Market Insights Consumer Food Fish & Seafood

Fresh Seafood - Saudi Arabia

Saudi Arabia

Revenue in the Fresh Seafood market amounts to €1.75bn in 2024. The market is expected to grow annually by 3.22% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€11,030m in 2024).
In relation to total population figures, per person revenues of €46.79 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 86.33m kg by 2029. The Fresh Seafood market is expected to show a volume growth of 1.9% in 2025.
The average volume per person in the Fresh Seafood market is expected to amount to 2.2kg in 2024.

Key regions: South Korea, Canada, China, Japan, United States

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Región

Comparación de regiones

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Analyst Opinion

The Fresh Seafood Market in Saudi Arabia is facing slow growth due to factors such as limited consumer demand, high competition, and strict regulations. Despite this, the market is expanding due to the increasing health consciousness and convenience of online seafood services. At a negligible growth rate, the market is expected to continue its slow but steady growth in the coming years.

Customer preferences: Consumers in Saudi Arabia are showing a growing interest in locally sourced and sustainable seafood options, driven by a heightened awareness of environmental issues and a desire to support local businesses. This trend is also being influenced by the increasing availability of premium seafood products, as well as a growing preference for healthier and more diverse dietary options. Additionally, the rise of social media and digital platforms has made it easier for consumers to access information about the sourcing and quality of seafood, leading to a greater emphasis on transparency and ethical practices in the industry.

Trends in the market: In Saudi Arabia, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainably sourced seafood products. This trend is driven by a growing awareness of the impact of overfishing on the environment and health concerns related to consuming seafood with high levels of contaminants. As a result, industry stakeholders are investing in sustainable fishing practices and promoting traceability throughout the supply chain. This trend is expected to continue, with potential implications for the availability and pricing of seafood products in the market.

Local special circumstances: In Saudi Arabia, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's geographical location and Islamic culture. The majority of the population follows a halal diet, which restricts the consumption of certain types of seafood. This has led to a high demand for locally caught seafood, driving the growth of the domestic market. Additionally, the country's strict regulations on food safety and quality have contributed to the trust and preference for locally sourced seafood among consumers. Furthermore, the rise in tourism has also played a role in the growth of the market, as visitors seek to experience the country's traditional seafood dishes.

Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors in Saudi Arabia. The country's economic health, fiscal policies, and global economic trends all play a significant role in the market's performance. With a strong economy and stable fiscal policies, Saudi Arabia has seen steady growth in its seafood market. Additionally, the country's increasing investment in healthcare infrastructure and favorable regulatory environment has further boosted market growth. The rising demand for healthy and nutritious food options, especially among the growing population, has also contributed to the market's expansion. Overall, the macroeconomic factors in Saudi Arabia have created a conducive environment for the growth of the Fresh Seafood Market within the Fish & Seafood Market of The Food market industry.

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.