In 2023, Kenya's demersal fish market stood at 15.03 thousand metric tons, marking a 4.01% increase from 2022. The market witnessed significant growth from 2014's 5.32 thousand metric tons, showing a diverse pattern of fluctuations over the years. Notable year-on-year variations include a 21.8% decline in 2015, a dramatic 84.13% surge in 2016, and consistent moderate growth post-2019. From 2019 to 2023, the compound annual growth rate (CAGR) was 3.96%, indicative of steady expansion despite prior volatility.
Future trends to watch for:
- Forecasts suggest a continued growth trajectory, reaching 17.98 thousand metric tons by 2028, reflecting a 2.87% CAGR over the next five years.
- Key drivers may include sustainable fishing practices, advancements in aquaculture, and increasing domestic demand.
- Potential challenges could involve environmental concerns and regulatory changes. Monitoring these factors will be crucial for strategic decision-making.
