Fish & Seafood - Iraq

Iraq

Highlights

Revenue in the Fish & Seafood market amounts to US$3.17bn in 2024. The market is expected to grow annually by 7.58% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$97bn in 2024).
In relation to total population figures, per person revenues of US$68.09 are generated in 2024.
In the Fish & Seafood market, volume is expected to amount to 251.10m kg by 2029. The Fish & Seafood market is expected to show a volume growth of 6.2% in 2025.0.
The average volume per person in the Fish & Seafood market is expected to amount to 4.3kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Fish & Seafood market in Iraq is experiencing minimal growth, impacted by factors such as limited access to technology and low health awareness among consumers. However, the convenience of online services and increasing demand for fresh and processed options could drive growth in the future.

Customer preferences: As Iraq continues to develop and modernize, the Fish & Seafood Market within The Food market is seeing a rise in demand for sustainable and ethically-sourced seafood. This trend is largely driven by a growing awareness of the environmental impact of fishing practices and a desire for healthier and more ethical food options. Additionally, with an increasing number of young, health-conscious consumers, there is a growing demand for seafood products that are free from harmful additives and chemicals.

Trends in the market: In Iraq, the Fish & Seafood Market is experiencing a rise in demand for sustainably sourced and locally caught seafood. This trend is driven by consumer preferences for fresher and environmentally friendly products. As a result, seafood companies are investing in sustainable fishing practices and promoting their products as a healthier and eco-friendly option. This trend is expected to continue, with potential implications for industry stakeholders including increased competition and the need for stricter regulatory measures to ensure sustainable practices are being followed.

Local special circumstances: In Iraq, the Fish & Seafood Market is heavily influenced by the country's long coastline and proximity to the Persian Gulf. This results in a wide variety of fresh fish and seafood options for consumers. Additionally, cultural and religious factors play a significant role in shaping the market, as the majority of the population follows Islamic dietary laws. This has led to a rise in demand for halal-certified seafood products. Furthermore, government regulations on fishing and import/export also impact the availability and pricing of fish and seafood in the market, making it a complex and dynamic industry.

Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in Iraq is heavily influenced by macroeconomic factors such as the country's economic stability, trade policies, and investment in the food industry. Due to ongoing conflicts and political instability, the country's economy has been struggling, resulting in a decrease in consumer spending and a shift towards more affordable food options. However, as the country continues to stabilize, there is potential for growth in the fish and seafood market as Iraq has a high demand for these products and a large coastline suitable for fishing. Moreover, with the government's focus on diversifying the economy and increasing foreign investment, there is a potential for the fish and seafood market to expand and meet the growing demand for high-quality, nutritious 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.