DIY & Hardware Store - Burkina Faso

Burkina Faso

In Burkina Faso, the DIY & Hardware Store market generated a revenue of US$3,510.00m in 2024.
It is projected to experience an annual growth rate of 3.34% (CAGR 2024-2029).
When compared globally, in China leads the market, generating a revenue of US$785bn in 2024.
In terms of per person revenues, in Burkina Faso recorded US$147.20 in 2024.
In Burkina Faso, the DIY & Hardware Store market is experiencing a surge in demand for locally sourced, sustainable building materials.

Key regions: Worldwide, China, United States, India, Japan

Definition:

The DIY (Do-It-Yourself) market refers to the retail market for products used in home improvement and repair projects, such as tools, hardware, building materials, and lawn and garden products. These products are marketed to consumers who want to perform home improvement projects on their own rather than hire a professional. The DIY market provides consumers with the materials and tools they need to complete projects ranging from simple repairs to complete renovations, allowing them to save money and express their creativity in their living spaces.

Structure:

The market is divided into seven different segments:

The Paint, Wallpaper & Supplies segment includes products used for interior and exterior decoration, renovation, and protection of residential buildings.
The Tools & Machines segment consist of products used for construction, maintenance, and repair tasks.
The Hardware & Building Materials segment includes a diverse range of products that play an important role in the structure, safety, and functionality of a building.
The Lawn & Garden segment encompasses products that help homeowners and landscapers to create and maintain attractive and functional outdoor living spaces.
The Heating & Cooling segment focuses on produts that help regulate indoor temperatures, ensuring comfort, energy efficiency, and air quality in homes.
The Bathroom Hardware segment includes products designed to enhance the functionality and appearance of bathrooms.
The Floor Covering segment encompasses products that serve to protect the floor, enhance the appearance of the room, provide insulation and comfort, and can add value to a property.

Additional Information:

The market consists of revenue and average revenue per capita data. Per capita figures take into account the whole population. This market includes only B2C (business to consumer) sales. B2B (business to business) sales (e. g., hardware for coffee shops, offices, etc.) are excluded. For more information on the displayed data, click the info button on the right hand side of each box.

Market

Region

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Analyst Opinion

The DIY & Hardware Store market in Burkina Faso is experiencing minimal growth, attributed to factors like limited access to technology, low consumer awareness, and challenges in supply chain management. Despite this, the market has potential for growth as the country's economy continues to develop and the demand for home improvement products increases.

Customer preferences: As consumer awareness of sustainability grows, there is a rising demand for eco-friendly and socially responsible home improvement products in the DIY & Hardware Store Market in Burkina Faso. This trend is driven by the country's commitment to promoting sustainable development and the growing preference for sustainable living among younger generations. In addition, the increasing availability of green building materials and energy-efficient products is also contributing to this shift in consumer preferences.

Trends in the market: In Burkina Faso, the DIY & Hardware Store Market is experiencing a rise in demand for eco-friendly and sustainable products. As consumers become more environmentally conscious, there has been a shift towards using products made from renewable materials, such as bamboo and recycled plastic. This trend is expected to continue as the government implements policies to promote sustainability and encourage green practices. Industry stakeholders will need to adapt to this trend by offering more eco-friendly options and promoting their sustainable practices to appeal to the growing consumer segment.

Local special circumstances: In Burkina Faso, the DIY & Hardware Store Market is influenced by the country's high rate of urbanization, with over 20% of the population living in cities. This has led to a growing demand for home improvement and building materials in urban areas. Additionally, the country's strong agricultural sector contributes to the DIY market, as many farmers use DIY techniques and materials for their farming activities. The market is also impacted by the country's limited access to imported goods, making locally sourced materials and tools more popular. Finally, cultural norms that value self-sufficiency and resourcefulness have also contributed to the growth of the DIY & Hardware Store Market in Burkina Faso.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Burkina Faso is significantly influenced by macroeconomic factors such as government policies, economic stability, and domestic consumer demand. As the country continues to experience economic growth and increasing disposable incomes, the demand for home improvement products and services is expected to rise. Additionally, favorable investment policies and infrastructure development initiatives are also attracting foreign businesses to enter the market, further driving its growth. However, challenges such as high inflation rates and limited access to credit may hinder the market's potential, requiring strategic measures to sustain its growth in the long run.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to 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 particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.