Fresh Fish - Lesotho

Lesotho

Highlights

Revenue in the Fresh Fish market amounts to US$29.57m in 2024. The market is expected to grow annually by 6.87% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$57bn in 2024).
In relation to total population figures, per person revenues of US$12.55 are generated in 2024.
In the Fresh Fish market, volume is expected to amount to 1.30m kg by 2029. The Fresh Fish market is expected to show a volume growth of 1.6% in 2025.0.
The average volume per person in the Fresh Fish market is expected to amount to 0.5kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Fish Market in Lesotho has seen slow growth due to factors such as limited access to technology, low consumer awareness of health benefits, and a preference for traditional fish markets. This has hindered its potential for growth in the wider Food Market.

Customer preferences: Consumers in Lesotho are increasingly looking for sustainable and locally sourced seafood options, with a growing awareness of environmental impact and health benefits. This has led to an increase in demand for fresh, locally caught fish in the Fresh Fish Market. Additionally, there is a growing trend towards seafood consumption as a healthier alternative to red meat, driven by cultural preferences and changing lifestyles. This has also resulted in a rise in demand for seafood with specific health benefits, such as omega-3 fatty acids.

Trends in the market: In Lesotho, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a trend towards sustainable fishing practices. This is in response to increasing consumer demand for ethically-sourced seafood and concerns over the environmental impact of traditional fishing methods. As a result, industry stakeholders are investing in new technologies and techniques to reduce bycatch and promote responsible fishing. This trend is expected to continue, with potential implications for the market including improved brand reputation, increased market share, and improved sustainability outcomes.

Local special circumstances: In Lesotho, the Fresh Fish Market is heavily influenced by the country's landlocked location, surrounded by South Africa. This leads to a reliance on imported fish and seafood, resulting in higher prices for local consumers. Additionally, the cultural preference for fresh fish over frozen or canned options further impacts market dynamics. The regulatory environment also plays a role, with strict import regulations and limited fishing quotas in place to protect the country's fish stocks. These factors contribute to a unique market landscape, with a focus on promoting sustainable fishing practices and supporting local fishers.

Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily impacted by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. For instance, countries with stable economic growth and favorable investment climate are witnessing higher demand for fresh fish and seafood, as consumers have higher purchasing power. On the other hand, regions with economic instability and low consumer confidence are experiencing sluggish market growth. Additionally, government policies and regulations play a crucial role in shaping the market, with countries that have supportive policies for the fishing industry seeing higher market growth compared to those with restrictive regulations.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.