Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Burundi is experiencing minimal growth, influenced by factors such as limited access to digital technologies, low health awareness among consumers, and reliance on traditional methods of obtaining fish and seafood. This slow growth rate may also be impacted by challenges in infrastructure and distribution in the country.
Customer preferences: As more consumers in Burundi become health-conscious, there has been a notable increase in demand for sustainable and responsibly-sourced fish and seafood products. This trend is driven by the growing awareness of the environmental impact of overfishing and the importance of supporting local fishermen. Additionally, there is a rising preference for fresh and unprocessed fish and seafood, as consumers become more health-conscious and prioritize natural and organic options. These changing preferences reflect a larger shift towards sustainable and ethical consumption in the region.
Trends in the market: In Burundi, the Fish & Seafood Market within The Food market is experiencing a trend towards sustainable and eco-friendly practices. As consumers become more environmentally conscious, there is a rising demand for responsibly sourced seafood. This trend is expected to continue as consumers prioritize ethical and sustainable food choices. Industry stakeholders must adapt to this trend by implementing sustainable fishing practices and promoting transparency in their supply chain. Failure to do so could result in losing market share and facing backlash from consumers.
Local special circumstances: In Burundi, the Fish & Seafood market is heavily influenced by the country's unique geographical location, with access to both freshwater and saltwater fish. Additionally, cultural factors play a significant role, with traditional fishing methods and local preferences shaping the market. Regulatory circumstances, such as government subsidies for fishermen and strict regulations for commercial fishing, also impact the dynamics of the market. These local factors differentiate the Fish & Seafood market in Burundi from other markets and drive its growth and development.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in Burundi is impacted by several macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. The market growth is influenced by the overall economic growth of the country and its stability. Favorable economic indicators, such as low inflation and stable exchange rates, can have a positive impact on the market. Additionally, government policies and investments in the seafood industry, as well as consumer spending power, can significantly affect the market performance. The growing demand for healthy and protein-rich food options in the region is also driving the demand for fish and seafood products, creating opportunities for market growth.
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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