Key regions: Spain, China, Canada, India, South Korea
The Rice market in ASEAN is experiencing minimal growth due to factors such as increasing competition, fluctuating prices, and changing consumer preferences. Despite these challenges, the market is still expanding, driven by the growing demand for staple food products in the region.
Customer preferences: In the Rice Market of the Bread & Cereal Products Market within The Food market, there has been a growing demand for organic and sustainable options, driven by consumer awareness of health and environmental concerns. This trend is further accelerated by the increasing popularity of plant-based diets and ethical consumerism. As a result, more companies are offering organic and sustainable rice products, catering to the changing preferences of consumers in the ASEAN region.
Trends in the market: In the ASEAN region, the Rice Market of the Bread & Cereal Products Market within The Food market is experiencing a shift towards healthier and more sustainable options. Consumers are increasingly looking for organic and gluten-free rice products, leading to a rise in the production and sale of these varieties. Additionally, there is a growing trend of using technology to track and monitor rice production, from seed to shelf. This not only ensures product quality but also provides transparency and traceability for consumers. The significance of these trends is reflected in the increasing demand for these products, as well as the potential for improved sustainability and efficiency in the rice market. Industry stakeholders must adapt to these changes and invest in technology to remain competitive in the market.
Local special circumstances: In the ASEAN region, the Rice Market of the Bread & Cereal Products Market within The Food market is heavily influenced by the cultural significance of rice as a staple food. Additionally, the diverse geographical landscape of the region, with varying climates and soil conditions, impacts the production and availability of rice. In countries like Thailand, rice is also used as a currency, further highlighting its importance. Furthermore, the regulatory environment in each country plays a crucial role in determining the import and export of rice, creating unique market dynamics in each country.
Underlying macroeconomic factors: The growth of the Rice Market in the Bread & Cereal Products Market within The Food market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. Countries with stable economies and favorable fiscal policies are experiencing higher demand for rice products as consumers prioritize staple foods. Additionally, factors such as population growth, urbanization, and changing dietary preferences are driving the growth of the Rice Market in ASEAN countries. Moreover, government initiatives to increase rice production and improve infrastructure for rice cultivation are also contributing to 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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