Story Outline
- NAQUA: Leading aquaculture company in KSA, prioritizing sustainability, quality, and diversity with advanced technologies and eco-friendly practices.
- Saudi Fisheries: Prominent in seafood market, focuses on quality assurance, product range expansion, and diverse fish feed offerings.
- Skretting: Norwegian giant enters KSA with USD 200M investment, emphasizing global expertise, sustainability, and innovative feed formulations.
- Marine Harvest: Norwegian seafood company invests USD 120M, leveraging RAS technology for high-quality seafood, boosting fish feed demand.
- Fish Farm: Jeddah startup secures USD 1.5M from Impact46, exemplifying innovation in KSA's seafood and fish feed market.
- According to Ken Research, The KSA Seafood and Fish Feed Market is expected to reach $900 Mn by 2027, currently the market is growing at a CAGR of ~11% in 2022.
The seafood and fish feed market in the Kingdom of Saudi Arabia (KSA) is riding a wave of growth. This surge is a result of increasing local demand for seafood, the Saudi government's Vision 2030 mandate for self-sufficiency in seafood production, and favorable investment conditions. A variety of players, including local and international companies, are actively shaping this burgeoning market with their strategies and innovations.
This article provides an in-depth look at these key players, their strategies, technologies adopted, and the impact they're making on the KSA seafood and fish feed market.
1.National Aquaculture Group (NAQUA)
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As one of the largest aquaculture companies in KSA, the Jazan-based National Aquaculture Group (NAQUA) has established itself as a significant player in the seafood and fish feed market. The company takes an integrated approach, handling everything from hatcheries to fish farms and a feed mill, which produces up to 50,000 metric tons of fish feed annually. NAQUA's strategy is built on sustainability, quality, and diversity.
They use eco-friendly farming methods and adhere to internationally recognized standards to ensure their products' quality. Their product portfolio includes a wide variety of seafood like shrimp, fish, and other marine species, catering to the diverse taste preferences of the Saudi population. Additionally, the company's use of cutting-edge technologies, like automated feeding systems, contributes to the efficient use of fish feed and promotes sustainable aquaculture practices.
2.Saudi Fisheries Company
Saudi Fisheries Company, a public company listed on Tadawul (the Saudi Stock Exchange), is another prominent player in the KSA seafood and fish feed market. The company, with its in-depth understanding of the local market, provides a wide range of high-quality seafood products. The company's strategy revolves around quality assurance and expanding its product range.
To ensure quality, the company has heavily invested in state-of-the-art processing facilities and stringent quality control measures. In terms of fish feed, the company produces a diverse range of feed products to cater to the different dietary needs of various fish species. This focus on quality and variety gives the company a competitive edge in the market.
3.Skretting
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Norwegian company Skretting, a world leader in fish feed production, entered the KSA market in 2021 with a USD 200 million investment. Skretting's strategy is grounded in its global expertise, commitment to sustainability, and continuous innovation. Skretting utilizes advanced technologies in its feed formulation to enhance fish growth, health, and yield while maintaining sustainability.
Their Nutra range of fish feed products, for example, incorporates specific dietary components that optimize fish growth and reduce waste. The company's AquaSim technology, a data-driven fish growth modeling tool, is used to monitor and optimize feeding strategies in aquaculture. These technologies and innovative feed formulations give Skretting a unique competitive advantage in the KSA fish feed market.
4.Marine Harvest
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Marine Harvest, another Norwegian seafood company, has made a significant impact on the KSA seafood market with its USD 120 million investment. The company has established a fish farming operation in Saudi Arabia, including a hatchery, fish farms, and a processing plant.
Marine Harvest's key strategy involves harnessing advanced farming techniques, particularly the Recirculating Aquaculture System (RAS). RAS technology allows the company to control and optimize the farming environment, ensuring high-quality seafood production.The use of RAS technology also increases the demand for specialized fish feed, contributing to the growth of the fish feed market.
5.Fish Farm
Fish Farm, a Jeddah-based startup, represents the innovative spirit of the KSA seafood and fish feed market. The company, which secured USD 1.5 million in seed funding from Riyadh-based VC firm Impact46.
