Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in Burkina Faso has been experiencing slow growth due to several factors, such as limited technology adoption, low health awareness among consumers, and lack of convenience in purchasing online seafood products.
Customer preferences: As consumers in Burkina Faso increasingly prioritize freshness and sustainability in their food choices, the Fresh Seafood Market of the Fish & Seafood Market has seen a surge in demand for locally sourced and ethically caught seafood. Additionally, there has been a growing interest in alternative seafood options, such as plant-based seafood substitutes, as health and environmental concerns continue to shape consumer preferences. This shift towards conscious consumption is also reflected in the rise of community-supported fisheries and direct-to-consumer seafood delivery services.
Trends in the market: In Burkina Faso, there is a growing trend towards sustainable and eco-friendly seafood production, with more companies implementing responsible fishing practices and obtaining certifications such as Fair Trade and Marine Stewardship Council. This trend is significant as it addresses issues of overfishing and depletion of marine resources, while also meeting consumer demand for ethically sourced seafood. It could potentially create a competitive advantage for industry stakeholders who have adopted these practices, as well as attract environmentally conscious consumers. Additionally, there is a rising demand for locally sourced seafood, driven by the increasing awareness of the benefits of consuming fresh, locally caught fish. This trend could lead to a shift in the market dynamics, with smaller, local fishermen gaining more market share and potentially challenging larger, multinational seafood companies.
Local special circumstances: In Burkina Faso, the Fresh Seafood 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 waters. This has led to a reliance on imported seafood, which can impact prices and availability. Additionally, local cultural preferences and dietary restrictions may also impact the types of seafood sold in the market. The regulatory environment, including food safety standards and import restrictions, can also play a role in shaping the market dynamics.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is greatly influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. The growth of this market is driven by the increasing demand for fresh seafood products, especially in developing countries with improving economic conditions. Additionally, government policies promoting sustainable fishing practices and investments in cold chain infrastructure have also contributed to the growth of the market. However, challenges such as trade barriers and fluctuating seafood prices due to global economic factors can hinder the growth of the market.
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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