Fresh Seafood - Sri Lanka

Sri Lanka

Highlights

Revenue in the Fresh Seafood market amounts to US$784.40m in 2024. The market is expected to grow annually by 9.65% (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$35.74 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 24.50m kg by 2029. The Fresh Seafood market is expected to show a volume growth of 5.4% in 2025.0.
The average volume per person in the Fresh Seafood market is expected to amount to 0.9kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fish & Seafood Market within The Food market in Sri Lanka has been experiencing mild growth, driven by factors such as increasing demand for fresh seafood, growing health consciousness among consumers, and the convenience of online seafood shopping. This growth rate is impacted by factors such as sustainable fishing practices, government regulations, and consumer preferences for healthy and sustainable food choices.

Customer preferences: As Sri Lanka's seafood industry continues to grow, consumers are showing a preference for sustainably sourced and locally caught seafood. This trend is driven by an increasing awareness of the impact of overfishing on the environment and a desire to support local fishermen. Additionally, with a growing focus on health and wellness, there is a rising demand for fresh, high-quality seafood as a key component of a balanced and nutritious diet. As a result, there has been a shift towards smaller, independent fish markets and a decrease in demand for mass-produced, frozen seafood.

Trends in the market: In Sri Lanka, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for locally sourced and sustainably caught seafood. This trend is driven by consumers' increasing awareness of the environmental impact of commercial fishing and their preference for healthier and fresher seafood options. As a result, there has been a rise in small-scale fishermen and aquaculture farms, providing a wider range of fresh seafood products. This trend is significant as it promotes sustainability and supports local communities, but it may also lead to increased competition and pricing pressures for industry stakeholders. Additionally, there is a growing interest in online seafood delivery services, providing convenience and safety during the pandemic. This trend is expected to continue, with potential implications for the traditional fish market and the need for adaptation by industry players.

Local special circumstances: In Sri Lanka, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by its geographical location as an island nation surrounded by the Indian Ocean. This unique setting allows for a diverse range of fresh seafood options to be readily available. Additionally, the country's rich cultural heritage, with seafood being a staple in traditional cuisine, further drives the demand for fresh seafood in the market. Furthermore, strict regulations and sustainability efforts by the government have led to a steady and responsible supply of seafood, making it a sought-after market for high-quality seafood products.

Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily 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 experiencing higher demand for fresh seafood, as consumers have more purchasing power to spend on premium seafood products. Additionally, the increasing focus on sustainable fishing practices and traceability in the seafood industry is driving demand for high-quality, ethically-sourced seafood, particularly in countries with strong environmental regulations. Furthermore, the growing awareness of the health benefits of consuming seafood is also fueling market growth, as consumers in both developed and developing countries are increasingly incorporating fresh seafood into their diets.

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.