Saudi Arabia Aquaculture Market to Grow with Double Digit CAGR until 2026
Increased fish cultivation
in the country is driving the growth of Saudi Arabia Aquaculture Market, in the
forecast period, 2022-2026.
According to TechSci report on, “Saudi Arabia Aquaculture Market By Type (Fisheries,
Seaweeds, Microalgae, Crustaceans, Mollusks, Others) By Culture (Freshwater,
Brackish Water, Marine) By Distribution Channel (Specialty Stores,
Supermarkets/Hypermarkets, Online) By Region, Competition Forecast &
Opportunities, 2026”, Saudi Arabia aquacultures market has shown promising growth in historical years
until 2019 and is expected to continue its growth in upcoming forecast years
2021 to 2026. Saudi Arabia aquacultures market owes its growth to the factors
like rising demand of seafood among the consumers in the country. The aquatic
animals culturing of aqua farming is the controlled process of breeding,
rearing, harvesting, and cultivation of aquatic animals and aqua culture, like
fishes, shell fishes, algae, etc. The aquaculture is for the food production,
restoration of the habitats, aquarium buildings, etc. The advantages of the aquaculture
is further driving the growth of the Saudi Arabia aquaculture market in the
next five years. Aquaculture is one of the important
sources of food in the country that drives the market growth exponentially.
Also, the country is also involved in the import and export of aquatic animals
as seafood in other countries thereby driving the market growth in the upcoming
future. Although, the market may face a restraint due to quality assurance
regulations that are changing in the importing countries.
Browse over XX market data Figures
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in-depth TOC on "Saudi Arabia Aquaculture Market"
Saudi Arabia aquaculture market is
segmented by type, culture, distribution channel, regional distribution, and
competitional landscape. Based on culture, the
market is further bifurcated into freshwater, brackish water, and marine. Owing
to the rising demand for seafood product, the marine segment is anticipated to
register the fastest growing CAGR in the upcoming five years. Moreover, the
regulations toward fish capturing from the smaller water bodies has aided to
the same harbouring and capture from marines in the subsequent five years.
Furthermore, technological advancements like water recirculation systems are
supporting the growth of the segment in the upcoming five years. Also, for the
higher nutrient content in the marine life as compared to the other cultures,
the market may register the growth substantially in the market.
Based
on type, the market is further segmented into fisheries, seaweeds, microalgae,
crustaceans, mollusks, and others. Fisheries segment is anticipated to hold the
largest shares of the market and may dominate the market segment in the
subsequent five years to come on the account of surge in the demand of fishes
for the food as well as the residential pets. For the further decoration of the
aquariums at home, the consumers are also inclined toward seaweeds and
microalgae and thus they may register significant growth in the next five
years.
A
partial list of market player in the Saudi Arabia aquaculture market includes National
Aquaculture Group (NAQUA), Saudi Fisheries Company, Arabian Shrimp Company, Asmak,
Jazadco Fisheries, Tabuk Fisheries Company, Arab Fisheries Co, Izalco LLC, Sami
Hamad Est, Saudi fisheries company, among others. These market players hold
larger shares of the market than the new market players. With the advancement
of the technology, it is appropriate to say that the effective research and
development of the technologically advanced services would support the market
growth and benefit the market players as well as the consumers. New market
players may focus on the research and development to provide services that
satisfies the consumer demand as well as benefits the market players in
building their brand value. Other competitive strategies include mergers &
acquisitions and new product developments and better service provisions.
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“Increasing urbanization, rising disposable income and inclination of
the meat consumers toward seafood are aiding the growth of the Saudi Arabia
aquaculture market in the upcoming five years. New market players may focus on
the proper and healthy culture of the aquatic animals. Consumers are inclining
due to their concerns over health and with the claims and confirmations that
follow the regulation norms toward best product availability, they may build a
brand for themselves. The country supports a huge market for the aquaculture
that is growing with impressive CAGR, if players devise methods to provide
fresh, authentic, and regulated products that may serve up as better strategic
plans for an established market in the future five years,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Saudi Arabia Aquaculture
Market By Type (Fisheries, Seaweeds, Microalgae, Crustaceans, Mollusks, Others)
By Culture (Freshwater, Brackish Water, Marine) By Distribution Channel
(Specialty Stores, Supermarkets/Hypermarkets, Online) By Region, Competition
Forecast & Opportunities, 2026” has evaluated the future growth potential of Saudi
Arabia aquacultures market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Saudi Arabia aquacultures
market.
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