Arabia shrimp market include a surging demand of seafood and emerging new cuisines worldwide. The convenient accessibility of processed and frozen shrimp products, which are inexpensive and help to reduce preparation time, is providing market players with lucrative growth potential. Increasing awareness of health benefits of shrimps, such as lowering the risk of cardiovascular diseases, enhancing bone and brain health, assisting weight reduction, soothing eye tiredness, and lowering blood pressure are bolstering the market expansion in Saudi Arabia. Additionally, economic expansion as well as shifting dietary patterns, particularly among urban consumers, are now propelling the region's shrimp industry. Saudi Arabia consumers are migrating toward protein-based diets and, as a result, including animal protein into their normal meal plan. Therefore, all these factors are expected to boost the expansion of Saudi Arabia shrimp market during the period in analysis.

Saudi Arabia Shrimp Market

Growth Drivers

Increasing awareness of health benefits related to shrimps

Shrimp is rich in protein and moderate in saturated fats, carbohydrates, and calories. It has a salty flavor and is high in nutrients. Additionally, the antioxidants in shrimp safeguard your body cells from injury. Due to these characteristics, shrimp are an addition to salads, pasta, curry, soups, and stir-fried foods. Furthermore, shrimp also contains astaxanthin, an antioxidant that combats wrinkles and reduces UV damage. It also contains a significant amount of selenium, which lowers the risk of certain types of cancer. Calcium, iron, magnesium, potassium, zinc, and choline are also found in shrimp. Due to these health benefits, the government is attempting to enhance shrimp production, which will aid in the growth of the shrimp market.

Restraints

Detrimental impact of shrimp farming

Shrimp farming is detrimental to the ecosystem because it produces salinity, mangrove destruction, pollution, sedimentation, land erosion, extinction of marine species, and biodiversity loss. In general, shrimp aquaculture requires a diverse, dependable, and cost-effective source of seeds. The output would not be possible without such a source of seeds. Farmers also confront high seed prices, poor seed quality, seed mixing, and decreased hatching. These factors will impede market growth in the coming years.

Impact of COVID–19 on Saudi Arabia Shrimp Market

COVID-19 pandemic had a detrimental effect on the foodservice industry, causing business activities to decline by 80-90%. As a result of pandemic-related lockdowns, curfews, and other social distance control measures, retail sales of shrimp soared in several areas. Travel restrictions have been imposed throughout all main regions, severely affecting the shrimp industry's distribution channel structure. In 2020, the COVID-19 pandemic had reduced Saudi Arabia shrimp output, with global demand for fresh and frozen shrimp had also declined significantly. Coronavirus is expected to have an ongoing impact on the aquaculture industry and market. Despite the challenges, following the Covid-19 pandemic, consumers have become conscious of health and wellbeing, which improves their purchasing habits and raises concerns about the food they eat. As a result, there has been an increase in demand for nutritional, immunity-boosting, and beneficial shrimp food products. These factors are expected to propel the expansion of Saudi Arabia shrimp market.

Saudi Arabia Shrimp Market

Segmental Coverage

Saudi Arabia Shrimp Market - By Species

By species, Saudi Arabia shrimp market is segmented into Gulf Shrimps, Farmed White leg Shrimps, Banded Coral Shrimps, Royal Red Shrimp, Giant Tiger Shrimps, Blue Shrimps, and Ocean Shrimps.

Saudi Arabia Shrimp Market - By Form

By form, Saudi Arabia shrimp market is divided into Frozen, Canned, Breaded, Peeled, Cooked, and Shell-On categories. The frozen segment holds the highest market share. The majority of shrimp are sold frozen and advertised based on their appearance, quality, color, and uniformity. Shrimp are usually purchased whole, however occasionally only the meat is sold. Large quantities of frozen shrimp are processed and stored. Frozen shrimp can be stored for four to five days.

Saudi Arabia Shrimp Market - By Distribution Channels

Based on distribution channels, Saudi Arabia shrimp market is divided into Hypermarkets and Supermarkets, Convenience Stores, Specialty Stores, and Online distribution Channels. The online channels segment is expected to hold the highest market share due to the increasing consumption of frozen shrimp products and online channels have a wide availability of different frozen shrimp products, as well as evolving consumer purchasing patterns, and reduced price grabs consumers' interest to purchase through E-Commerce, which in turn reinforces the expansion of the Saudi Arabia Shrimps Market during the forecast period.

Competitive Landscape

Saudi Arabia shrimp market is fiercely competitive. Prominent players in the market include National Aquaculture Group, Sealand, Arab Fisheries CO., Fitkar International Trading Company, Rubban Fisheries Trading Company, Zuhair Al Madani Food Trading, Global Food Industries LLC, Shrimp Sales, Sami Hamad Est, and Al Faisal Fisheries Co. To further enhance their market share, these players are primarily focused on the development of innovative and efficient products, new product releases, market initiatives, mergers and acquisitions, and other collaborative activities.

Recent Developments

• In April 2022 –Shrimp Nation, based in Saudi Arabi, expanded its business to the UAE with an investment of AED 10 million. Shrimp Nation opened new branches throughout the UAE, Bahrain, Oman, Qatar, Jordan, and Egypt, in addition to two new locations in Saudi Arabia's Abha and Al Taif.

Scope of the Report

By Species

• Gulf Shrimps

• Farmed White leg Shrimps

• Banded Coral Shrimps

• Royal Red Shrimp

• Giant Tiger Shrimps

• Blue Shrimps

• Ocean Shrimps

By Form

• Frozen

• Canned

• Breaded

• Peeled

• Cooked

• Shell-On

By Distribution Channels

• Hypermarkets and Supermarkets

• Convenience Stores

• Specialty Stores

• Online Retailing