Market Insights Consumer Food Bread & Cereal Products

Rice - Benin

Benin

Revenue in the Rice market amounts to US$23.43m in 2024. The market is expected to grow annually by 5.79% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (US$149,900m in 2024).
In relation to total population figures, per person revenues of US$1.66 are generated in 2024.
In the Rice market, volume is expected to amount to 27.02m kg by 2029. The Rice market is expected to show a volume growth of 3.9% in 2025.
The average volume per person in the Rice market is expected to amount to 1.6kg in 2024.

Key regions: Spain, China, Canada, India, South Korea

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Analyst Opinion

The Bread & Cereal Products Market in Benin has seen minimal growth due to various factors such as low consumer awareness and limited access to digital technologies. Despite this, the market continues to show potential for growth in the future.

Customer preferences: With the growing popularity of health and wellness, consumers in Benin are increasingly looking for healthier alternatives to traditional rice. This has led to a rise in demand for organic and whole grain rice, as well as rice varieties with added health benefits such as brown and black rice. Additionally, there is a growing trend towards convenience and time-saving options, leading to an increase in demand for pre-cooked and ready-to-eat rice products. This shift towards healthier and convenient rice options is also influenced by the rising awareness of the health benefits of a balanced diet and the impact of diet on overall well-being.

Trends in the market: In Benin, the Rice Market of the Bread & Cereal Products Market within The Food market is experiencing a surge in demand for locally-grown and organic rice. This trend is driven by increasing consumer awareness of the health benefits of organic food and a desire to support local farmers. As a result, there has been a shift towards sustainable and eco-friendly farming practices, leading to higher-quality rice products. This trend is expected to continue, presenting opportunities for industry stakeholders to tap into this growing market segment and develop innovative products to meet consumer demands.

Local special circumstances: In Benin, the Rice Market is heavily influenced by the country's geographical location and limited arable land for rice cultivation. This has led to a reliance on imports, making the market susceptible to global price fluctuations. Additionally, cultural preferences for certain varieties of rice, such as basmati, have driven demand and influenced market trends. Regulatory factors, such as government subsidies and trade policies, also play a role in shaping the market dynamics.

Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market is impacted by macroeconomic factors such as global rice production and consumption patterns, government policies on rice imports and exports, and fluctuations in global rice prices. Countries with high rice production and low import dependence, coupled with stable economic growth and strong domestic demand, are experiencing faster market growth compared to regions with limited rice production and high import dependence. Furthermore, changing dietary preferences and increasing urbanization in emerging economies are driving the demand for rice, leading to a positive outlook for the market.

Methodology

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.