Aug 10,2022 | Agriculture
Aquaculture involves the breeding, rearing and harvesting of marine animals and aquatic plants in a controlled ecosystem to optimize utilization of farm resources, augment farm production, generate employment, produce adequate food, and dispose of agricultural waste. In Saudi Arabia, aquaculture has become an important source of food as the health-conscious population is increasingly becoming aware of the health benefits of consuming protein-rich meat, which is boosting the growth of the kingdom’s Aquaculture market. Besides, the country is involved with the seafood trade of aquatic organisms like fish, molluscs, crustaceans and other aquatic flora that is promoting the growth of the Saudi Arabia aquaculture market.
Moreover, rising e-commerce channels offering seafood varieties, rising personal disposable incomes of the population and growing urbanization in the country are propelling the demand for Saudi Arabia aquaculture market during the forecast period. Saudi Arabia Aquaculture market is expected to grow at a formidable CAGR during the forecast period, 2023-2027. Changing food consumption habits and expanding retail food chains offering varieties of seafood in the country are some of the driving factors attributing to the growth of Saudi Arabia aquaculture market.
Saudi Arabia aquaculture market is segmented by type, culture, distribution channel, regional distribution, and company. Based on type, the market is further segmented into fisheries, seaweeds, microalgae, crustaceans, molluscs and others. The fisheries segment is expected to hold the largest market in Saudi Arabia aquaculture market due to the growing demand for fish in the dietary nutrition and production of omega-3 supplements. Besides, fishes are being largely adopted as pets and for decorating aquariums at home, thus propelling their demand. Based on culture, the marine culture segment is expected to register the fastest growth during the forecast period owing to the rising demand for seafood products and declining capturing of fisheries from the oceans.
Market players dominating the Saudi Arabia aquaculture market include National Aquaculture Group (NAQUA), Saudi Fisheries Company, Arabian Shrimp Company, Saudi fisheries company (Asmak), Jazadco Fisheries, Tabuk Fisheries Company, Arab Fisheries Co, Izalco LLC, Sami Hamad Est, Saudi fisheries company, among others. Effective research and development initiatives to improve aquaculture services and adoption of more technologies are some of the strategies adopted by market players, thus supporting their growth in Saudi Arabia aquaculture market.
The study on the Saudi Arabia aquaculture market from the exclusive market research reports collection offered on Bharatbook is useful in providing answers to several critical questions that are important for the industry stakeholders such as producers, cultivators, suppliers, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities, identify dominant region or segment in the market, identify drivers and challenges, examine competitive developments such as expansions, new product launches, mergers & acquisitions etc., as well as identify key sustainable strategies adopted by market players in the Saudi Arabia aquaculture market.
For more information on the aforementioned market, please visit Saudi Arabia Aquaculture market