Fresh Fish - Sri Lanka

Sri Lanka

Highlights

Revenue in the Fresh Fish market amounts to US$3.20bn 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$145.60 are generated in 2024.
In the Fresh Fish market, volume is expected to amount to 136.80m kg by 2029. The Fresh Fish market is expected to show a volume growth of 1.5% in 2025.0.
The average volume per person in the Fresh Fish market is expected to amount to 5.9kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Fish Market in Sri Lanka's Food Market is experiencing subdued growth, influenced by various factors like limited consumer awareness, lack of digital technologies, and challenges in online services. However, rising health consciousness and convenience of online services are expected to drive growth in the future.

Customer preferences: Consumer preferences in the Fresh Fish Market of the Fish & Seafood Market within The Food market are shifting towards sustainable and ethically-sourced seafood options. This trend is driven by a growing awareness of the impact of overfishing and the importance of preserving marine ecosystems. Additionally, there is an increasing demand for locally-sourced seafood, as consumers prioritize supporting small-scale and community-based fishing operations. This trend is also influenced by cultural traditions and a desire for fresher, higher quality seafood.

Trends in the market: In Sri Lanka, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a rise in demand for sustainably sourced seafood. This trend is driven by growing awareness of the negative impacts of overfishing and the importance of preserving marine ecosystems. As a result, seafood companies are investing in sustainable fishing practices and certifications, while consumers are actively seeking out sustainably sourced options. This trend is expected to continue, with potential implications for industry stakeholders including higher costs for sustainable sourcing and increased competition for certified products.

Local special circumstances: In Sri Lanka, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's unique geographical location, surrounded by the Indian Ocean. This allows for an abundant supply of fresh seafood, contributing to the market's popularity among locals and tourists alike. Additionally, cultural preferences for seafood in Sri Lanka have led to a diverse range of seafood products available in the market. Furthermore, strict regulations on fishing practices and sustainability efforts in the country have also played a significant role in shaping the market dynamics.

Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Sri Lanka is heavily influenced by macroeconomic factors such as the country's economic growth, inflation rates, and fiscal policies. Sri Lanka has experienced steady economic growth in recent years, which has positively impacted the market by increasing consumer spending power and demand for high-quality food products. However, the market also faces challenges such as high inflation rates and fluctuating exchange rates, which can affect the availability and affordability of fish and seafood products. Additionally, the government's policies on trade and taxation can also impact the market by affecting the cost of imports and exports. As the country's economy continues to grow and stabilize, the Fresh Fish Market is expected to experience sustained growth, driven by increasing demand for healthier and sustainable food options.

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.