Rice - Cyprus | Statista Market Forecast

Revenue in the Rice market amounts to US$8.06m in 2024. The market is expected to grow annually by 4.38% (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$6.36 are generated in 2024.
In the Rice market, volume is expected to amount to 4.09m kg by 2029. The Rice market is expected to show a volume growth of 2.7% in 2025.0.
The average volume per person in the Rice market is expected to amount to 2.9kg 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.

For more information on the displayed data, click the info button on the right side of each box.

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 Cyprus has seen minimal growth due to factors such as limited consumer demand and lack of technological advancements. Despite being a part of The Food market, the Rice Market's growth rate has been impacted by these factors, leading to slow progress in this sector.

Customer preferences: With the rise in health consciousness, consumers in Cyprus are increasingly turning towards healthier alternatives in the Rice Market of the Bread & Cereal Products Market within The Food market. This has led to a growing demand for organic and gluten-free rice products, as well as a shift towards brown and wild rice varieties. Additionally, as consumers become more mindful of the environmental impact of food production, there is a growing preference for locally-sourced and sustainably-grown rice.

Trends in the market: In Cyprus, the Rice Market of the Bread & Cereal Products Market within The Food market is experiencing a surge in demand for organic and gluten-free rice products. This trend is driven by a growing health-conscious population seeking healthier food options. Additionally, there is a shift towards sustainable and ethically-sourced rice, as consumers become more aware of the environmental and social impact of their food choices. These trends are expected to continue, with potential implications for industry stakeholders such as manufacturers, retailers, and suppliers who will need to adapt their production and sourcing strategies to meet changing consumer demands.

Local special circumstances: In Cyprus, the Rice Market of the Bread & Cereal Products Market within The Food market is influenced by the country's Mediterranean location, with a strong preference for locally-grown rice varieties. This is supported by the government's efforts to promote and protect local agriculture, resulting in limited imports and a focus on domestic production. The cultural significance of rice in Cypriot cuisine also drives demand for high-quality, locally-sourced rice products. Additionally, regulations on food safety and labeling play a role in shaping consumer preferences and market competition.

Underlying macroeconomic factors: The performance of the Rice Market in the Bread & Cereal Products Market within The Food market in Cyprus is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. As a small island nation heavily reliant on tourism, Cyprus is susceptible to fluctuations in the global economy. The country's economic health, which is largely driven by tourism and services, is also impacted by factors such as political stability and foreign investment. Fiscal policies, including taxes and subsidies, also play a significant role in shaping the performance of the Rice Market in Cyprus. Additionally, the country's membership in the European Union (EU) and its adoption of the Euro currency also have an impact on the market, as it is subject to EU regulations and economic policies.

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.