Middle East and Africa Aquaculture Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Aquatic Plants, Fish, Crustaceans, Mollusca, and Others) and Culture Environment (Fresh Water, Brackish Water, and Marine Water)

Middle East and Africa Aquaculture Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Aquatic Plants, Fish, Crustaceans, Mollusca, and Others) and Culture Environment (Fresh Water, Brackish Water, and Marine Water)

The aquaculture market in the MEA is expected to grow from US$ 16,125.65 million in 2021 to US$ 22,333.16 million by 2028; it is estimated to grow at a CAGR of 4.8% from 2021 to 2028.

Aquaculture is an efficient method of fish production, which is ecologically effective and involves lower costs, as these ventures can be operated at a large as well as a small scale. Currently, the aquaculture business is hampered by concerns regarding its contribution to water pollution, adverse impact on the environment, and threat to coastal ecosystems. However, advancements in technologies facilitating effective disease management and environmental management, and genetic improvements in cultured species are expected to bring significant changes in the field of aquaculture in the coming years.

The high growth in demand for fish oil, which is largely used as a dietary supplement in the healthcare, pharmaceuticals, and food industries, is highlighting the need for scaling up fish production. Fish oil is an efficient source of vitamin A and D and is considered the most significant source of vitamins for human consumption, after wild fish. Currently, fish oil accounts for a small percentage of total edible oil production. However, the percentage is expected to rise in the coming years owing to the health benefits of fish oil. Due to its omega-3 fatty acids content, fish oil is widely used in dietary supplements. It also reduces the level of triglyceride in the body, and minimizes the chances of heart disease and stroke. In the cosmetics industry, fish oil helps overcome skin disorders such as dermatitis, skin cancer, and allergy. In medical applications, it helps maintain heart health, prevent mental disorders, shred weight, enhance eye health, support healthy skin, and manage depression-related symptoms. Fish oil is considered as the fastest-growing protein source segment in the MEA food supply chain. It is also widely replacing genetically modified (GM) plant oil.

South Africa has recorded the highest number of COVID-19 cases in the MEA, followed by Saudi Arabia and the UAE. Due to the lockdown in countries in this region, the distribution network was significantly disrupted in 2020, affecting the sales of companies operating in the aquaculture market. However, the circumstances improved to some extent in 2021. The marketplace is experiencing positive recovery signs, and the sales of seafood products have surged. Moreover, the UAE is the center of tourist attractions and has a well-established hospitality industry. With the easing of the lockdown restrictions and travel bans, the demand for seafood from the hospitality sector is projected to grow significantly in the coming years, thereby driving the aquaculture market growth.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the MEA aquaculture market at a good CAGR during the forecast period.

MEA Aquaculture Market Revenue and Forecast to 2028 (US$ Million)

MEA Aquaculture Market Segmentation

Market, by Product

Aquatic Plants Fish Crustaceans Mollusca Others Market, by Culture Environment

Fresh Water Brackish Water Marine Water Market, by Country

Saudi Arabia South Africa UAE Rest of MEA Companies Mentioned

Cermaq Group AS JBS S.A. Mowi ASA Stolt-Nielsen Limited Thai Union Group PCL

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