The latest report by IMARC Group, titled “Saudi Arabia Shrimp Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” offers a comprehensive analysis of the shrimp market outlook in Saudi Arabia. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The Saudi Arabia shrimp market size is projected to exhibit a growth rate (CAGR) of 5.70% during 2024-2032.
Trends:
The Saudi Arabia market is primarily driven by the burgeoning population, coupled with rising disposable incomes. Moreover, the government's initiatives to diversify the economy and reduce reliance on oil have led to substantial investments in the aquaculture sector, enhancing shrimp production capabilities. Furthermore, continual advancements in aquaculture technologies and practices have improved the efficiency and sustainability of shrimp farming. Additionally, the increasing awareness of the health benefits associated with shrimp consumption drives market growth. Besides, the expansion of retail chains and e-commerce platforms has facilitated easier access to shrimp products for consumers. The tourism sector's growth also contributes to higher shrimp consumption, as culinary experiences play a crucial role in the hospitality industry.
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Saudi Arabia Shrimp Market Scope & Growth Analysis:
The market scope is broadening due to the growing trend towards sustainable and eco-friendly farming practices as it aligns with consumer preferences for environmentally responsible products. The integration of advanced aquaculture technologies, such as recirculating aquaculture systems (RAS) and biofloc technology, enhances production efficiency and product quality, making the market more competitive. The rising health consciousness among consumers is leading to increased demand for shrimp, which is perceived as a healthy and nutritious food option. Moreover, the expansion of the HoReCa (Hotel, Restaurant, and Catering) sector in Saudi Arabia, driven by a growing tourism industry, is increasing the demand for premium seafood, including shrimp. Furthermore, strategic marketing campaigns and branding efforts are raising awareness and acceptance of locally produced shrimp in both domestic and international markets.
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Almunajem Foods
- Arasco
- Jazan Energy and Development Company
- National Prawn Group
Saudi Arabia Shrimp Market Segmentation:
Environment Insights:
- Farmed Shrimp
- Wild Shrimp
Species Insights:
- Penaeus Vannamei
- Penaeus Monodon
- Macrobrachium Rosenbergii
- Others
Shrimp Size Insights:
- <21
- 21-25
- 26-30
- 31-40
- 41-50
- 51-60
- 61-70
- >70
Distribution Channel Insights:
- Hypermarkets and Supermarkets
- Convenience Stores
- Hotels and Restaurants
- Online Sales
- Others
Regional Insights:
- Northern and Central Region
- Western Region
- Eastern Region
- Southern Region
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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