5 Major Investment in KSA Seafood and Fish Feed Market: Ken Research

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Story Outline

• Government funds fuel KSA's seafood market growth with Vision 2030's 600,000-ton seafood production target.
• Foreign investments surge, like Marine Harvest's USD 120M fish farming project and Skretting's USD 200M fish feed factory.
• Private sector actively invests in KSA's seafood industry, with NAQUA and Saudi Fisheries leading the way.
• Investment funds, including SALIC, boost seafood projects for food security and domestic production.
• VC firms like Impact46 back innovative seafood startups, like "Fish Farm," advancing aquaculture and fish feed solutions.
• 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 Kingdom of Saudi Arabia (KSA) has been an attractive investment destination for decades, thanks to its abundant natural resources, growing economy, and favorable business environment.  Recently, the seafood and fish feed market in the Kingdom has emerged as a potential magnet for both local and foreign investments.

This rising trend is fueled by various factors such as a burgeoning population, increasing per capita income, government-led initiatives, and a growing preference for healthier diets. To fully grasp the potential and depth of this market, it is crucial to understand the investment landscape. This comprehensive analysis uncovers the major investments in the KSA seafood and fish feed market and the entities driving them.

1.Government Investments towards Self-Sufficiency

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The Saudi government has been a leading investor in the country's seafood and fish feed market. As part of its Vision 2030, the government aims to produce 600,000 tons of seafood annually by 2030 to achieve significant self-sufficiency. This ambitious plan has attracted significant government investments in the aquaculture sector. The National Industrial Development and Logistics Program (NIDLP), under Vision 2030, has allocated a staggering SAR 5.3 billion (~ USD 1.41 billion) to the fisheries sector, including aquaculture and fish feed production. This initiative is expected to create 100,000 direct and indirect jobs in the sector, further demonstrating the government's commitment to developing a robust seafood and fish feed market.

2.Increasing Foreign Direct Investment in Seafood Sector

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The KSA seafood and fish feed market's potential hasn't gone unnoticed by foreign investors. In 2018, the Norwegian seafood company, Marine Harvest, announced an investment of USD 120 million to set up a fish farming operation in Saudi Arabia.  The investment includes a hatchery, fish farms, and a processing plant to cater to the rising demand for seafood in KSA and the broader Middle East.

Furthermore, in 2021, Skretting, a leading fish feed manufacturer from Norway, announced plans to invest USD 200 million in constructing a state-of-the-art fish feed factory in the Kingdom. Skretting's entry into the Saudi market is a strong testament to the lucrative prospects of the fish feed market, which is closely tied to the seafood industry's growth.

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 owning to influx of major investment, government vision 2030 and change in consumers preferences.

3.Private Sector Participation in KSA Seafood Sector

The private sector in Saudi Arabia has also recognized the growth potential in the seafood and fish feed market. Several private companies have invested heavily in various segments of this market, contributing to its rapid development.

For instance, the Jazan-based National Aquaculture Group (NAQUA), one of the largest aquaculture companies in KSA, has invested extensively in creating an integrated aquaculture system. This includes hatcheries, fish farms, and a feed mill with an annual production capacity of 50,000 metric tons of fish feed.

Moreover, the Saudi Fisheries Company, a public company listed on Tadawul (the Saudi Stock Exchange), has also invested significantly in expanding its seafood processing capacity and developing a high-quality fish feed portfolio.

 4.Investment Funds eyeing on KSA Fish Feed Industry\

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Investment funds are playing a significant role in shaping the KSA seafood and fish feed market. In 2020, the Saudi Agricultural and Livestock Investment Company (SALIC), a subsidiary of the Public Investment Fund (PIF), invested USD 100 million in an offshore shrimp farming project in the Red Sea. This investment is part of a larger strategy to enhance domestic seafood production and promote food security in the Kingdom.

Furthermore, in 2021, the Saudi Investment Bank (SAIB) and the Arab Investment Company (TAIC) jointly launched a USD 400 million fund dedicated to investments in the food and agriculture sector, including the seafood and fish feed market. This initiative further underscores the significant investment potential of the market.

5.Venture Capitalists are backing Innovative Seafood Startups in KSA

Venture capital (VC) has emerged as a vital source of investment in the KSA seafood and fish feed market. Several startups in this sector have caught the attention of VC firms with their innovative solutions. One such example is Jeddah-based startup “Fish Farm,” which secured USD 1.5 million in seed funding in 2022 from the Riyadh-based VC firm, Impact46.

Fish Farm leverages advanced aquaculture technologies to produce high-quality seafood and has plans to develop a proprietary line of fish feed.

Conclusion

The Kingdom of Saudi Arabia's seafood and fish feed market is witnessing a surge of investments from various sources, reflecting the sector's lucrative potential. Government initiatives, foreign direct investments, private sector participation, investment funds, and venture capital have all contributed significantly to this growth narrative. This infusion of capital has not only helped the market evolve but also positioned it for sustained future growth.

For More Insights On Market Intelligence, Refer to the Link Below: –

KSA Seafood and Fish Feed Market Outlook to 2027

Related Reports by Ken Research: –

India Aquaculture Feed Market Outlook to 2027

Can Trulioo maintain its upward trajectory by 2028? : Ken Research

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Trulioo has emerged as a formidable player in cutting edge technologies and compliance expertise and providing groundbreaking advancements, making this franchise one of the largest in the US Identity Verification Market, projecting for a rise of 13% by 2028.

STORY OUTLINE

• A fully end to end solution provided by Trulioo, automates the entity verification process, making it easier and automatic for users.
• Trulioo enabled identity-documents check KYC to truly streamline the workflow.
• With technological advancements, integration and partnerships, Trulioo surges up the ladder.
• Flexibility and authenticity added with secured workflow, enables Trulioo to grow more.

1.A fully end-to-end solution provided by Trulioo, automates the entity verification process, making it easier and automatic for users.

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• Due to the increasing money laundering and theft, Trulioo has enabled a fully end-to-end solution called Know-Your-Business (KYB) which automates traditional manual verification reducing the time taken for complete verification from weeks to minutes.
• With the generalization of KYB, Trulioo stated a growth of 587% since the year 2020, reducing and solving many problems regarding money laundering and other frauds.
• Trulioo also has AML(Anti-Money Laundering) Watchlist and ongoing sanctions screening, which cross checks both users and businesses against people who are politically exposed, with more than 6000 watchlists and over 20,000 adverse media sources.

According to Ken Research, Trulioo has much stronger and secure interface and algorithms, with advanced protocols like Artificial Intelligence and Machine Learning, with a broader network of industries and cases associated with it and a large number of watchlist, makes this one of the leading companies, soon to top every other company, with promising vision towards the future.

2.Trulioo enabled identity-documents check KYC to truly streamline the workflow.

• In order to fully streamline the process, along with KYB, Trulioo enabled the Know-Your-Customer (KYC) process, which checks the business’s valuable owners in the same process.
• Trulioo through this process offers over 500 integrated personal identifiable data sources, more than 11,000 identity document types and more than 5000 watchlists, making it one of the most diverse in workflow but secure in every way.
• Trulioo advances new methods, stating them in Money20/20, Amsterdam, where high delivery of performance, utilizing a global network of more than 440 data sources to verify customers quickly and provide a real time access to more than 10,000 verifiable ID documents, leading to a growth and increase in security.

3.With technological advancements, integration and partnerships, Trulioo surges up the ladder.

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• Trulioo has officially upgraded EmbedID, with a new document verification and biometric facial recognition features, negating any fraud or hacking and maintains regulatory compliances for SMBs (Small and Midsize Businesses), making people’s engagement increase.
• EmbedID has been preconfigured with identity verification market’s GlobalGateway API, which can be accessed by SMBs, reducing fraud in a large scale and meeting AML and KYC requirements, bringing in people’s trust and increase in people who want to participate more by securing their business.
• The introduction of Artificial Intelligence (AI) as a process, has simplified the workflow, as persons data are being checked with real time details and documents both, without much manual or man power to be used, making the market to grow rapidly.

4.Flexibility and authenticity added with secured workflow, enables Trulioo to grow more.

• Trulioo has started its advancements since the Covid-19 pandemic, when all types of vendors have shifted all towards digital transformation. Unlike other players, Trulioo follows a much more flexible workflow resulting in a proper verification of customers during onboarding, conduction of ongoing monitoring or complying toward many types of regulatory requirements, expanding its reach to many different industries.
• Trulioo offers a much more complex data encryption resulting in a more secure and robust interface, resulting in a build of trust for which people with broader business tend to trust the company resulting in an increase in the growth of the market.
• With complex AI and Machine Learning, assisted with consistent support from human teams to maintain the regularity and authenticity with ever upgrading of the features, Trulioo is going to cross the ladder of the US identity verification market.

CONCLUSION

Trulioo is truly one of the leading companies running the identity verification, with multiple processes and complex protocol, consisting of KYB and KYC, also with AI to help screen with proper target allocation and Machine Learning (ML) to adequately process the result. A proper authenticity makes it truly trustworthy to people and their engagement makes this company to grow. Northern America has its dominance in the US Identity Verification Market with major contributions from this company, which is rising every year.