Saudi Arabia: Market for Fish Fillets and Other Fish Meat 2024

Market Size for Fish Fillets and Other Fish Meat in Saudi Arabia

In 2022, the Saudi market for fish fillets and other fish meat decreased by 99.9% to less than $X, falling for the third year in a row after two years of growth. Over the period under review, consumption, however, continues to indicate a pronounced decline. Consumption of peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Fish Fillets and Other Fish Meat in Saudi Arabia

In value terms, production of fish fillets and other fish meat stood at $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. Over the period under review, production of hit record highs in 2022 and is expected to retain growth in the near future.

Exports of Fish Fillets and Other Fish Meat

Exports from Saudi Arabia

In 2022, the amount of fish fillets and other fish meat exported from Saudi Arabia declined dramatically to X tons, which is down by -44.3% compared with the previous year's figure. Over the period under review, exports showed a drastic downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 648%. Over the period under review, the exports of attained the maximum at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, exports of fish fillets and other fish meat reduced remarkably to $X in 2022. Overall, exports showed a abrupt decrease. The growth pace was the most rapid in 2021 when exports increased by 408% against the previous year. Over the period under review, the exports of hit record highs at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Australia (X tons) was the main destination for exports of fish fillets and other fish meat from Saudi Arabia, accounting for a 76% share of total exports. Moreover, exports of fish fillets and other fish meat to Australia exceeded the volume sent to the second major destination, Singapore (X tons), more than tenfold. The third position in this ranking was taken by Bahrain (X tons), with a 5.9% share.

From 2012 to 2022, the average annual growth rate of volume to Australia totaled +33.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-17.0% per year) and Bahrain (-12.3% per year).

In value terms, Australia ($X) emerged as the key foreign market for fish fillets and other fish meat exports from Saudi Arabia, comprising 79% of total exports. The second position in the ranking was held by Bahrain ($X), with a 6.6% share of total exports. It was followed by Singapore, with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Australia totaled +16.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (-7.2% per year) and Singapore (-28.5% per year).

Export Prices by Country

The average export price for fish fillets and other fish meat stood at $X per ton in 2022, surging by 7.5% against the previous year. Overall, the export price, however, saw a drastic downturn. The pace of growth was the most pronounced in 2013 when the average export price increased by 69% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the average price for exports to the UK ($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 Bahrain (+5.8%), while the prices for the other major destinations experienced a decline.

Imports of Fish Fillets and Other Fish Meat

Imports into Saudi Arabia

For the fifth year in a row, Saudi Arabia recorded decline in purchases abroad of fish fillets and other fish meat, which decreased by -26.4% to X tons in 2021. Overall, imports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 22%. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of fish fillets and other fish meat declined significantly to $X in 2021. In general, imports saw a perceptible contraction. The most prominent rate of growth was recorded in 2014 when imports increased by 19% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Vietnam (X tons) constituted the largest fish fillets and other fish meat supplier to Saudi Arabia, with a 34% share of total imports. Moreover, imports of fish fillets and other fish meat from Vietnam exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. Thailand (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Vietnam totaled -12.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-16.7% per year) and Thailand (+14.5% per year).

In value terms, Norway ($X), Vietnam ($X) and Malaysia ($X) appeared to be the largest fish fillets and other fish meat suppliers to Saudi Arabia, together accounting for 60% of total imports.

Norway, with a CAGR of +56.0%, 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 more modest paces of growth.

Import Prices by Country

The average import price for fish fillets and other fish meat stood at $X per ton in 2021, surging by 7.3% against the previous year. Over the period under review, import price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, import price for fish fillets and other fish meat increased by +77.0% against 2016 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by 27% against the previous year. The import price peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Norway ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+12.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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