Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood Market in Burkina Faso has been experiencing minimal growth, influenced by factors such as limited access to technology and low consumer awareness of digital solutions. Additionally, the high cost of online services and preference for traditional markets may also impact the market's growth rate.
Customer preferences: As the demand for sustainable and locally sourced food continues to rise, consumers in Burkina Faso are increasingly seeking out fish and seafood options that are caught or farmed in an environmentally friendly manner. This trend is also influenced by a growing awareness of the health benefits of consuming fresh and sustainably sourced seafood, as well as a desire to support local fishing communities. Additionally, with an increasing number of consumers adopting flexitarian and pescatarian diets, there is a growing demand for alternative protein sources, leading to a rise in popularity of plant-based seafood options.
Trends in the market: In Burkina Faso, the Fish & Seafood market is seeing an increase in demand for sustainable and locally sourced products. This trend is driven by consumer awareness of environmental and health concerns, as well as government initiatives promoting sustainable fishing practices. As a result, industry stakeholders are investing in sustainable sourcing and certification, as well as marketing efforts to highlight their sustainable practices. This trend is expected to continue, as consumers become more conscious of their food choices and seek out environmentally friendly options. Additionally, the rise of e-commerce and online delivery services in the country is opening up new opportunities for the Fish & Seafood market, allowing producers to reach a larger customer base and promote their sustainable products. This trend not only benefits the industry stakeholders, but also has positive implications for the environment and local communities.
Local special circumstances: In Burkina Faso, the Fish & Seafood Market within The Food market is heavily influenced by the country's geographical location, being landlocked and thus relying on neighboring countries for seafood imports. Additionally, cultural preferences for certain types of fish and seafood, such as tilapia and shrimp, shape the market demand. Regulatory factors, such as limited seafood processing facilities and strict fishing regulations, also contribute to market dynamics. These unique local factors make the Fish & Seafood Market in Burkina Faso stand out from other markets and play a significant role in shaping its growth and development.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in Burkina Faso is impacted by various macroeconomic factors, including global economic trends, national economic health, and fiscal policies. As the country continues to experience economic growth and stability, there is a growing demand for high-quality and sustainable fish and seafood products. Additionally, the increasing population and rising disposable incomes in the region are driving the demand for these products. However, challenges such as limited infrastructure and regulatory barriers may hinder market growth. The government's efforts to improve investment in the fishing industry and promote sustainable fishing practices are expected to positively impact the market in the coming years.
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.
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