GCC Aquaculture Market

GCC Aquaculture Market Overview

Aquaculture is the harvesting, rearing, and breeding of fish, algae, shellfish, and other organisms in all types of water environments. Basically, there are two types of aquaculture, i.e., marine, and freshwater. It is the world’s fastest-growing food producing sector. Aquaculture can also be done in human-made water bodies. Rising fish consumption in the region is anticipated to surge the GCC aquaculture market.

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Major GCC Aquaculture Market Drivers

Favorable policies and investments by the Gulf region have significantly driven the growth of the market. For instance, Oman’s Ministry of Agriculture and Fisheries has been making large-scale investments that are valued at USD 1.0 billion across 15,000 hectares of land to develop the aquaculture sector. According to GMI analysis, Oman is anticipated to produce 210,000 metric tons of fish during the 2030-2040 period. Furthermore, according to the “Network of Aquaculture Centres in Asia-Pacific, in 2020, the annual production of Saudi Arabia was around 55,000 tonnes, among which shrimp accounts for more than 60% of the share among all the farmed fish species, which has driven the overall growth of the aquaculture market. market.

Seafood has been traditionally a part of the Saudi diet. With the growing population of Saudi Arabia, seafood consumption has increased, which has surged the GCC aquaculture market’s growth. For example, according to the World Bank, the Saudi Arabia population has increased by 568,581 from the 2018-2019 period, which has fuelled the market’s growth.

Restraint in the GCC Aquaculture Market

However, high prices associated with the production of aquaculture setup are the major factor that is anticipated to hamper the market’s growth.

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Culture Environment – Segment Analysis

Based on the cultural environment, freshwater is expected to dominate the GCC aquaculture market over the forecast period. This is due to the limited number of freshwater resources present in the region. Freshwater culture has several economic advantages like alternative food sources, alternative fuel sources, conservation of biodiversity, etc., which boost the freshwater segment.

Product – Segment Analysis

Based on the product, carp are expected to dominate the global GCC aquaculture market over the forecast period. Carps are cultivated in the freshwater environment and are among the majorly cultivated aquatic species in this market due to their compatibility with lesser ideal environmental conditions. Crustacean is a high-value product due to its high protein content. This has increased the demand for crustaceans to satisfy the requirement of nutritional seafood.

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Regional – Segment Analysis:

Based on the country, Saudi Arabia is expected to dominate the GCC aquaculture market over the forecast period. This is due to key players’ presence in the country like Aqua Bridge, Fish Farm, Xylem, National Aquaculture Group (NAQUA), SAMAQ, which offers products directly and through its subsidiaries. For example, Gloryal International Seafood trading LLC offers seafood products for aquaculture and is a subsidiary of Aqua Bride. The Ministry of Environment, Water, and Agriculture (MEWA) set a program targeting 600,000 tons of capture and aquaculture products by 2030. This will increase the population’s consumption on a large scale.

Segments covered in the Report:

The GCC aquaculture market has been segmented based on culture, environment, product, and countries. Based on the cultural environment, the market is segmented into Fresh Water, Marine Water and Brackish Water. Based on product, the market is segmented into carp, crustaceans, mackerel, milkfish, mollusks, salmon, sea bass, seabream, trout, and others. 

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Market Segmentation

 GCC Aquaculture Market by Culture Environment

• • Fresh Water
  • Marine Water
  • Brackish Water

GCC Aquaculture Market by Product

• • Carps
  • Crustaceans
  • Mackerel
  • Milkfish
  • Mollusks
  • Salmon
  • Sea bass
  • Seabream
  • Trout
  • Others

GCC Aquaculture Market by Countries

• • UAE Aquaculture Market All-Up (Option 1: Free 25% Customization)
  • Saudi Arabia Aquaculture Market All-Up (Option 2: Free 25% Customization)
  • Oman Aquaculture Market All-Up (Option 3: Free 25% Customization)
  • Kuwait Aquaculture Market All-Up (Option 4: Free 25% Customization)
  • Rest of GCC Aquaculture Market All-Up (Option 5: Free 25% Customization)