Connect with us
European Gaming Congress 2024

Uncategorized

Saudi Arabia Seafood Market Sails with 4.8% CAGR: Rising Demand, Government Support & Shrimp Surge Propel Growth

Published

on

saudi-arabia-seafood-market-sails-with-4.8%-cagr:-rising-demand,-government-support-&-shrimp-surge-propel-growth

 
Saudi Arabia’s seafood market is casting a wider net, propelled by a rising tide of consumer demand, supportive government policies, and a booming shrimp segment. Ken Research’s ‘Saudi Arabia Seafood Market Outlook to 2028′ report forecasts a steady growth of 4.8% CAGR between 2022 and 2028, offering enticing opportunities for stakeholders in this evolving market. This press release dives into the report’s key findings, highlighting the market’s growth drivers, challenges, and promising future.
Market Overview: A Healthy Catch for the Economy
Saudi Arabia’s seafood market plays a crucial role in contributing to the country’s food security and diversifying its economy. With a current market size of $1.07 billion, the demand for seafood is expected to reach $1.46 billion by 2028, propelled by several factors:

Rising Demand: Increasing awareness about the health benefits of seafood, coupled with growing disposable incomes and urbanization, is driving demand for a wider variety of seafood products.
Government Support: Initiatives like the National Aquaculture Strategy and the Fish Farming Development Program are actively promoting domestic fish production and aquaculture, further strengthening the market.
Diversification Drive: Recognizing the potential of the sector, the government is encouraging investments in seafood processing and infrastructure development, aiming to reduce reliance on imports.

Interested to Know More about this Report, Request a Free Sample Report
Market Segmentation: Casting a Wider Net
The report segments the Saudi Arabia seafood market by product type, distribution channel, and regional distribution:

Product Type: Fish is the most consumed seafood type, accounting for 45% of the market value in 2022. However, shrimp is the fastest-growing segment, expected to witness a CAGR of 4.75% during the forecast period, driven by increasing demand and domestic production.
Distribution Channel: The on-trade segment (restaurants and hotels) currently dominates the market, accounting for 55% of the market value in 2022. However, the off-trade segment (supermarkets and hypermarkets) is expected to witness faster growth due to changing consumer preferences and convenience.
Regional Distribution: Major cities like Riyadh, Jeddah, and Dammam account for the majority of seafood consumption, but smaller cities and rural areas are expected to contribute to future growth.

Visit this Link :- Request for custom report
Competitive Landscape: A School of Diverse Players
The market features a mix of established players and emerging ones:

Advertisement

Leading Seafood Distributors: Sea Land Seafood Trading Co., Arab Fisheries Co., and Al Faisal Fisheries Co. are major players with extensive distribution networks and brand recognition.
International Seafood Suppliers: Companies like Thai Union and Cargill cater to the demand for imported seafood varieties.
Emerging Aquaculture Players: The rise of local aquaculture farms like National Aquaculture Group and Rubban Fisheries Trading Company is increasing domestic production and diversifying product offerings.

Challenges: Rough Waters Ahead
Despite its promising future, the Saudi Arabia seafood market faces some challenges:

Limited Domestic Production: The country largely relies on imports for its seafood needs, making it vulnerable to fluctuations in global prices and supply chain disruptions.
Inadequate Infrastructure: Limited cold storage facilities and underdeveloped logistics networks pose challenges for efficient distribution and quality control.
Skilled Workforce Shortage: The lack of trained professionals in aquaculture and seafood processing hinders the industry’s growth potential.

Request free 30 minutes analyst call
Future Outlook: Navigating Towards Smoother Sailing
Despite these challenges, the Saudi Arabia seafood market is expected to maintain its positive trajectory, driven by several factors:

Continued Government Support: Continued investments in domestic production, infrastructure development, and capacity building initiatives will provide a significant boost.
Technological Advancements: The adoption of advanced technologies like aquaculture automation and traceability solutions will enhance efficiency and sustainability.
Growing E-commerce: The surge of e-commerce platforms like noon and Amazon is creating new avenues for online seafood sales, particularly in the off-trade segment.

Advertisement

Key Takeaways for Stakeholders:
This report provides valuable insights for various stakeholders in the Saudi Arabia seafood market, including:

Investors: Identifying lucrative investment opportunities in aquaculture, processing facilities, and cold chain infrastructure.
Seafood Suppliers: Understanding evolving consumer preferences, expanding product offerings, and adapting to changing distribution channels.
Government Agencies: Formulating policies and regulations that support sustainable aquaculture practices, attract foreign investments, and address the skilled workforce shortage.
Consumers: Gaining insights into the safety and sustainability of seafood products, with government initiatives contributing to improved quality and responsible sourcing.

Conclusion:
Conclusion: Chart Your Course in Saudi Arabia’s Booming Seafood Market
The Saudi seafood market simmers with promise, fueled by rising demand, government backing, and a surging shrimp segment. But navigating its currents requires deeper understanding.
Ken Research’s “Saudi Arabia Seafood Market Outlook to 2028” report serves as your comprehensive guide, providing:

Granular segmentation: Dive beyond trends to understand specific product types, distribution channels, and regional markets.
Competitive landscape analysis: Identify key players, their strengths, and formulate winning strategies.
Future predictions: Navigate market currents with confidence using informed forecasts on growth trends, technologies, and challenges.
Actionable insights: Gain practical guidance on investment opportunities, entry strategies, and navigating regulations.

Taxonomy
KSA Seafood Market Segmentation
By Type
Fish
Shrimps
Crustaceans
Others (Lobsters, Mullusks and more)
By Form
Fresh
Frozen
Primary Processed
Secondary Processed
By Fish
Frozen
Fresh
Primary Processed
Secondary Processed
By Shrimp
Fresh
Frozen
Primary Processed
Secondary Processed
By Crustaceans
Fresh
Frozen
Primary Processed
Secondary Processed
By others (Lobsters, Mullusks and more)
Fresh
Frozen
Primary Processed
Secondary Processed
By Place of Retail
Off-Trade
On- Trade
By Off-Trade
Offline
Online
By On Trade
Restaurants
Hotels
Catering
Others (food trucks, cloud kitchens and other un-organized food sellers)
By Offline
Traditional Markets
Hypermarkets
By Major Region
Western Region
Central Region
Eastern Region
Sothern Region
Northern Region
KSA Processed Seafood Market Segmentation
By Type of Processing
Primary
Secondary
By Fish
Primary Processed
Secondary Processed
By Shrimp
Primary Processed
Secondary Processed
By Crustaceans
Primary Processed
Secondary Processed
By others (Lobsters, Mullusks and more)
Primary Processed
Secondary Processed
By Primary Processing
Filleting
Portioning
Skinning
Others (Cleaning, heading, slaughtering and more.)
By Secondary Processing
Dried
Smoked
Breaded
Others (Pickling, marinating, brining and more.)
By Place of Retail
Off-Trade
On- Trade
By Place of Retail for Primary Processing
Off-Trade
On- Trade
By Major region
Western Region
Central Region
Eastern Region
Sothern Region
Northern Region
KSA Distribution & Retail Seafood Market Segmentation
By Distribution Channel
Wholesale Channels
Direct Retail
By Type of wholesale
Fish
Shrimp
Crustaceans
Others
By Major region
Western Region
Central Region
Eastern Region
Sothern Region
Northern Region
KSA Fish Feed Market Segmentation
By Type
Fish
Shrimps
Crustaceans
Others (Sea cucumber, mussels and more.)
By End-Users
E-Commerce
Retail
Others
By Form
Pellet
Granules
Sticks
Flakes
Powder and Others
By End User
Nutritional Feed
Medication Feed
Environmental Feed
Algae- Based Feed
Color enhancing Feed
Others
By Type of Trade
Domestic
Import
By Distribution Channel
Wholesale
Direct Retail
By Major City
Jeddah
Jazan
Dammam
Others (Makkah, Tabuk, Madinah.)
For More Insights On Market Intelligence, Refer To The Link Below: –
KSA Seafood and Fish Feed Market
Related Reports by Ken Research: –
Global Snack food Market Outlook to 2027 Driven by changing consumer lifestyles, increasing urbanization, and a rising preference for convenient and on-the-go food options
The global snack food market is expected to reach USD 304306 Mn from 2022 to 2027, with a projected increase in market size driven by changing consumer preferences, urbanization, and a rising demand for convenience foods. A major growth driver in the snack food market will be the increasing consumer focus on health and wellness. There is a growing demand for snacks that are not only tasty but also nutritious.
Europe Wheat protein Market Outlook to 2028 Driven by growing demand for plant-based protein and rising Health and Wellness awareness
Europe wheat protein market is expected to show constant increase and is expected to grow at a CAGR of ~6% from 2022 to 2028 with increasing focus of concerning health issues. Wheat protein market is expected to grow from 2022-2028 due to factors like increase in trust on organic farming, growing demand of wheat protein, and increase in number of gyms and fitness centers in Europe.
US Meat Snack Market Outlook to 2028 Driven by increasing demand of high protein and nutrients meat snacks by fitness enthusiasts and youngsters to remain healthy and active
The meat snack market is finding huge acceptance from the audience who are searching for quick sources of nutrients and protein in their hectic lifestyle. As a result, the us meat market is expected to grow significantly in the future. Currently, USA’s 73% population consume meat food items as a result the market for meat snacks is increasing growing with a CAGR of 2% in the last 5 years. Meat snacks such as beef jerky, beef sausages, beef sticks, and cold-crafted link attract a wide range of customers.
US Functional Flour Market outlook to 2028 Types (Pre-cooked Flour, and Specialty Flour); By Application (Bakery, Savory Snacks, Soups & Sauces, Ready-to-Eat products, and others); By Geography (North, East, West, and South)
According to Ken Research, this market is anticipated to grow at a CAGR of ~7% in between 2022-2028 owing to rise in allergy cases, rapid urbanization and technological advancements along with rise in demands and sales of gluten free products. Functional Flours can be best described as alternative options to traditional flours with high nutritional content.
The post Saudi Arabia Seafood Market Sails with 4.8% CAGR: Rising Demand, Government Support & Shrimp Surge Propel Growth appeared first on HIPTHER Alerts.

Advertisement
Continue Reading
Advertisement

Uncategorized

Prime Minister concludes successful visit from President of France to Canada

Published

on

prime-minister-concludes-successful-visit-from-president-of-france-to-canada

 
The Prime Minister, Justin Trudeau, welcomed the President of France, Emmanuel Macron, to Canada from September 25 to 26, 2024. With stops in Ottawa, Ontario, and Montréal, Quebec, the visit helped further strengthen the close ties between our countries and advance our shared priorities.
The leaders announced three key declarations that will align Canada and France’s work to preserve peace and security, take ambitious climate action, protect the environment, and responsibly harness the full potential of artificial intelligence (AI).
The first of these three declarations, the Canada-France Declaration on a Stronger Defence and Security Partnership, underscores Canada and France’s steadfast commitment to supporting Ukraine in the face of Russia’s illegal invasion. It also reaffirms our contributions to regional stability and security in the Indo-Pacific and reflects our co-operation in managing emergencies, modernizing our armed forces, and combatting foreign interference.
The two leaders discussed shared, ongoing work to respond to the humanitarian situation in Haiti and reiterated their support for the United Nations-authorized Multinational Security Support mission in the country. Canada and France are in steadfast support of Haitian-led solutions to the conflict that will make a meaningful and lasting difference in the lives of the Haitian people – and build a better future.
Building on the progress made at the United Nations General Assembly and the Summit of the Future earlier this week, Prime Minister Trudeau and President Macron highlighted the critical importance of continued action to fight climate change and protect our oceans. In the Canada-France Declaration on the Ocean, the leaders underlined the vital role that oceans play for the environment, the climate, the economy, and food and energy security throughout the world. To advance our work, Prime Minister Trudeau announced Canada’s membership in the Paris Pact for People and the Planet. The Pact, led by France and in partnership with global leaders, emphasizes collective action to accelerate sustainable development and create opportunities to help lift vulnerable populations out of poverty.
During the visit, the Prime Minister and the President met with AI experts, entrepreneurs, and industry leaders to discuss the risks and benefits of this new technology. Canada and France have world-leading AI ecosystems, including leadership roles in the Global Partnership on Artificial Intelligence (GPAI), which has 29 members worldwide. A testament to our progress in growing a dynamic AI industry, GPAI’s first two centres of expertise opened in Canada and France. Moving forward on this work, the Prime Minister and the President announced the Canada-France Declaration on Artificial Intelligence. The Declaration reiterates our countries’ commitment to a safe use of AI that respects human rights and democratic values.
During President Macron’s visit, Canada was also named Country of the Year for the Viva Technology 2025 technology conference, which will be held in Paris next year. At this event, Canada’s delegation will collaborate with the international community and meet with thousands of visionary start-ups, investors, organizations, and researchers to leverage advances in AI to strengthen our economy, increase productivity, and create new opportunities for Canadians. SCALE AI, Canada’s Global Innovation Cluster dedicated to AI, will lead Canada’s business delegation.
Prime Minister Trudeau and President Macron reaffirmed their commitment to promoting the French language and La Francophonie’s institutions ahead of the next Sommet de la Francophonie, which will be held in Villers-Cotterêts and Paris, France, on October 4 and 5, 2024. They also renewed their commitment to strengthening strategic coordination in preparation for the successive G7 Presidencies that Canada and France will hold, in 2025 and 2026 respectively.
Quote“Canada and France’s relationship is built on shared history, a common language, and democratic values. President Macron’s visit to Canada is a testament to the enduring friendship between our two countries, and with the progress we have made over this visit, we will move forward to build a fairer and more prosperous future for our peoples.”— The Rt. Hon. Justin Trudeau, Prime Minister of Canada
Quick Facts

This was President Macron’s second visit to Canada. It followed both leaders’ participation in the United Nations General Assembly and Summit of the Future in New York City, United States of America.
As a permanent member of the United Nations Security Council, the North Atlantic Treaty Organization (NATO), the G7 and the G20, a founding member of the European Union, and a key partner in the Organisation internationale de la Francophonie, France is a key ally for Canada on the international stage.
In 2023, France was Canada’s third largest merchandise export market in the European Union, and its 12th largest trade partner globally, with two-way merchandise trade totalling $12.9 billion.
That same year, Canadian exports to France amounted to $4.3 billion, while imports from France totalled $8.7 billion.
In France, Canada is represented by an embassy in Paris and consulates in Lyon, Nice, and Toulouse. France is represented in Canada by its embassy in Ottawa and consulates in Vancouver, Toronto, Montréal, Québec, and Moncton.

Related Products

Joint statement by Prime Minister Trudeau and President Macron
Canada-France Declaration on a Stronger Defence and Security Partnership
Canada-France Declaration on the Ocean
Canada-France Declaration on Artificial Intelligence

The post Prime Minister concludes successful visit from President of France to Canada appeared first on HIPTHER Alerts.

Advertisement
Continue Reading

Uncategorized

Relativity Spotlights Legal Industry Leaders at the 2024 Innovation Awards

Published

on

relativity-spotlights-legal-industry-leaders-at-the-2024-innovation-awards

 
Relativity, a global legal technology company, today announced the winners of this year’s Innovation Awards at Relativity Fest. The Innovation Awards celebrate the trailblazing individuals and teams building custom solutions, empowering their peers and forging new paths to improve the legal industry and its communities.
“Another year of the Innovation Awards signals another opportunity to celebrate our community’s dedication to making a positive impact– whether that be through developing new solutions, providing excellent customer service, or elevating and advocating for their peers in the legal industry,” said Laurie Usewicz, Chief Partner Officer at Relativity. “This year’s winners exemplify the impassioned and innovative spirit that makes the future of our industry a bright one.”
The winners hail from, or work directly with law firms, financial institutions and consultant management companies large and small, private and public. Through a combined process of a judging committee and a community vote, Best Innovation winners are selected based on how they’ve leveraged the Relativity application programming interfaces in creative ways to solve Relativity’s customers’ most unique challenges.
In addition to the standard six individual and two Best Innovation awards, a new Best Innovation category was added for this year, Developer Partner. This award recognizes solutions created by Relativity’s independent software vendor (ISV) community that are offered directly to customers. Eligibility is restricted to solutions that are not owned by an Enterprise or Solution, Advisor, or Provider Partner.
The 2024 Innovation Awards winners are:

Artificial Intelligence: Ben Sexton, Vice President, JND eDiscovery
Customer Experience: Jenna Rooney, Director, Client Services, Arete Incident Response
Education & Mentorship: Deedra Smith, Managing Director, FTI Consulting
Inclusion: Vazantha Meyers, Vice President, Discovery Services, Haystack ID
Security: Jenna Rooney, Director, Client Services, Arete Incident Response
Stellar Women: Stephanie L. Goutos, Lead Practice Innovation Attorney, Gunderson Dettmer
Best Innovation: Developer Partner: Redaction Suggestions in Blackout by Milyli
Best Innovation: Enterprise: Flywheel by Troutman Pepper eMerge
Best Innovation: Partner: GenAI Toolbox by EY Switzerland

Each of the award winners above exemplify what it means to be a changemaker at the individual, organizational and industry levels. All award winners are determined by a combination of Relativity judging committees unique to each category and a community vote.
Relativity congratulates all submissions for the innovative work delivered this past year.
The post Relativity Spotlights Legal Industry Leaders at the 2024 Innovation Awards appeared first on HIPTHER Alerts.

Continue Reading

Uncategorized

MC Digital Realty wins Frost & Sullivan’s 2024 Japan Data Center Services Company of the Year Award

Published

on

mc-digital-realty-wins-frost-&-sullivan’s-2024-japan-data-center-services-company-of-the-year-award

 
Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation, and interconnection solutions, today announced that MC Digital Realty: A Mitsubishi Corporation and Digital Realty Company, has been awarded Frost & Sullivan’s 2024 Company of the Year award for Japan’s data center services industry.
MC Digital Realty is at the forefront of the market, delivering advanced technologies and strategic investments that provide Japanese businesses with secure, innovative, and sustainable infrastructure that enables artificial intelligence (AI) innovation.
MC Digital Realty’s state-of-the-art data centers are optimized for AI, offer the necessary flexibility and scalability for intensive model training and real-time inferencing, and provide advanced liquid cooling systems that ensure optimal performance for demanding AI tasks. Demonstrating its commitment to sustainability, MC Digital Realty leverages its relationship with Mitsubishi Corporation to prioritize energy efficiency, matching electricity usage in its colocation data halls with 100% renewable energy to minimize its carbon footprint.
Frost & Sullivan also recognized MC Digital Realty’s operational excellence. The company’s robust network of resilient data centers is strategically located in low-seismic regions and employs cutting-edge seismic isolation technology to protect its infrastructure, ensuring uninterrupted service and maximum reliability.
MC Digital Realty’s data centers also leverage the power of PlatformDIGITAL®, Digital Realty’s global data center platform. It provides customers access to a vast ecosystem of over 1,100 cloud and IT services, as well as 1,200 network services across 300+ data centers in 50+ metros worldwide.
“The company demonstrates a strong focus on the Japanese market through its continued investments. Strategic partnerships and innovations aligning with transforming customer expectations enable the service provider to achieve success in the country,” said Nishchal Khorana, Global Vice President of ICT at Frost & Sullivan.
Serene Nah, Digital Realty’s Managing Director and Head of Asia Pacific, said: “We are honored to receive the award and recognition from Frost & Sullivan, which validates MC Digital Realty’s commitment to serving partners and customers as they accelerate their AI innovation journeys in Japan. As AI continues to shape the future, Digital Realty remains committed to optimizing data center infrastructure for peak workload performance, and to meet the highest standards of innovation, while ensuring sustainability, security, and resilience.”
The post MC Digital Realty wins Frost & Sullivan’s 2024 Japan Data Center Services Company of the Year Award appeared first on HIPTHER Alerts.

Continue Reading

Trending