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Written by Rahul Singh » Updated on: October 23rd, 2024
Saudi Arabia Shrimp Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 5.70% (2024-2032)
TThe Saudi Arabia shrimp market is expanding due to increasing seafood consumption, rising health awareness, and government support for aquaculture development. According to the latest report by IMARC Group, the market is projected to grow at a (CAGR) of 5.70% from 2024 to 2032.
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Saudi Arabia Shrimp Market Trends:
The market in Saudi Arabia is primarily driven by the increasing domestic consumption of seafood due to rising health consciousness and dietary shifts. Furthermore, continual advancements in aquaculture technologies are currently enhancing productivity and reducing production costs, which is resulting in significant market expansion. Additionally, the rising demand for high-quality, fresh shrimp products contributes to the growth of the market.
Moreover, continual government support for aquaculture, encouraging the growth of shrimp farming, and improving local production capabilities are creating lucrative opportunities in the market. In addition to this, the rapid expansion of the tourism industry increases the need for premium seafood in hotels and restaurants, supporting market growth. In line with this, improved cold storage and logistics infrastructure are facilitating the efficient distribution of shrimp across the country and is fueling the market expansion.
Saudi Arabia Shrimp Market Scope and Growth Analysis:
The scope of the market in Saudi Arabia is significantly expanding due to the rising popularity of value-added shrimp products, such as pre-cooked and packaged options, which is attracting a diverse consumer base. Additionally, the growing focus on aquaculture expansion, which is increasing shrimp production capacity and reducing dependency on imports, is broadening the market scope.
Besides this, export opportunities to neighboring Gulf countries are also increasing, which is positively impacting the market. Moreover, the development of advanced breeding and disease management techniques is improving shrimp yield and quality, opening new opportunities in domestic and export markets, and broadening the market scope.
Furthermore, strategic investments in aquaculture infrastructure, including hatcheries and processing facilities, are further enhancing the market growth potential. As per the market analysis, the strong government emphasis on sustainability and environmental stewardship is also widening the market's appeal, particularly among environmentally conscious consumers, which, in turn, is broadening the market scope.
Saudi Arabia Shrimp Industry Segmentation:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest Saudi Arabia shrimp market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.
Environment Insights:
Species Insights:
Shrimp Size Insights:
Distribution Channel Insights:
Regional Insights:
Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant. Some of the key players include:
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Key highlights of the Report:
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 global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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