Key regions: Spain, China, Canada, India, South Korea
The Rice market within The Food market in BRICS is experiencing slower growth due to various factors such as changing consumer preferences, fluctuating commodity prices, and supply chain disruptions. Despite this, the market is expected to grow in the coming years with the rising demand for healthy and convenient food options.
Customer preferences: As health and wellness continue to be top priorities for consumers, there has been a noticeable trend towards seeking alternative and healthier options in the Rice Market of the Bread & Cereal Products Market within The Food market. This has led to an increase in demand for organic and gluten-free rice products, as well as a growing interest in traditional and ancient varieties of rice. Additionally, there has been a shift towards sustainable and eco-friendly packaging in the rice market, driven by increasing awareness of environmental issues and a desire for more responsible consumption.
Trends in the market: In the Rice Market of the Bread & Cereal Products Market within The Food market, there is a significant trend towards healthier and more sustainable rice options. This trend is driven by increasing consumer awareness of the health benefits of whole grain rice and the environmental impact of traditional rice production methods. As a result, there is a rise in demand for organic, non-GMO, and fair trade rice products. Industry stakeholders are responding by introducing new product lines and implementing sustainable farming practices. This trend is expected to continue, with potential implications for industry stakeholders including increased competition and the need for transparent and ethical sourcing practices.
Local special circumstances: In China, the Rice Market is heavily influenced by cultural factors such as the preference for rice as a staple food and the traditional methods of rice cultivation and consumption. Additionally, government policies promoting self-sufficiency in rice production have a significant impact on the market. In South Africa, the market is driven by the growing health-conscious population, leading to a rise in demand for organic and gluten-free rice products. Additionally, the country's diverse population has contributed to a variety of rice-based dishes, creating a niche market for specialty rice products.
Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market is significantly impacted by macroeconomic factors, such as changing dietary patterns and consumer preferences, availability of arable land, and government policies and regulations. In countries with a growing population and increasing demand for staple food products, the rice market is expected to experience steady growth. Moreover, favorable trade policies and initiatives to promote rice production and consumption are also contributing to the market's growth. On the other hand, factors such as fluctuating commodity prices and environmental concerns regarding rice production are likely to hinder market 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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
