MEA Seafood Market Share, Size, Rising Trends, Growth Drivers, Revenue, Demand, Challenges, Key Players, CAGR Status and Competitive Analysis 2024-2033: SPER Market Research
Market Overview and Market Insights: The phrase “seafood” refers to a wide variety of edible marine life, including fish, shellfish, and other aquatic animals, that are harvested for human consumption from rivers, lakes, and oceans. This group includes popular fish like salmon, tuna, and cod, as well as shellfish like shrimp, crab, and lobster, and mollusks like oysters and clams. Seafood is valued for its nutritional value and is rich in omega-3 fatty acids, vitamins, minerals, and high-quality protein. It is a mainstay of many ethnic cuisines, particularly those found around the shore, and can be consumed fresh, frozen, canned, or dried.
According to SPER market research, ‘Middle East and Africa Seafood Market Size- By Product Type, By Material – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Middle East and Africa Seafood Market is predicted to reach USD XX Billion by 2033 with a CAGR of XX%
Drivers: One of the main causes of the rising demand for seafood in the Middle East and Africa is the expanding middle class, particularly in the countries of the Gulf Cooperation Council (GCC). As disposable incomes increase, there is a growing demand for high-quality, imported fish products. The region’s multicultural population and substantial expat community also contribute to the need for a broad range of seafood, including expensive and exotic varieties. This desire is further supported by government initiatives that promote a variety of foods and good eating habits. The hospitality and tourism industries significantly influence seafood consumption, particularly in key urban centres such as Dubai and Riyadh.
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Challenges: The expansion and sustainability of the Middle Eastern and African seafood markets are hampered by a number of important issues. One of the main problems is supply chain interruptions, which are frequently brought on by insufficient infrastructure, such as antiquated ports, subpar storage facilities, and logistical bottlenecks. These problems, especially with fresh and perishable seafood goods, can lead to delays, spoiling, and higher expenses. Overfishing and irresponsible fishing methods pose a serious danger to the long-term sustainability of seafood populations in the area’s waters. Illegal, unreported, and unregulated (IUU) fishing is common in some places, which exacerbates the loss of marine resources and upends regional fishing economies. As a result, worries over the industry’s effects on the environment and the sustainability of fish stocks have grown.
COVID-19 Impact: The Middle East and Africa’s fish industries were severely disrupted by the COVID-19 epidemic, which led to problems with output, consumer demand, and supply chains. The market for more expensive seafood goods fell precipitously as a result of restaurants, hotels, and foodservice establishments closing during lockdowns, while supply chain disruptions made it harder to get fresh seafood. These challenges were further exacerbated by port shutdowns, workforce shortages, and export limitations, particularly impacting countries reliant on seafood exports. However, once the pandemic ended and economies started to recover, the industry did begin to revive, with consumers turning to home cooking and a spike in demand for packaged and frozen seafood.
The key players in the market include Albatha Group, Almunajem Foods, Blue Island PLC, and Enhance Group Holding Company Limited.
Middle East and Africa Seafood Market Segmentation:
By Type: Based on the Type, Middle East and Africa Seafood Market is segmented as; Fish, Shrimp, Others.
By Form: Based on the Form, Middle East and Africa Seafood Market is segmented as; Canned, Fresh/ Chilled, Frozen, Processed.
By Distribution Channel: Based on the Distribution Channel, Middle East and Africa Seafood Market is segmented as; Off-Trade, On-Trade.
By Region: This research also includes data for Qatar, Saudi Arabia, United Arab Emirates, Egypt, Morocco, Nigeria, South Africa, Rest of Middle-East and Africa.
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