Key regions: Japan, United States, Philippines, Russia, China
The Fish & Seafood market in Burundi has seen minimal growth in recent years, influenced by factors such as limited access to technology and low health awareness among consumers. However, the convenience of processed fish and seafood products, such as canned, dried, smoked, and fish fingers & portions, has driven some growth in the market. The market's overall growth rate is impacted by the country's economic and infrastructure challenges.
Customer preferences: As Burundi's economy continues to grow, there has been a notable increase in demand for processed fish and seafood products. This can be attributed to a shift towards convenience and health-consciousness among consumers. With a growing middle class and a rise in urbanization, there has been a surge in demand for ready-to-eat and easy-to-prepare seafood options. Furthermore, the influence of Western food trends and a desire for variety have also contributed to the increase in consumption of processed fish and seafood products.
Trends in the market: In Burundi, the processed fish and seafood market is experiencing a shift towards sustainable sourcing and production methods. This trend is being driven by consumer demand for environmentally-friendly products, as well as government initiatives to promote sustainable fishing practices. Industry stakeholders are investing in new technologies and processes to reduce their carbon footprint and improve the traceability of their products. This trend is expected to continue in the coming years, with potential implications for the industry such as increased competition and the need for companies to adapt to changing consumer preferences.
Local special circumstances: In Burundi, the Processed Fish & Seafood Market is heavily influenced by the country's geographical location and landlocked status. With limited access to the sea, the local fish supply is mostly sourced from Lake Tanganyika, leading to a high demand for processed fish and seafood imports. Additionally, cultural preferences for fresh fish over frozen or canned options drive the market dynamics, with a focus on traditional methods of processing and preserving fish. Furthermore, strict regulations on fishing and aquaculture practices also shape the market, ensuring sustainable sourcing and production.
Underlying macroeconomic factors: The Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors, such as global economic trends and national economic health. As a highly traded commodity, the market is also affected by fiscal policies and other financial indicators. Countries with stable economies and favorable trade policies tend to experience higher demand for processed fish and seafood, as they are able to afford the higher prices associated with imported products. Furthermore, the growing demand for healthy and convenient food options is driving the market, with an increasing focus on sustainable and environmentally friendly production methods. This trend is expected to continue with the rise in consumer awareness and demand for ethically sourced products.
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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