Oman is one of the largest fish producers in the GCC region and a net exporter of fish and fish products, fisheries, and aquaculture sector is the most important and oldest sector in Oman registering a CAGR of 5.2% growth during the forecast period. According to Oman Aquaculture Development Company (OADC), under its national food security program, plans to double production from about 200,000 tons in 2016 to 480,000 tons in 2020. The Ministry for Agriculture and Fisheries is focusing on increasing aquaculture production to 2,20,000 metric tons, with a value of USD 883 million by 2030. Oman’s environmental advantage provides a high potential for the development of aquaculture and there is a strong commitment from the government to develop this sector in a competitive and sustainable manner in harmony with the social, economic, cultural, and historic values of the country.
Key Market Trends
Increasing Fish Capture In The Region
Oman’s Ministry of Agriculture and Fisheries is making large-scale investments valued at USD 1.0 billion across 15,000 hectares of land for the development of the aquaculture sector. According to FAO, The fish capture in 2018 accounted for 44,207.00 tonnes up from 26,677.00 tonnes in 2016, significantly explicating the increased capture to meet the increased demand in the domestic as well as international market. Ministry of Agriculture & Fisheries Wealth (MAFW), in partnership with Oman’s Sovereign Wealth Fund, Oman Investment Fund (OIF), formed the Oman Aquaculture Development Company (OADC) in 2016 with the main objective of Commercially investing & developing Oman’s fish aquaculture sector. The OADC has 2 subsidiaries namely the Oceanic Shrimp Aquaculture and the Blue Water which mainly focus on the Shrim and FinFish development in the region. The country is expected to produce 200,000.0 metric tons of fish between 2030 and 2040. Oman has resource biodiversity along more than 3000km coastline and has the strategic advantage of being close with the major export regions that are Politically stable and orderly civil society.
Regulated Aquaculture Market Pushes the Growth of the Sector
The Ministry of Agriculture and Fisheries has revealed its plan of investing USD 1.30 billion in fisheries development, from 2013 to 2020, to help promote sustainable fishing and provide the necessary infrastructure to increase fisheries production in Oman. Aquaculture is a part of the plan as a solution to mitigate the declining wild fisheries stocks and their effect on the livelihood of fishermen. Also, by 2030 to 2040 the government of Oman has anticipated that aquaculture is expected to contribute USD 5.20 billion to the GDP, producing as much as 220,000 metric tons, with an estimated market value of USD 900.0 million. In Oman, the capture production dominates the production system, which comes mainly from marine waters and provides nearly 99.9% of the total fish landing. The World Bank Group has supported the fisheries sector in the Sultanate of Oman with a wide range of policies and technical advice, given uniquely for the Bank to the fisheries sector through a Reimbursable Advisory Service or RAS from 2016.
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