Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Burundi has seen minimal growth, influenced by factors such as limited access to technology, low health awareness, and traditional preferences for purchasing seafood in person. However, there is potential for growth with the increasing availability of digital platforms and a shift towards healthier food choices.
Customer preferences: As consumer awareness and demand for sustainable and ethically-sourced products grows, there is a notable shift towards purchasing fresh fish from local fishermen and small-scale fisheries. This trend is driven by a desire for transparency and supporting local communities, as well as concerns over the environmental impact of large-scale commercial fishing. Additionally, with more consumers prioritizing health and wellness, there is a growing demand for wild-caught, organic, and antibiotic-free fish, leading to a rise in niche markets for premium quality seafood.
Trends in the market: In Burundi, the Fresh Fish Market of the Fish & Seafood Market within The Food market is seeing a rise in demand for sustainable and locally-sourced fish. Consumers are increasingly concerned about the environmental impact of fishing practices and are seeking out ethically-sourced options. As a result, there has been a growth in small-scale fishing operations and a decrease in imported fish. This trend is significant for industry stakeholders as it presents opportunities for local fishermen and supports sustainable practices. However, it may also lead to higher prices for fish and potential challenges for larger players in the market.
Local special circumstances: In Burundi, the Fresh Fish Market is heavily influenced by the country's geography, with a large portion of its population residing along the shores of Lake Tanganyika. This has led to a strong reliance on fish as a staple food, driving the demand for fresh fish in local markets. Additionally, cultural traditions and customs play a significant role in the fish market, with certain species of fish being considered delicacies for special occasions. Regulatory factors, such as fishing restrictions and sustainability measures, also impact the market, as the country strives to protect its natural resources while meeting the growing demand for fish.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Burundi is primarily influenced by macroeconomic factors such as economic stability, government policies, and consumer disposable income. In recent years, Burundi has experienced slow economic growth due to political instability and trade restrictions. However, the government has implemented policies to promote investments in the food sector, which has positively impacted the Fresh Fish Market. Additionally, with a high population growth rate and increasing urbanization, there is a growing demand for fresh fish, leading to market growth. Furthermore, the rise in disposable income and changing dietary habits of consumers are also contributing to the growth of the market. On the other hand, factors such as rising costs of raw materials and challenges in the supply chain due to inadequate infrastructure are hindering market growth. Overall, the market in Burundi is expected to experience moderate growth in the coming years, driven by improving economic conditions and increasing demand for fresh fish.
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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