Market Size of Kuwait Fisheries and Aquaculture Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.40 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Kuwait Fisheries and Aquaculture Market Analysis
The Kuwait fisheries and aquaculture market is projected to register a CAGR of 7.4% during the forecast period.
- Aquaculture development is still incipient in Kuwait although the commercial production of gilthead seabream and Sobaity seabream in floating cages in Kuwait bay was started in 1997. Aquaculture activities are expanded in order to supplement local landings from capture fisheries.
- In Kuwait, government support for the sector, the rapid increase in demand from consumers, and the increasing sale of fish via social network platforms are some of the drivers of the market. Through these customers have much greater flexibility in bargaining for fish, along with timely delivery. Also, with changing lifestyles, this trend is expected to augment the sale of seafood. This increasing consumption is resulting in the country being import-dependent to meet domestic demand.
- Through the UK Gulf Marine Environment Partnership (GMEP) Programme, the UK Government's Centre for Environment, Fisheries and Aquaculture Science (Cefas) is collaborating with Gulf region partners to improve sustainable fishing and combat biodiversity loss. Cefas provides the most comprehensive range of applied marine and freshwater science, and its Kuwait office launched in June 2020. This will help to reduce the dependence on imports and tends to increase self-sufficiency of production of the country. The growing production to meet the rising seafood consumption indicates the growth of the market in the country.
Kuwait Fisheries and Aquaculture Industry Segmentation
Aquaculture is basically aqua farming of fish, crustaceans, mollusks, aquatic plants, algae, and other organisms. It is the breeding, rearing, and harvesting of fish, shellfish, algae, and other organisms in all types of water environments. The Kuwait Aquaculture & Fisheries Market is Segmented by Type ( Fresh Water Fish, Diadromous Fishes, Crustaceans, and Marine Fishes). The study includes Production Analysis (Volume), Consumption Analysis (Value and Volume), Export Analysis (Value and Volume), Import Analysis (Value and Volume), and Price Trend Analysis. The report offers the market size and forecast in both value (USD million) and volume (metric ton).
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| Fresh Water Fishes | |||||
| Diadromous Fishes | |||||
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Kuwait Fisheries and Aquaculture Market Size Summary
The Kuwait fisheries and aquaculture market is experiencing a notable expansion, driven by government support and increasing consumer demand for seafood. Despite the nascent stage of aquaculture development in the country, initiatives such as the commercial production of gilthead and Sobaity seabream in floating cages have laid the groundwork for growth. The market is further bolstered by the rise in fish sales through social media platforms, offering consumers greater flexibility and timely delivery. However, the growing consumption of seafood has led to a significant reliance on imports to meet domestic demand. Collaborative efforts, such as those with the UK Gulf Marine Environment Partnership, aim to enhance sustainable fishing practices and reduce import dependency, thereby increasing the country's self-sufficiency in seafood production.
Kuwait's strategic initiatives, including the "Blue Economy" project, seek to diversify the economy away from oil revenues by focusing on marine and maritime ventures. The country faces challenges with declining fish stocks, prompting the Public Authority for Agricultural Affairs and Fish Resources to implement a development plan aimed at achieving self-sufficiency in locally consumed fish. Despite higher prices, the demand for fresh fish and shrimp continues to rise, necessitating increased imports from countries like India, Pakistan, and Turkey. Recent projects, such as the farming of white leg shrimp and the development of a tech-driven e-commerce platform for seafood distribution, underscore Kuwait's commitment to enhancing its aquaculture operations and meeting the growing demand for seafood.
Kuwait Fisheries and Aquaculture Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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2. MARKET SEGMENTATION (Production Analysis, Consumption Analysis by Value & Volume, Import Analysis by Value & Volume, Export Analysis by Value & Volume and Price Trend Analysis)
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2.1 Type
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2.1.1 Fresh Water Fishes
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2.1.2 Diadromous Fishes
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2.1.3 Crustaceans
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2.1.3.1 Shrimp
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2.1.4 Marine Fishes
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2.1.4.1 Pelagic Fish
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2.1.4.2 Tuna
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2.1.4.3 Others
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Kuwait Fisheries and Aquaculture Market Size FAQs
What is the current Kuwait Fisheries and Aquaculture Market size?
The Kuwait Fisheries and Aquaculture Market is projected to register a CAGR of 7.40% during the forecast period (2024-2029)
What years does this Kuwait Fisheries and Aquaculture Market cover?
The report covers the Kuwait Fisheries and Aquaculture Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Kuwait Fisheries and Aquaculture Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
