Fresh Seafood - Lesotho

Lesotho

Highlights

Revenue in the Fresh Seafood market amounts to US$14.69m in 2024. The market is expected to grow annually by 9.79% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$12bn in 2024).
In relation to total population figures, per person revenues of US$6.24 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 476.40k kg by 2029. The Fresh Seafood market is expected to show a volume growth of 7.0% in 2025.0.
The average volume per person in the Fresh Seafood market is expected to amount to 0.2kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Seafood Market in Lesotho has been steadily growing due to factors such as increasing demand for fresh seafood, rising health awareness among consumers, and the convenience of online seafood services. However, its growth rate has been subdued due to challenges such as limited availability of fresh seafood and high transport costs.

Customer preferences: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a shift in consumer preferences towards sustainably sourced seafood. With growing awareness about the environmental impact of overfishing, consumers are seeking out seafood that is ethically and responsibly harvested. This trend is also influenced by the cultural value placed on sustainable practices in Lesotho, as well as the increasing demand for healthy and nutritious food options. As a result, there has been a rise in the availability of certified sustainable seafood options in the market.

Trends in the market: In Lesotho, the Fresh Seafood Market is experiencing a rise in demand for sustainably sourced seafood, with consumers becoming more conscious of environmental and ethical factors. This trend is expected to continue, as the global focus on sustainable practices grows. This has significant implications for industry stakeholders, as they need to adapt to meet consumer demands and ensure their supply chains are transparent. Additionally, there is a growing market for premium and specialty seafood, driven by the increasing purchasing power of the middle class and the popularity of international cuisines. This trend is expected to continue, presenting opportunities for industry players to diversify their offerings and target a wider customer base. In the Fresh Seafood Market, stakeholders need to stay updated on these trends and adjust their strategies accordingly to maintain their competitive edge.

Local special circumstances: In Lesotho, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by its landlocked geography and limited access to coastal areas. As a result, the market is dominated by freshwater fish and aquaculture products. Additionally, cultural preferences and traditions play a significant role in the demand for certain types of seafood, such as mokope (dried fish). The market is also subject to strict regulatory standards, particularly in terms of sustainability and food safety, which can impact supply and prices. These unique factors make the Fresh Seafood Market in Lesotho distinct from other markets and shape its dynamics.

Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. Countries with strong economic growth and stable fiscal policies are likely to see an increase in demand for fresh seafood, as consumers have more disposable income to spend on high-quality food products. Additionally, the increasing focus on sustainability and ethical sourcing in the seafood industry is driving market growth in countries with stricter regulations and consumer awareness. The growing global population and rising middle-class in emerging economies are also contributing to the demand for fresh seafood, as these regions are becoming major consumers of seafood products.

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.