Key regions: Russia, China, Spain, Canada, United Kingdom
The Meat Market in Burkina Faso is experiencing minimal growth due to factors such as limited access to technology, low consumer health awareness, and reliance on traditional meat products. However, there is potential for growth with increasing adoption of digital technologies and the availability of healthier meat substitutes. The sub-markets of Fresh Meat, Processed Meat, and Meat Substitutes all play a role in shaping the overall market's growth rate.
Customer preferences: As urbanization and modernization continue to shape Burkina Faso's food market, there has been a noticeable shift towards healthier eating habits and a growing demand for locally sourced, organic meat products. This trend is driven by a growing awareness of the importance of sustainable and ethical food production, as well as a desire for safer and more nutritious options. Additionally, with an increasing number of consumers embracing a flexitarian or plant-based diet, there has been a rise in demand for alternative protein sources such as plant-based meat substitutes, reflecting a more conscious and mindful approach to food consumption.
Trends in the market: In Burkina Faso, the Meat Market within The Food market is seeing a shift towards more sustainable and ethical meat production. This trend is driven by consumer demand for healthier and environmentally-friendly options. As a result, there is a growing market for organic and grass-fed meat, as well as a push towards reducing the use of antibiotics and hormones in meat production. This trend also presents opportunities for local farmers and producers to capitalize on the market demand for sustainable meat. However, it also poses challenges for larger meat producers who may need to adapt their production methods to meet these changing consumer preferences. Overall, this trend towards sustainable meat production has significant implications for all stakeholders in the industry, from farmers to retailers, as it reflects a larger global trend towards more conscious consumption.
Local special circumstances: In Burkina Faso, the Meat Market within The Food market is heavily influenced by traditional cultural practices and customs. For example, certain types of meat, such as bushmeat, are considered delicacies and are in high demand. Additionally, the country's geography, with its large rural population, limits access to refrigeration and cold storage facilities, making it difficult for fresh meat to be transported and stored. This has led to the rise of local open-air markets, where meat is sold directly to consumers, creating a unique market dynamic.
Underlying macroeconomic factors: The Meat Market within The Food market in Burkina Faso is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. The country's overall economic performance, as well as its trade policies and government regulations, can greatly impact the demand and supply of meat products in the market. Additionally, factors such as population growth, urbanization, and changing consumer preferences also play a significant role in shaping the meat market in Burkina Faso. As the country continues to develop and its economy strengthens, the demand for high-quality and diverse meat products is expected to increase, presenting opportunities for market growth and expansion. However, challenges such as limited access to technology and infrastructure, as well as fluctuating commodity prices, may hinder the market's growth potential.
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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