UAE Aquaculture Market to Grow with a CAGR of 4.27% through 2028
Growth in research and development activities is expected
to drive the UAE Aquaculture Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “UAE Aquaculture
Market – By Region, Competition, Forecast and Opportunities, 2018-2028F”,
the UAE Aquaculture Market stood at 432 tonnes in 2022 and is anticipated to
grow with a CAGR of 4.27% in the forecast period, 2023-2028. The initiatives
taken by government based on aquaculture has led to favorable market conditions
for the UAE Aquaculture Market. Several factors contribute to the growth of
various aquaculture market products. The
Government Accelerators program, a dynamic initiative, has launched several
comprehensive and targeted initiatives aimed at fast-tracking the development
of the aquaculture sector. Although specific details of these initiatives are
not mentioned in the search results, it is highly plausible that they encompass
a wide range of support mechanisms and resources to foster the growth and
prosperity of aquaculture businesses. These measures may include financial
assistance, capacity-building programs, technology adoption support, market
access facilitation, and regulatory reforms to create an enabling environment
for the sector. The Government Accelerators program is committed to propelling
the aquaculture industry forward and unlocking its full potential for
sustainable economic development.
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Research and
development (R&D) activities have also led to the establishment of inland
aquaculture projects within or in close proximity to existing agricultural
projects. These innovative initiatives aim to capitalize on the synergies
between aquaculture and agriculture, fostering a harmonious relationship. For
instance, these projects explore the utilization of agricultural waste as fish
feed, minimizing waste and enhancing the circular economy. Additionally,
nutrient-rich fish wastewater can be utilized for crop irrigation, promoting
efficient resource utilization and sustainable practices. These integrated
systems not only enhance resource efficiency but also contribute to the
long-term sustainability of food production, making them an attractive option
for future development.
The UAE
Aquaculture Market is segmented in species, distribution channel, regional
distribution, and company. Based on its species,
the freshwater fish segment held the largest share in the market. The UAE
government has demonstrated unwavering support for the aquaculture sector,
acknowledging its immense potential in driving economic growth and ensuring
food security. In line with this commitment, the government has launched
various initiatives aimed at bolstering the development of aquaculture
technologies, including generous funding for research and development. These
proactive measures have played a pivotal role in fostering the expansion of
freshwater fish farming within the country, contributing to the overall
sustainability and self-sufficiency of the UAE's food production.
Based on region, Dubai segment is expected to grow
during the forecast period. The Dubai government is actively fostering the
growth and development of the aquaculture sector by providing substantial
support. This support encompasses not only subsidies for aquaculture inputs
like feed and seed, but also significant investments in aquaculture research
and development. By doing so, the government aims to create a conducive
environment for aquaculture businesses to thrive and contribute to the overall
economic growth of Dubai. In addition to the government's support, Dubai boasts
a highly advanced and well-connected infrastructure. With its extensive network
of well-maintained roads, state-of-the-art ports, and modern airports, Dubai
ensures seamless transportation of aquaculture products to both domestic and
international markets. This efficient and reliable infrastructure plays a
crucial role in facilitating the timely and efficient delivery of aquaculture
products, enabling Dubai to establish itself as a major player in the global
aquaculture industry.
Major companies operating in UAE Aquaculture Market are:
- Sheikh Khalifa Marine Research Center
- Al Jaraf Fisheries LLC
- Fish Farm LLC
- Alwathba Investment LLC (Emirates Fish
Farm)
- Aquaculture and Marine Studies Center at
Abu Al Abyad island
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“Growing application of aquaculture in various end
user industries are key drivers of the aquaculture market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of aquaculture with every
passing year are anticipated to register an impressive growth to UAE
Aquaculture Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Aquaculture Market By Species (Pelagic Fish,
Demersal Fish, Freshwater Fish), By Distribution Channel (Traditional Retail,
Supermarket and Hypermarkets, Specialized Retailers, Online Stores, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of UAE Aquaculture 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 UAE Aquaculture Market.
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Techsci Research LLC
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