Fish & Seafood - Saudi Arabia

Saudi Arabia

Revenue in the Fish & Seafood market amounts to €9.75bn in 2024. The market is expected to grow annually by 2.89% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€89bn in 2024).
In relation to total population figures, per person revenues of €260.20 are generated in 2024.
In the Fish & Seafood market, volume is expected to amount to 722.80m kg by 2029. The Fish & Seafood market is expected to show a volume growth of 1.2% in 2025.
The average volume per person in the Fish & Seafood market is expected to amount to 18.3kg in 2024.

Key regions: United Kingdom, United States, India, Canada, China

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Fish & Seafood Market in Saudi Arabia has seen sluggish growth due to factors such as declining fish stocks, strict regulations, and lack of consumer awareness. However, the market is expected to pick up with increasing demand for healthy and sustainable food options. The sub-markets of Fresh Fish, Fresh Seafood, and Processed Fish & Seafood are all impacted by these factors.

Customer preferences: Consumers in Saudi Arabia are increasingly demanding sustainable and ethically-sourced fish and seafood products. This is driven by a growing awareness of environmental issues and a desire to support ethical and responsible practices. Additionally, the rise of health-consciousness has led to a preference for high-quality and nutritious seafood options. As a result, there is a growing market for organic and wild-caught fish and seafood products, as well as a demand for transparency in sourcing and production methods. This trend is expected to continue as consumers become more mindful of their impact on the environment and their own health.

Trends in the market: In Saudi Arabia, the Fish & Seafood Market is experiencing a trend towards sustainable and ethical sourcing practices. This is driven by increased consumer awareness and demand for responsibly sourced seafood. As a result, many industry stakeholders are investing in technologies and practices that promote transparency and traceability in the supply chain. This trend is expected to continue, with potential implications for industry players who do not prioritize sustainability and ethical sourcing, as consumers become more conscious of their purchasing decisions and demand more accountability from companies.

Local special circumstances: In Saudi Arabia, the Fish & Seafood Market is heavily influenced by the country's geographical location and cultural traditions. With its access to the Red Sea and the Arabian Gulf, the country has a thriving fishing industry that supplies fresh seafood to local markets. Additionally, the consumption of seafood is deeply ingrained in Saudi Arabian cuisine, making it a staple in local diets. Furthermore, the Saudi Arabian government has implemented strict regulations for the import and export of seafood, affecting market dynamics and driving demand for domestically sourced products.

Underlying macroeconomic factors: The Fish & Seafood Market in Saudi Arabia is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. As one of the largest oil producers in the world, the country's economy is highly dependent on the fluctuation of oil prices. Any changes in global oil demand and supply can have a significant impact on the purchasing power of consumers, ultimately affecting the demand for fish and seafood products. Additionally, the country's efforts to diversify its economy and reduce its reliance on oil are expected to positively impact The Food market, including the Fish & Seafood Market. Furthermore, government initiatives to promote domestic fish and seafood production and reduce dependency on imports are also expected to drive market growth.

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.