Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in Burundi has shown minimal growth due to factors such as limited access to technology, low health awareness, and lack of convenience in online services. Despite this, the market is steadily growing thanks to the increasing demand for fresh seafood in the region.
Customer preferences: With increasing health consciousness and a growing awareness of the benefits of a nutritious diet, consumers are gravitating towards fresh and sustainably-sourced seafood options. This trend is particularly evident in Burundi, where traditional seafood dishes are becoming more popular as people embrace healthier eating habits. Additionally, the rise of e-commerce and online grocery shopping platforms have made it easier for consumers to access a wider variety of fresh seafood products, further driving demand in the market.
Trends in the market: In Burundi, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is seeing a rise in sustainable fishing practices and an increase in demand for locally sourced seafood. This trend is driven by consumer demand for ethically sourced products and a growing awareness of the environmental impact of traditional fishing methods. As a result, industry stakeholders are investing in sustainable fishing techniques and promoting transparency in their supply chains. This trajectory of sustainability is significant not only for the industry's environmental impact, but also for its potential to attract conscious consumers and strengthen relationships with local fishing communities. Additionally, this trend may lead to greater market opportunities for small-scale fishermen and women, potentially increasing economic stability in the region.
Local special circumstances: In Burundi, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's landlocked location and limited access to sea resources. This has led to a reliance on freshwater fish, such as tilapia and catfish, which are locally farmed and consumed. Additionally, cultural preferences for fresh, locally caught seafood have resulted in a thriving market for small-scale fishermen and market vendors. Government regulations also play a role in the market, with strict guidelines for fishing and seafood safety, ensuring high-quality products for consumers.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors in Burundi. The country's economy is highly dependent on agriculture, with the fishing industry being a significant contributor. The overall growth of the market is influenced by global economic trends, such as fluctuations in demand and supply, as well as national economic health, including inflation rates and GDP growth. Fiscal policies, such as taxes and subsidies, also play a crucial role in shaping market performance. Moreover, the availability of financial resources for investment in the sector, as well as infrastructure development, can further impact the market's 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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