Bahrain Fisheries & Aquaculture Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.30 % |
Bahrain Fisheries & Aquaculture Market Analysis
The Bahraini Fisheries and aquaculture market is projected to grow at a CAGR of 4.3% during the forecast period.
- The Bahraini Fisheries and aquaculture sector is a niche market and the government represented by the Directorate of Fisheries, has established the National Mariculture Centre (NMC), to undertake applied research in the field. The NMC is the source of marine fish seed for all Gulf Cooperation Council (GCC) countries and other member countries of the Regional Commission for Fisheries (RECOFI). The country can likewise earn foreign exchange through the export of aquatic products. In the long run, investment in the development of an aquaculture sector is expected to contribute to the food security and self-sufficiency of Bahrain.
- Shopping through e-commerce sites has been trending in the present days due to the advantage of product accessibility and the better reach of the products to the consumers. Thus, the sale of fisheries products through online portals is expected to increase in the coming years.
- The Ministry of Agriculture is exerting considerable effort to fully develop aquaculture in suitable coastal and interior areas to augment food security and self-sufficiency. With consumption likely to continue to rise, aquaculture has become the most realistic way to meet the demand. Recently, government initiatives to enhance domestic production have also been increasing. These factors are strenghtening the growth of the market during the forecast period.
Bahrain Fisheries & Aquaculture Market Trends
Increasing Exports to Saudi Arabia is Driving the Market
The Ministry of Works, Municipalities Affairs, and Urban Planning is moving forward with fish farming projects with an aim to raise the local production of fish and ensure food security and self-sufficiency. According to ITC Trademap, the value of fisheries export to Saudi Arabia saw an exponential rise in 2021. The increasing demand for seafood in the Middle-Eastern countries, particularly Saudi Arabia is the main factor propelling the demand.
The Kingdom of Bahrain has a coastline of 950 km, a continental shelf of approximately 10,000 sq. km, and a land territory of around 760 sq. km. Even though most of the production is marketed locally, the export market is growing. The Ministry planned to develop and increase production efficiency in the National Centre for Mariculture, which aims to produce 20 million fingerlings by 2025.
Significant numbers of Sobaity bream, gilthead bream, and grouper juveniles have been exported to all the countries in the region. Due to the scarcity of freshwater resources in Bahrain, all efforts have been diverted towards marine species, and there are minimal land-based cultural activities carried out in tanks. This will boost the market to grow in coming years.
Rise in Live Fish Imports in the Country
The value of fish and fishery imports was USD 430 thousand in 2020, which rose to USD 513 thousand in 2021, as per ITC Trademap. The shrimp fishery is traditionally the most important fishery in Bahrain because the total catches have shown a generally increasing trend in the species but, the composition of lands has changed significantly with declines in catches of some originally targeted species (e.g. groupers). So, the country has increased the catch of crustaceans (shrimps and crabs) and other finfish.
According to the International Trade Centre (ITC) in 2021, Thailand, Sri Lanka, and Indonesia are the major exporters of live fish to the Bahrain market. Thailand alone accounts for around 40% of the exports of live fish to Bahrain, followed by Sri Lanka at around 20%.
The government is actively seeking Bahraini and foreign private investments in large fish farming projects. Previously, most such activities were funded by development agencies from other Gulf countries (particularly Kuwait, UAE, and Saudi Arabia). Foreign-owned companies are eligible for partial financing from the state-owned Bahraini Development Bank (BDB), to develop fish farming projects in the country to ensure food safety and security. There are many benefits for investing in fish farming such as reducing the pressure on natural resources while also releasing fish fingerlings raised in the farm into the wild to restock Bahrain's marine population. This will raise opportunities for the country to grow and boost the growth of the market during the forecasting period.
Bahrain Fisheries & Aquaculture Market News
- February 2022: The government placed a ban on the catching, trading, and selling of shrimp which was valid till July 31st, 2022. This decision was aimed at preserving marine wealth in a way that contributes to the development of the shrimping industry and the protection of fish stock in the Kingdom of Bahrain.
- January 2022: In partnership with the Professional Fishermen's Society, The Government of Bahrain charted out plans to develop the fishing sector in the country. The aim was to launch initiatives that support Bahraini fishermen, in particular, and the fishing profession, in general.
Bahrain Fisheries & Aquaculture Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Pelagic Fish
5.1.1.1 Sardines
5.1.1.2 Mackerel
5.1.1.3 Tuna
5.1.1.4 Barracuda
5.1.2 Demersal Fish
5.1.2.1 Grouper
5.1.2.2 Trevally
5.1.2.3 Emperor
5.1.2.4 Pomfret
5.1.3 Freshwater Fish
5.1.4 Scallop
5.1.5 Shrimp
5.1.6 Lobsters
5.1.7 Caviar
5.1.8 Other Types
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Bahrain Fisheries & Aquaculture Industry Segmentation
Fisheries can be defined as raising and harvesting wild marine and freshwater fish for food or industrial purposes. The commercial production of aquatic species, namely fish, and other edible aquatic species produced through the country's fisheries and aquaculture sector have been considered for the purpose of the market study. The Bahrain Fisheries and Aquaculture Sector is segmented by Type, Pelagic Fish, Sardine, Mackerel, Tuna, Barracuda), Demersal Fish (Grouper, Trevally, Emperor, Pomfret), Freshwater Fish (Scallop, Shrimp, Lobsters, and Caviar). 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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Bahrain Fisheries & Aquaculture Market Research FAQs
What is the current Bahrain Fisheries and Aquaculture Market size?
The Bahrain Fisheries and Aquaculture Market is projected to register a CAGR of 4.30% during the forecast period (2024-2029)
What years does this Bahrain Fisheries and Aquaculture Market cover?
The report covers the Bahrain Fisheries and Aquaculture Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Bahrain Fisheries and Aquaculture Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Bahrain Fisheries & Aquaculture Industry Report
Statistics for the 2024 Bahrain Fisheries & Aquaculture market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Bahrain Fisheries & Aquaculture analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
