Rice - Bosnia and Herzegovina | Statista Market Forecast

Revenue in the Rice market amounts to US$19.81m in 2024. The market is expected to grow annually by 3.74% (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$6.20 are generated in 2024.
In the Rice market, volume is expected to amount to 13.84m kg by 2029. The Rice market is expected to show a volume growth of 1.6% in 2025.0.
The average volume per person in the Rice market is expected to amount to 4.0kg 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 Bosnia and Herzegovina has shown minimal growth due to factors such as low consumer awareness, limited availability of online services, and traditional preference for in-store shopping. However, with the increasing adoption of digital technologies and changing consumer behaviors, the market is expected to experience a gradual growth in the near future.

Customer preferences: The popularity of traditional Bosnian and Herzegovinian cuisine has led to a strong demand for high-quality rice in the country. As consumers become more health-conscious, there is a growing preference for organic and gluten-free rice products. Additionally, there is a trend towards convenience and time-saving options, such as pre-cooked and ready-to-eat rice. This is driven by the fast-paced lifestyle of urban consumers and the need for quick and easy meal solutions.

Trends in the market: In Bosnia and Herzegovina, the Rice Market of the Bread & Cereal Products Market in The Food market is experiencing a shift towards healthier and more diverse rice options. This trend is being driven by increasing awareness of the health benefits of different types of rice, such as brown and wild rice, as well as the growing demand for gluten-free and plant-based diets. Furthermore, there is a rising demand for organic and locally-sourced rice, reflecting consumers' growing preference for sustainable and environmentally-friendly products. These trends are significant for industry stakeholders as they present opportunities for product innovation and differentiation, but also pose challenges in terms of sourcing and production. As such, companies in the Rice Market will need to carefully monitor and adapt to these trends to remain competitive in the evolving market.

Local special circumstances: In Bosnia and Herzegovina, the Rice Market of the Bread & Cereal Products Market within The Food market is heavily influenced by the country's geographical location and cultural preferences. Being a landlocked country, Bosnia and Herzegovina heavily relies on imports for its rice supply, leading to fluctuations in prices and availability. Additionally, the country's cuisine heavily relies on rice as a staple food, making it a crucial part of the local diet. This strong cultural attachment to rice has a significant impact on the market demand and consumption patterns. Furthermore, the government's regulations and policies also play a crucial role in shaping the rice market, with strict import regulations and subsidies for local rice production.

Underlying macroeconomic factors: The growth of the Rice Market within the Bread & Cereal Products Market of The Food market in Bosnia and Herzegovina is significantly influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. The market is heavily dependent on the stability of the country's economy, as fluctuations in economic health can directly impact consumer spending on food products. Additionally, policies related to import and export, as well as government subsidies and incentives, can greatly affect the competitiveness of the market. Moreover, changing consumer preferences and purchasing power also play a significant role in shaping the demand and supply of rice in the market.

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.