GCC Seafood Market is projected to be worth 4.14 billion by 2033 and is anticipated to surge at a CAGR of 1.92%.
Seafood refers to edible aquatic animals found in a wide range of culinary cultures. Fish in this group include anchovies, bass, pomfrets, bluefish, carp, cod, flounder, haddock, halibut, herring, mahi-mahi, salmon, sardines, trout, and tuna. It also includes a variety of shellfish and crustaceans, such as crabs, crayfish, lobsters, prawns, shrimp, abalone, clams, conch, mussels, octopuses, oysters, scallops, and calamari. Caviar, made from sturgeon roe, is also considered seafood. Seafood is well-known for its nutritional value, containing critical elements such as iron, zinc, iodine, magnesium, and potassium. It contains omega-3 fatty acids, as well as vitamins D and B2, which are essential for preventing heart disease, strokes, and arthritis, encouraging healthy bone formation, assisting with calcium absorption, and reinforcing the immune system.
GCC Seafood Market Driving Factors and Challenges
Driving Factors:
- Growing Tourism and Population: The GCC region is experiencing a large influx of tourists in addition to a fast expanding population. The demand for fish items is rising as a result of this demographic expansion.
- Benefits of Seafood for Health: Omega-3 fatty acids, vitamins, and minerals are just a few of the many nutrients that seafood is known for. In the GCC countries, seafood consumption has increased as a result of increasing awareness of these health benefits.
- Rising Disposable Income: Due to the substantial economic expansion that the GCC countries have seen, consumers' disposable income has increased. This element has helped to increase the purchasing power of seafood items.
Challenges:
Sustainability and Environmental Issues: One major issue facing the GCC seafood business is environmental sustainability. The supply of several seafood species is impacted internationally by overfishing, habitat damage, and unsustainable fishing methods. There is still much work to be done to guarantee that all seafood ingested is supplied sustainably, even if the GCC is making progress in encouraging sustainable aquaculture. It is a complicated subject that calls for constant attention and effort from the government and industry participants to strike a balance between the growing demand for seafood and the requirements for conservation and sustainable practices.
Impact of COVID-19 on GCC Seafood Market
The COVID-19 pandemic has had a huge influence on the GCC's seafood business. The initial wave of the pandemic caused interruptions in the seafood supply chain, such as reduced fishing activity, processing plant closures, and logistical issues. However, when the situation calmed, the market saw a surge in demand as people cooked more at home and sought healthier food options. The pandemic also boosted the use of e-commerce platforms for seafood purchases, as people switched to online shopping amid lockdowns and movement restrictions.
GCC Seafood Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Albatha Group, Almunajem Foods, Blue Island PLC, Enhance Group Holding Company Limited, National Fishing Company K.S.C, Oman Fisheries Co. SAOG, Sea Pride LLC, The Deep Seafood Company, Thomsun Group, Yamama Al-Baida Gen. Trading & Cont. Est.
GCC Seafood Market Segmentation:
By Type: Based on the Type, GCC Seafood Market is segmented as; Fish, Shrimp.
By Form: Based on the Form, GCC Seafood Market is segmented as; Fresh / Chilled, Frozen / Canned, Processed.
By Distribution Channel: Based on the Distribution Channel, GCC Seafood Market is segmented as; Off-Trade, On-Trade.
By Region: This research also includes data for Saudi Arabia, Qatar, Kuwait, United Arab Emirates, Bahrain, Oman.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.