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The Saudi market for Seafood is valued at $2.64 billion. Growing at a CAGR of 7 percent, the market is expected to reach over $3.8 billion by 2021

Published 2020-08-20 10:53:17

As you know, the global food and beverage market is expected to grow due to a rising population and income.  Saudi Arabia, whose share of the global sector is $40 billion, aims to grow its food processing activities in segments with competitive advantages such as dates, dairy, and confectionery products. Currently, imports meet a significant amount of consumption whereas import and re-export activities are somewhat limited. Meat and poultry, dairy, fruits, and confectionery products account for the majority of imports.

 

The Saudi market for Seafood is valued at $2.64 billion. Growing at a CAGR of 7 percent, the market is expected to reach over $3.8 billion by 2021. The Kingdom plans to invest in aquaculture which will provide for significant opportunities to expand exports to new markets. Another avenue for development in this segment would be a focus on convenience seafood products such as frozen seafood which can help grow exports, particularly in light of recent consumer trends.

 

Source: U.S-Saudi Arabian Business Council

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