Saudi Arabia: Market for Frozen Fish and Seafood 2024

Market Size for Frozen Fish and Seafood in Saudi Arabia

The Saudi frozen fish and seafood market skyrocketed to $X in 2023, increasing by X% against the previous year. Over the period under review, consumption continues to indicate a resilient expansion. Over the period under review, the market hit record highs at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Production of Frozen Fish and Seafood in Saudi Arabia

In value terms, frozen fish and seafood production totaled $X in 2023 estimated in export price. Overall, production, however, recorded a resilient increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2023, production remained at a lower figure.

Exports of Frozen Fish and Seafood

Exports from Saudi Arabia

In 2023, after two years of growth, there was significant decline in shipments abroad of frozen fish and seafood, when their volume decreased by X% to X tons. Over the period under review, exports, however, posted a strong expansion. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2023, the exports remained at a lower figure.

In value terms, frozen fish and seafood exports reduced to $X in 2023. In general, exports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2023, the exports remained at a lower figure.

Exports by Country

Bahrain (X tons) was the main destination for frozen fish and seafood exports from Saudi Arabia, with a X% share of total exports. Moreover, frozen fish and seafood exports to Bahrain exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), sixfold. Egypt (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Bahrain totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Egypt (X% per year).

In value terms, Bahrain ($X) remains the key foreign market for frozen fish and seafood exports from Saudi Arabia, comprising X% of total exports. The second position in the ranking was held by Egypt ($X), with a X% share of total exports. It was followed by Australia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Bahrain amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (X% per year) and Australia (X% per year).

Export Prices by Country

The average frozen fish and seafood export price stood at $X per ton in 2022, surging by X% against the previous year. Over the period under review, the export price, however, recorded a mild contraction. The most prominent rate of growth was recorded in 2016 when the average export price increased by X%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Africa ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen Fish and Seafood

Imports into Saudi Arabia

For the sixth year in a row, Saudi Arabia recorded decline in purchases abroad of frozen fish and seafood, which decreased by X% to X tons in 2023. Overall, imports saw a abrupt decrease. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2015; however, from 2016 to 2023, imports failed to regain momentum.

In value terms, frozen fish and seafood imports amounted to $X in 2023. Over the period under review, imports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2014 with an increase of X%. Imports peaked at $X in 2019; however, from 2020 to 2023, imports remained at a lower figure.

Imports by Country

Bahrain (X tons), Malaysia (X tons) and the United Arab Emirates (X tons) were the main suppliers of frozen fish and seafood imports to Saudi Arabia, with a combined X% share of total imports. Moreover, frozen fish and seafood imports in Bahrain exceeded the figures recorded by the second-largest supplier, Malaysia, threefold.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of X%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Bahrain ($X), Malaysia ($X) and the United Arab Emirates ($X) were the largest frozen fish and seafood suppliers to Saudi Arabia, together comprising X% of total imports. Moreover, frozen fish and seafood imports in Bahrain exceeded the figures recorded by the second-largest supplier, Malaysia, fourfold.

Malaysia, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average frozen fish and seafood import price stood at less than $X per ton in 2022, with a decrease of X% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of X%. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bangladesh (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform