Key regions: Spain, China, Canada, India, South Korea
The Rice Market in Ethiopia has been rapidly growing, fueled by factors such as the increasing demand for rice, rising consumer awareness about its health benefits, and the convenience of online purchasing. This considerable growth rate is influenced by the expanding food market and the introduction of new technologies in the rice industry.
Customer preferences: The growing trend of healthy and conscious eating has resulted in increased demand for organic and locally sourced rice. Consumers are becoming more aware of the harmful effects of pesticides and chemicals used in conventional farming methods, and are therefore seeking out healthier and more sustainable options. This has led to a rise in specialty rice varieties and brands that cater to this niche market. Additionally, with the rise in vegan and gluten-free diets, there is also a growing demand for rice-based products as a substitute for wheat and other grains.
Trends in the market: In Ethiopia, there is a growing demand for rice as a staple food, leading to an increase in rice production and imports. This trend is driven by population growth, urbanization, and changing dietary preferences. In the global rice market, there is a rising trend of incorporating technology in the production process, such as precision farming and data-driven decision making. This trend is significant as it improves productivity and sustainability, and has potential implications for industry stakeholders in terms of cost savings, efficiency, and meeting consumer demands for sustainably sourced rice.
Local special circumstances: In Ethiopia, the Rice market is heavily influenced by the country's agricultural landscape, with rice being a staple crop for many households. Additionally, cultural preferences for certain types of rice, such as long-grain or short-grain, also impact market demand. Government regulations on imports and exports also play a role in market dynamics, as Ethiopia aims to become self-sufficient in rice production. This unique combination of factors sets the Ethiopian Rice market apart from other markets and drives its growth and development.
Underlying macroeconomic factors: The growth of the Rice Market in the Bread & Cereal Products Market is heavily influenced by macroeconomic factors such as economic stability, government policies, and global trade agreements. Countries with stable economies and supportive government policies see a higher demand for rice products, leading to market growth. Moreover, the rise in global demand for rice, coupled with favorable trade agreements, has resulted in increased exports and boosted the market. Additionally, the growing health consciousness among consumers has also contributed to the demand for healthier rice options, driving 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.
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