Fish & Seafood - Lesotho

Lesotho

Highlights

Revenue in the Fish & Seafood market amounts to US$63.27m in 2024. The market is expected to grow annually by 8.23% (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$26.85 are generated in 2024.
In the Fish & Seafood market, volume is expected to amount to 4.48m kg by 2029. The Fish & Seafood market is expected to show a volume growth of 5.1% in 2025.0.
The average volume per person in the Fish & Seafood market is expected to amount to 1.6kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Fish & Seafood market in Lesotho is experiencing slow growth, influenced by factors such as limited access to technology, low awareness of healthy eating, and traditional consumption habits. Despite this, there is potential for growth in the Fresh Fish, Fresh Seafood, and Processed Fish & Seafood sub-markets, driven by increasing demand for fresh and convenient food options. However, challenges such as infrastructure limitations and lack of education on sustainable fishing practices may hinder the market's expansion.

Customer preferences: With an increase in health consciousness and a growing focus on sustainability, consumers in Lesotho are increasingly seeking locally sourced and sustainably caught fish and seafood products. This trend is driven by a desire to support local businesses and reduce the environmental impact of food production. Moreover, there is a growing demand for healthier and more natural seafood options, such as wild-caught fish and organic seafood, as consumers become more mindful of the potential health benefits and sustainability of their food choices.

Trends in the market: In Lesotho, the Fish & Seafood Market within The Food market is experiencing a rise in demand for sustainable and ethically sourced seafood products. This trend is driven by consumer awareness and concerns about overfishing and environmental impact. As a result, industry stakeholders are increasingly investing in sustainable fishing practices and certifications. This trajectory is significant as it reflects a growing demand for socially responsible products. It also has potential implications for industry players who may need to adapt their sourcing and marketing strategies to cater to this trend.

Local special circumstances: In Lesotho, the Fish & Seafood Market is heavily influenced by the country's landlocked location and limited access to fresh seafood. As a result, the market relies heavily on imported seafood, making it vulnerable to fluctuations in international trade and pricing. Additionally, Lesotho's culture and traditional cuisine do not heavily feature seafood, which can impact local demand and consumption. Regulations and infrastructure also play a role, as the country lacks a developed fishing industry and adequate storage and transportation facilities for seafood. These unique factors contribute to a distinct market dynamic compared to other countries, with a heavy reliance on imports and limited local demand.

Underlying macroeconomic factors: The Fish & Seafood Market in Lesotho is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. The market is highly dependent on the country's GDP growth, consumer purchasing power, and government policies. With an increase in disposable income and a growing middle-class population, the demand for fish and seafood products is expected to rise. Moreover, favorable trade agreements and investments in the fishing industry are also driving market growth. However, challenges such as limited resources, high costs of production, and environmental concerns may hinder market growth in the long term.

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.