Key regions: Spain, China, Canada, India, South Korea
The Rice Market in Burkina Faso has been experiencing minimal growth due to factors such as low consumer awareness and limited access to digital technologies. Despite convenience offered by online services, the market is hindered by slow adoption and limited technological infrastructure.
Customer preferences: With the rising awareness of the health benefits of whole grains, consumers in Burkina Faso are showing a growing preference for locally produced and organic rice. This trend is further fueled by the growing popularity of traditional and regional cuisines, which often feature rice as a staple ingredient. Additionally, with a growing number of health-conscious consumers, there is an increasing demand for gluten-free and low GI rice varieties.
Trends in the market: In Burkina Faso, the rice market is experiencing a shift towards sustainable and locally produced rice. This trend is driven by growing consumer demand for healthier and environmentally-friendly food options. Additionally, the government has implemented policies to support local rice production, leading to an increase in domestic production. This trend is significant as it not only promotes food security and reduces dependency on imports, but also supports the growth of small-scale farmers. However, it may pose a challenge for large-scale rice importers and processors.
Local special circumstances: In Burkina Faso, the Rice Market within the Bread & Cereal Products Market is heavily influenced by the country's agricultural landscape and cultural preferences. Rice is a staple food in the country, and local farmers have been able to increase production through government initiatives and foreign investment. However, the market is also affected by fluctuations in global rice prices and trade policies. Additionally, cultural preferences for specific varieties of rice and traditional cooking methods play a significant role in shaping the market. Regulatory factors, such as import/export regulations and government subsidies, also impact the dynamics of the Rice Market in Burkina Faso.
Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market in Burkina Faso is influenced by a variety of macroeconomic factors. Global economic trends, such as fluctuations in international rice prices, can impact the supply and demand of rice in the country. National economic health, including GDP growth and inflation rates, can also affect consumer purchasing power and thus demand for rice. Fiscal policies, such as tariffs and subsidies, can impact the competitiveness of rice in the market. Other financial indicators, such as exchange rates and trade policies, can also have a significant impact on the performance of the rice market in Burkina Faso. Overall, a stable and favorable macroeconomic environment is crucial for the growth and sustainability of the Rice Market in Burkina Faso.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
