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Saudi Arabia Shrimp Market

Saudi Arabia Shrimp Market

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Saudi Arabia Shrimp Market - By Species (Gulf Shrimps, Farmed White leg Shrimps, Banded Coral Shrimps, Royal Red Shrimp, Giant Tiger Shrimps, Blue Shrimps, Ocean Shrimps); By Form (Frozen, Canned, Breaded, Peeled, Cooked, Shell-On); By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Channels), Trend Analysis, Competitive Landscape & Forecast, 2022–2028

  • Published Date: January 2023
  • Report ID: BWC22571
  • Available Format: PDF
  • Page: 107

Report Overview

Increasing consumption of shrimps, growing popularity of various cuisines, and growing awareness of health benefits of shrimps are projected to propel the expansion of Saudi Arabia Shrimp Market at a steady growth rate during forecast period 2022 and 2028.

Saudi Arabia Shrimp Market- Industry Trends & Forecast Report, 2028

 

Saudi Arabia shrimp market size is expected to expand at a steady CAGR of 5.4% during the forecast period between 2022 and 2028. Major growth factors for Saudi Arabia shrimp market include a surging demand of seafood and emerging new cuisines worldwide. The convenient accessibility of processed and frozen shrimp products, which are inexpensive and help to reduce preparation time, is providing market players with lucrative growth potential. Increasing awareness of health benefits of shrimps, such as lowering the risk of cardiovascular diseases, enhancing bone and brain health, assisting weight reduction, soothing eye tiredness, and lowering blood pressure are bolstering the market expansion in Saudi Arabia. Additionally, economic expansion as well as shifting dietary patterns, particularly among urban consumers, are now propelling the region's shrimp industry. Saudi Arabia consumers are migrating toward protein-based diets and, as a result, including animal protein into their normal meal plan. Therefore, all these factors are expected to boost the expansion of Saudi Arabia shrimp market during the period in analysis.

Saudi Arabia Shrimp Market

Growth Drivers

Increasing awareness of health benefits related to shrimps

Shrimp is rich in protein and moderate in saturated fats, carbohydrates, and calories. It has a salty flavor and is high in nutrients. Additionally, the antioxidants in shrimp safeguard your body cells from injury. Due to these characteristics, shrimp are an addition to salads, pasta, curry, soups, and stir-fried foods. Furthermore, shrimp also contains astaxanthin, an antioxidant that combats wrinkles and reduces UV damage. It also contains a significant amount of selenium, which lowers the risk of certain types of cancer. Calcium, iron, magnesium, potassium, zinc, and choline are also found in shrimp. Due to these health benefits, the government is attempting to enhance shrimp production, which will aid in the growth of the shrimp market.

Restraints

Detrimental impact of shrimp farming

Shrimp farming is detrimental to the ecosystem because it produces salinity, mangrove destruction, pollution, sedimentation, land erosion, extinction of marine species, and biodiversity loss. In general, shrimp aquaculture requires a diverse, dependable, and cost-effective source of seeds. The output would not be possible without such a source of seeds. Farmers also confront high seed prices, poor seed quality, seed mixing, and decreased hatching. These factors will impede market growth in the coming years.

Impact of COVID–19 on Saudi Arabia Shrimp Market

COVID-19 pandemic had a detrimental effect on the foodservice industry, causing business activities to decline by 80-90%. As a result of pandemic-related lockdowns, curfews, and other social distance control measures, retail sales of shrimp soared in several areas. Travel restrictions have been imposed throughout all main regions, severely affecting the shrimp industry's distribution channel structure. In 2020, the COVID-19 pandemic had reduced Saudi Arabia shrimp output, with global demand for fresh and frozen shrimp had also declined significantly. Coronavirus is expected to have an ongoing impact on the aquaculture industry and market. Despite the challenges, following the Covid-19 pandemic, consumers have become conscious of health and wellbeing, which improves their purchasing habits and raises concerns about the food they eat. As a result, there has been an increase in demand for nutritional, immunity-boosting, and beneficial shrimp food products. These factors are expected to propel the expansion of Saudi Arabia shrimp market.

Saudi Arabia Shrimp Market

Segmental Coverage

Saudi Arabia Shrimp Market - By Species

By species, Saudi Arabia shrimp market is segmented into Gulf Shrimps, Farmed White leg Shrimps, Banded Coral Shrimps, Royal Red Shrimp, Giant Tiger Shrimps, Blue Shrimps, and Ocean Shrimps.

Saudi Arabia Shrimp Market - By Form

By form, Saudi Arabia shrimp market is divided into Frozen, Canned, Breaded, Peeled, Cooked, and Shell-On categories. The frozen segment holds the highest market share. The majority of shrimp are sold frozen and advertised based on their appearance, quality, color, and uniformity. Shrimp are usually purchased whole, however occasionally only the meat is sold. Large quantities of frozen shrimp are processed and stored. Frozen shrimp can be stored for four to five days.

Saudi Arabia Shrimp Market - By Distribution Channels

Based on distribution channels, Saudi Arabia shrimp market is divided into Hypermarkets and Supermarkets, Convenience Stores, Specialty Stores, and Online distribution Channels. The online channels segment is expected to hold the highest market share due to the increasing consumption of frozen shrimp products and online channels have a wide availability of different frozen shrimp products, as well as evolving consumer purchasing patterns, and reduced price grabs consumers' interest to purchase through E-Commerce, which in turn reinforces the expansion of the Saudi Arabia Shrimps Market during the forecast period.

Competitive Landscape

Saudi Arabia shrimp market is fiercely competitive. Prominent players in the market include National Aquaculture Group, Sealand, Arab Fisheries CO., Fitkar International Trading Company, Rubban Fisheries Trading Company, Zuhair Al Madani Food Trading, Global Food Industries LLC, Shrimp Sales, Sami Hamad Est, and Al Faisal Fisheries Co. To further enhance their market share, these players are primarily focused on the development of innovative and efficient products, new product releases, market initiatives, mergers and acquisitions, and other collaborative activities.

Recent Developments

  • In April 2022 –Shrimp Nation, based in Saudi Arabi, expanded its business to the UAE with an investment of AED 10 million. Shrimp Nation opened new branches throughout the UAE, Bahrain, Oman, Qatar, Jordan, and Egypt, in addition to two new locations in Saudi Arabia's Abha and Al Taif.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2018–2021

Base Year – 2021

Estimated Year – 2022

Forecast – 2022–2028

Facts Covered

Revenue in USD Billion

Market Coverage

Saudi Arabia

Product/ Service Segmentation

Species, Form, Distribution Channel

Key Players

National Aquaculture Group, Sealand, Arab Fisheries CO., Fitkar International Trading Company, Rubban Fisheries Trading Company, Zuhair Al Madani Food Trading, Global Food Industries LLC, Shrimp Sales, Sami Hamad Est, Al Faisal Fisheries Co

 

By Species

  • Gulf Shrimps

  • Farmed White leg Shrimps

  • Banded Coral Shrimps

  • Royal Red Shrimp

  • Giant Tiger Shrimps

  • Blue Shrimps

  • Ocean Shrimps

By Form

  • Frozen

  • Canned

  • Breaded

  • Peeled

  • Cooked

  • Shell-On

By Distribution Channels

  • Hypermarkets and Supermarkets

  • Convenience Stores

  • Specialty Stores

  • Online Retailing

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. Saudi Arabia Shrimp Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Surging demand of shrimps by consumers
        2. New cuisines and craze around fresh shrimps
      2. Restraints
        1. Limitation in distribution chains to preserve the natural flavor of the shrimp
      3. Opportunities
        1. Rising initiatives by various organizations toward the adoption and consumption of sustainable seafood
      4. Challenges
        1. Disruption in supply chains and distribution channels
    3. Technology Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. Saudi Arabia Shrimp Market Overview
    1. Market Size & Forecast, 2018–2028
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Species
        1. Gulf Shrimps
        2. Farmed White leg Shrimps
        3. Banded Coral Shrimps
        4. Royal Red Shrimp
        5. Giant Tiger Shrimps
        6. Blue Shrimps
        7. Ocean Shrimps
      2. By Form
        1. Frozen
        2. Canned
        3. Breaded
        4. Peeled
        5. Cooked
        6. Shell-On
        7. Others
      3. By Distribution Channel
        1. Supermarkets/Hypermarkets
        2. Convenience Stores
        3. Specialty Stores
        4. Online Channels
        5. Others
  5. Competitive Landscape
    1. List of Key Players and Their Range
    2. Saudi Arabia Shrimp Company Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership, and others)
  6. Impact of Covid-19 on Saudi Arabia Shrimp Market
  7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
    1. National Aquaculture Group
    2. Sealand
    3. Arab Fisheries CO.
    4. Fitkar International Trading Company
    5. Rubban Fisheries Trading Company
    6. Zuhair Al Madani Food Trading
    7. Global Food Industries LLC
    8. Shrimp Sales
    9. Sami Hamad Est
    10. Al Faisal Fisheries Co
    11. Other prominent players
  8. Key Strategic Recommendations
  9. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation

 

*Financial information of case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

 

List of Figures

Figure 1        Saudi Arabia Shrimp Market Segmentation                                                         

Figure 2        Saudi Arabia Shrimp Market Value Chain Analysis                                                          

Figure 3        Company Market Share Analysis, 2021                                                               

Figure 4        Saudi Arabia Shrimp Market Size, By Value (USD Million), 2018–2028                                                           

Figure 5        Saudi Arabia Shrimp Market Share, By Species, By Value, 2018–2028                                                            

Figure 6        Saudi Arabia Shrimp Market Share, By Form, By Value, 2018–2028                                                               

Figure 7        Saudi Arabia Shrimp Market Share, By Distribution Channel, By Value, 2018–2028    

 

List of Tables          

 

Table 1         Saudi Arabia Shrimp Market Size, By Species, By Value, 2018–2028

Table 2         Saudi Arabia Shrimp Market Size, By Form, By Value, 2018–2028

Table 3         Saudi Arabia Shrimp Market Size, By Distribution Channel, By Value, 2018–2028

Table 4         National Aquaculture Group Company Overview

Table 5         National Aquaculture Group Financial Overview

Table 6         Sealand Company Overview

Table 7         Sealand Financial Overview

Table 8         Arab Fisheries CO. Company Overview

Table 9         Arab Fisheries CO. Financial Overview

Table 10        Fitkar International Trading Company Company Overview

Table 11        Fitkar International Trading Company Financial Overview

Table 12        Rubban Fisheries Trading Company Company Overview

Table 13        Rubban Fisheries Trading Company Financial Overview

Table 14        Zuhair Al Madani Food Trading Company Overview

Table 15        Zuhair Al Madani Food Trading Financial Overview

Table 16        Global Food Industries LLC Company Overview

Table 17        Global Food Industries LLC Financial Overview

Table 18        Shrimp Sales Company Overview

Table 19        Shrimp Sales Financial Overview

Table 20        Sami Hamad Est Company Overview

Table 21        Sami Hamad Est Financial Overview

Table 22        Al Faisal Fisheries Co Company Overview

Table 23        Al Faisal Fisheries Co Financial Overview                                                   

Market Segmentation

By Species

  • Gulf Shrimps

  • Farmed White leg Shrimps

  • Banded Coral Shrimps

  • Royal Red Shrimp

  • Giant Tiger Shrimps

  • Blue Shrimps

  • Ocean Shrimps

By Form

  • Frozen

  • Canned

  • Breaded

  • Peeled

  • Cooked

  • Shell-On

By Distribution Channels

  • Hypermarkets and Supermarkets

  • Convenience Stores

  • Specialty Stores

  • Online Retailing

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Frequently Asked Questions (FAQs):

Ans: Saudi Arabia Shrimp Market size is projected to grow at a CAGR of 5.4% during the forecast period between 2022 and 2028.
Ans: Major factors driving the growth of Saudi Arabia Shrimp Market include increasing consumption of shrimps, emergence of various cuisines and growing awareness of health benefits of shrimps.
Ans: Key players in Saudi Arabia Shrimp Market include National Aquaculture Group, Sealand, Arab Fisheries CO., Fitkar International Trading Company, Rubban Fisheries Trading Company, Zuhair Al Madani Food Trading, Global Food Industries LLC, Shrimp Sales, Sami Hamad Est, and Al Faisal Fisheries Co.
Ans: The online segment accounted for the highest market share in Saudi Arabia Shrimp Market by distribution channel.