Rice - Armenia | Statista Market Forecast

Revenue in the Rice market amounts to US$30.45m in 2024. The market is expected to grow annually by 8.72% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$150bn in 2024).
In relation to total population figures, per person revenues of US$10.96 are generated in 2024.
In the Rice market, volume is expected to amount to 26.67m kg by 2029. The Rice market is expected to show a volume growth of 6.4% in 2025.0.
The average volume per person in the Rice market is expected to amount to 7.7kg in 2024.

Definition:

Around the world, rice is a widely farmed and consumed staple food crop. It is a cereal grain that serves as a significant source of fiber, vitamins, and minerals. The Rice market covers several rice varieties, such as long-grain rice, medium-grain rice, short-grain rice, white rice, brown rice, and wild rice, as well as sticky rice and parboiled rice.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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White Rice
Brown Rice
Basmati Rice
Jasmine Rice
Arborio Rice
Parboiled Rice
Quick-Cooking Rice

Rice-based ready-to-eat meals
Puffed rice
Coucous
Bulgur
Rice noodles
Out-of-home consumption

The rice market in Armenia has seen subdued growth due to various factors such as limited market demand, changing consumer preferences, and increasing competition from alternative grains. Despite this, the convenience and health benefits of rice as a staple food continue to drive its demand in the country's food market.

Customer preferences: Consumers in Armenia are increasingly turning towards healthier and more sustainable food options, resulting in a growing demand for organic and locally-sourced rice. This shift is driven by a rise in health consciousness and a desire to support local farmers and businesses. Furthermore, the rise of vegetarian and vegan diets in the country has also led to a higher demand for rice as a staple food. Additionally, with the growing popularity of online shopping, consumers are now able to access a wider variety of rice products from different regions, further diversifying their choices.

Trends in the market: In Armenia, the Rice Market of the Bread & Cereal Products Market within The Food market is experiencing a surge in demand for healthier and more diverse rice options. This trend is driven by the increasing health consciousness among consumers and the growing popularity of international cuisines. As a result, the market is witnessing a rise in the availability of organic, brown, and specialty rice varieties. This trend is expected to continue, with a focus on sustainability and transparency, providing opportunities for industry stakeholders to tap into new markets and cater to evolving consumer preferences.

Local special circumstances: In Armenia, the Rice Market of the Bread & Cereal Products Market within The Food market is heavily influenced by the country's geographical location and agricultural traditions. The fertile soil and favorable climate make rice production a prominent industry, with a focus on high-quality, organic varieties. Additionally, the cultural preference for rice as a staple food has led to a strong domestic demand and a thriving export market. Furthermore, the government's support for sustainable farming practices has contributed to the market's growth and competitiveness.

Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market in Armenia is affected by various macroeconomic factors. This includes the overall economic health of the country, which is currently facing challenges due to the political and social instability. The government's fiscal policies and regulations also play a significant role in shaping the market, as they can impact the production, distribution, and pricing of rice products. Additionally, global economic trends, such as changes in trade agreements and currency exchange rates, can have a significant impact on the import and export of rice in Armenia. Furthermore, the country's agricultural sector and infrastructure development also play a crucial role in the growth of the rice market, as they influence the production and distribution capabilities. Overall, a stable economic environment, favorable government policies, and investments in the agricultural sector are essential for the growth of the Rice Market in Armenia.

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.