United Arab Emirates Seafood Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

United Arab Emirates Seafood Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

The United Arab Emirates Seafood Market is projected to register a CAGR of 1.55%

Key Highlights

• Largest Segment by Type - Fish : The country's demand for fish is fueled by a range of factors, including fish's lower price, greater nutritional value, and ease of availability due to increased production.
• Largest Segment by Form - Fresh / Chilled : Local consumers choose wild-caught as they believe it to be more natural, fresh, delicious, and healthy. The demand rose considerably after the relaxation of the lockdown.
• Fastest-growing Segment by Type - Shrimp : The growth of the aquaculture sector supports the progress of the shrimp market in the country, with farmed shrimp set to dominate the market in the coming years.
• Fastest-growing Segment by Form - Processed : The increasing popularity of ready-to-eat and ready-to-cook meat to match the fast-paced lifestyle is projected to drive the demand for processed poultry meat in the country.

UAE Seafood Market TrendsFish is the largest segment by Type.

• Fish is the primary type of seafood consumed in the United Arab Emirates. The country is the highest consumer of fish, with a per capita consumption of 17.85 kg/capita in 2021. Fish is considered a major source of protein in the country. Fish prices are low, and they further decreased by 70% in 2020 after the ban was lifted. Overall, small pelagic fish, such as sardines and mackerel, and large pelagic fish, such as tuna and barracuda, are the highly consumed species in the United Arab Emirates.
• Processed fish type is projected to be the fastest-growing segment with a CAGR value of 2.92% during the forecast period (2022-2028). The per capita expenditure on seafood increased from USD 176.2 in 2018 to USD 201 in 2021. The growing population, coupled with the increasing consumption of fish, is further driving the market.
• In the United Arab Emirates, more than 67% of the seafood is consumed through the on-trade channel, which includes restaurants and foodservices. In 2021, the highest per capita consumption of 25.5 kg/capita was recorded in the Middle East. In the United Arab Emirates. Around 40% of seafood consumers dine out at least 2-3 times per week due to a variety of options available at restaurants.
• Seafood sales increased by 14.1% from 2016 to 2021. The market is projected to grow at an average Y-o-Y growth rate of 2.63% during the forecast period. The UAE government is also focusing on aquaculture projects due to the increasing demand for seafood, as it is a viable source of improving the region’s food security, which is a major concern in the country because the nation relies on imports for around 75% of its demand.

UAE Seafood Market Competitive Analysis

The United Arab Emirates Seafood Market is fragmented, with the top five companies occupying 2.70%. The major players in this market are Al Kabeer Group ME - The Savola Group, Almunajem Foods, Conagra Brands Incorporated, Golden Dunes General Trading (LLC) and The Deep Seafood Company (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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