Market Insights Consumer Food Fish & Seafood

Fresh Fish - Saudi Arabia

Saudi Arabia

Revenue in the Fresh Fish market amounts to €5.39bn in 2024. The market is expected to grow annually by 2.71% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€52bn in 2024).
In relation to total population figures, per person revenues of €143.80 are generated in 2024.
In the Fresh Fish market, volume is expected to amount to 0.34bn kg by 2029. The Fresh Fish market is expected to show a volume growth of 1.0% in 2025.
The average volume per person in the Fresh Fish market is expected to amount to 8.7kg in 2024.

Key regions: Russia, South Korea, Canada, United States, Philippines

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Analyst Opinion

The Saudi Arabian Fresh Fish Market within The Food market is experiencing minimal growth due to factors such as fluctuating fish prices, limited seafood options, and lack of awareness about the benefits of consuming fresh fish. Despite this, the market is slowly growing as consumers become more health-conscious and seek out healthier food options.

Customer preferences: The increasing health consciousness among consumers in Saudi Arabia has led to a rise in demand for fresh, locally sourced fish in the Fish & Seafood Market. This trend is fueled by a growing preference for natural and organic foods, as well as an increased focus on sustainability and supporting local businesses. Additionally, the rise of e-commerce and online grocery shopping has made it easier for consumers to access a wide variety of fresh fish options, further driving the growth of the Fresh Fish Market within The Food market industry.

Trends in the market: In Saudi Arabia, the Fresh Fish Market is experiencing a surge in demand for sustainably sourced seafood, driven by increasing consumer awareness and government initiatives promoting sustainable fishing practices. This trend is expected to continue, as consumers become more conscious of their food choices and seek out environmentally friendly options. This presents an opportunity for industry stakeholders to invest in sustainable fishing methods and promote their products as eco-friendly. Additionally, the rise of e-commerce in the country has also led to a growing trend of online seafood sales, providing convenience and accessibility for consumers. This trend is expected to have a significant impact on the market in the coming years, as more consumers turn to online platforms for their seafood purchases.

Local special circumstances: In Saudi Arabia, the Fresh Fish market is heavily influenced by the country's climate and geography. Being a desert country with limited access to fresh water sources, the local fish market heavily relies on imported fish from other countries. The cultural norms and religious beliefs also play a significant role in the market, with a preference for halal-certified fish. Additionally, the market is regulated by the Saudi Food and Drug Authority, ensuring the safety and quality of seafood products. These unique factors contribute to the dynamics of the Fresh Fish market in Saudi Arabia, creating a distinct market environment compared to other countries.

Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Saudi Arabia is greatly impacted by macroeconomic factors such as global economic trends, the country's economic health, and fiscal policies. As Saudi Arabia continues to diversify its economy and reduce its dependence on oil, it has invested heavily in the development of its food industry and infrastructure. This has resulted in an increase in demand for fresh fish and seafood products. However, factors such as fluctuations in oil prices, changes in government policies, and political instability can also have a significant impact on the market. Additionally, the growing health consciousness among consumers and the increasing demand for healthy and sustainable food options are also driving the growth of the fresh fish market in the country.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.