Report Overview

Rising health consciousness, increasing disposable income, growing tourism, strong demand for premium seafood, and a thriving foodservice industry are key driving factors of UAE Seafood Market during the forecast period between 2024 and 2030.

UAE Seafood Market – Industry Trends & Forecast Report, 2030

UAE Seafood Market size by value was estimated at USD 1.29 billion in 2023. During the forecast period between 2024 and 2030, the UAE Seafood Market size is expected to expand at a CAGR of 3.57% reaching a value of USD 1.93 billion by 2030. The UAE Seafood Market has experienced significant growth in recent years, driven by a combination of increasing consumer demand, government initiatives to boost local production, and the country's strategic position as a global trade hub. The market offers a diverse range of seafood, including both locally sourced and imported varieties. Key factors contributing to the market's expansion include the rising health consciousness among consumers, who are increasingly opting for protein-rich, low-fat food options, and the growing popularity of seafood in the region's culinary scene. The UAE's advanced infrastructure, coupled with strong logistics and supply chain networks, has further facilitated the efficient distribution and availability of seafood products.

By volume, the UAE Seafood Market size was estimated at 3.51 million tons in 2023. During the forecast period between 2024 and 2030, UAE Seafood Market size is projected to grow at a CAGR of 3.94% reaching a volume of 4.77 million tons by 2030. The UAE Government’s efforts have played a crucial role in shaping the UAE Seafood Market. Initiatives such as the National Food Security Strategy 2051 aim to enhance the sustainability and self-sufficiency of local seafood production. Investments in aquaculture and sustainable fishing practices are helping to reduce dependence on imports and ensuring a stable supply of high-quality seafood. The implementation of stringent quality control measures and certification standards has also boosted consumer confidence in the safety and quality of seafood products. Therefore, the UAE Seafood Market is poised for continued growth, supported by a favorable regulatory environment and an increasing focus on innovation and sustainability in the sector.

Seafood – Overview

Seafood encompasses a wide range of aquatic organisms consumed as food, including fish, shellfish, and mollusks. Popular types include salmon, tuna, shrimp, crab, and oysters. Rich in essential nutrients like omega-3 fatty acids, protein, vitamins, and minerals, seafood is associated with numerous health benefits, including improved heart health and brain function. Harvesting methods vary from wild capture to aquaculture (farming). Sustainable seafood practices are increasingly emphasized to preserve marine ecosystems and ensure long-term availability. Cultural significance and culinary uses of seafood are diverse, making it a staple in many global cuisines.

UAE Seafood Market

Growth Drivers

Presence of Large Expatriate Population

The UAE Seafood Market is significantly driven by its large expatriate population, which accounts for nearly 90% of the country's residents. The diverse demographic brings varied culinary preferences, with a strong demand for seafood being a common denominator. Expatriates from seafood-rich regions such as Asia and Europe have heightened the consumption of both fresh and imported seafood. This multicultural influx boosts seafood sales and also diversifies the range of seafood available, encouraging suppliers to cater to a broad spectrum of tastes and preferences, thereby driving market growth.

Challenges

Sustainability Concerns of UAE Seafood Market

The UAE's booming seafood industry faces a critical challenge due to overfishing. With consumption rates exceeding global averages and fish stocks declining by 80% in just 30 years, unsustainable practices threaten the very resource the market depends on. Government initiatives and consumer awareness are crucial to ensure a healthy future for both the UAE's seafood industry and its marine ecosystems.

Impact of Escalating Geopolitical Tensions on UAE Seafood Market

Escalating geopolitical tensions, particularly in the Gulf region, have significantly impacted the UAE Seafood Market. Trade disruptions and heightened maritime security risks have increased logistical challenges and costs for seafood imports, which the UAE heavily relies on. For instance, tensions between Iran and the US have led to stricter naval patrols in the Strait of Hormuz, a critical passage for global trade. Additionally, the Russia-Ukraine conflict has affected the supply of seafood from Eastern Europe, leading to increased prices and supply shortages. These factors have pushed the UAE to bolster its aquaculture initiatives to reduce dependency on imports and ensure food security amidst an unpredictable geopolitical climate.

UAE Seafood Market

Segmental Coverage

UAE Seafood Market – By Type

Based on type, UAE Seafood Market is divided into Fish, Molluscs, and Crustaceans segments. The fish segment is the largest in the UAE Seafood Market. With its diverse range of species including tuna, salmon, and grouper, fish consumption dominates the market due to its popularity among consumers and its versatility in culinary applications. Factors such as cultural preferences, health considerations, and accessibility contribute to the significant demand for fish products. Additionally, the UAE's coastal location and robust fishing industry further bolster the prominence of fish in the seafood market, making it the leading segment in terms of both consumption and economic value.

UAE Seafood Market – By Form

Based on form, UAE Seafood Market is divided into Canned, Fresh/Chilled, and Frozen, Processed segments. The fresh/chilled segment is the largest, owing to the region's proximity to fishing grounds and the preference for freshly caught seafood. The segment often encompasses a wide variety of fish, shellfish, and crustaceans, catering to both local consumption and export demands. The popularity of fresh seafood aligns with consumer preferences for high-quality, nutritious options. While the canned and frozen segments also hold significance, the fresh/chilled segment tends to dominate due to its appeal to culinary traditions and the growing demand for premium seafood products in the UAE market.

UAE Seafood Market – By Distribution Channel

Based on distribution channel, UAE Seafood Market is divided into Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, and Online Channel segments. The supermarkets/hypermarkets segment is the largest in the UAE Seafood Market, offering a wide range of seafood products in convenient locations across the country. With expansive floor space and diverse selections, these establishments cater to varied consumer preferences and offer competitive pricing. Supermarkets and hypermarkets serve as key distribution points for both fresh and frozen seafood, meeting the demands of a diverse customer base. Their extensive reach and accessibility make them a dominant force in the UAE seafood industry, capturing a significant portion of the market share and providing consumers with convenient options for purchasing seafood products.

Competitive Landscape

Major players in the UAE Seafood Market include Al Islami Foods, Almunajem Foods, Global Food Industries LLC, Enhance Group Holding Company Limited, Golden Dunes General Trading LLC, Krustasia Foods LLC, Tabuk Fisheries Co., The Deep Seafood Company, and The Savola Group. To further enhance their Market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In February 2022 – Asmak announced a strategic distribution agreement with Fish Farm, a UAE-based aquaculture company. Under this agreement, Asmak distributes fish farm products to capture a wider audience locally and regionally through its processing facility and strong distribution channels, including wholesale, food service, and retail.

• In April 2021 – Tabuk Fisheries along with NEOM company signed a memorandum of understanding (MoU) to expand local aquaculture production and apply the new generation of aquaculture technologies in the NEOM region. The hatchery will have a capacity of 70 million fingerlings, making it the largest in the MENA region.

Scope of the Report

By Type

• Fish

• Molluscs

• Crustaceans

By Form

• Canned  

• Fresh / Chilled  

• Frozen  

• Processed

By Distribution Channel

• Supermarkets/Hypermarkets

• Convenience Stores

• Specialty Stores

• Online Channel