Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Burkina Faso is experiencing minimal growth, influenced by factors such as limited access to digital technologies, low health awareness among consumers, and challenges in implementing online services. This has hindered the market's growth rate, making it challenging for fish and seafood businesses to thrive.
Customer preferences: According to recent market research, there has been a noticeable increase in demand for sustainably sourced and ethically caught fresh fish in Burkina Faso. This trend is driven by a growing awareness of the environmental and social impact of fishing practices, as well as a shift towards healthier and more conscious food choices. As a result, consumers are willing to pay a premium for traceable and responsibly sourced fish, leading to the emergence of eco-labels and certifications in the market. Additionally, there has been a rise in demand for locally caught fish, reflecting the importance of supporting local communities and promoting food security.
Trends in the market: In Burkina Faso, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a growth in demand for locally caught and sourced fish. This is due to a growing focus on sustainable and ethical food consumption, as well as a desire for fresher and healthier options. This trend is expected to continue, with more consumers willing to pay a premium for high-quality, locally caught fish. This could have significant implications for industry stakeholders, as it may require a shift in supply chain and sourcing strategies to meet this demand. Additionally, it presents an opportunity for businesses to differentiate themselves and appeal to environmentally and health-conscious consumers.
Local special circumstances: In Burkina Faso, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's landlocked location and lack of access to coastal areas. This results in a limited supply of fresh seafood, driving up prices and making it a luxury item for locals. Additionally, cultural preferences for certain types of fish, such as tilapia, also impact market dynamics. Regulatory barriers, such as strict fishing quotas, further contribute to the unique dynamics of the market.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Burkina Faso is heavily influenced by macroeconomic factors such as trade policies, climate change, and infrastructure development. As a land-locked country, Burkina Faso is heavily reliant on imports for its seafood consumption. Changes in trade policies and global economic trends can significantly impact the availability and cost of imported fish. Moreover, climate change has led to disruptions in fishing activities, affecting the supply of fresh fish in the market. The country's limited infrastructure also hinders the growth of the market, as inadequate cold storage facilities and transportation systems can lead to spoilage and higher prices for consumers. These factors make it crucial for the government to invest in improving trade policies, addressing climate change, and developing infrastructure to support the growth of the Fresh Fish 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.
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