Key regions: Spain, China, Canada, India, South Korea
The Rice Market in G7 has seen minimal growth, influenced by factors such as changing consumer preferences and increasing competition from other grains. Despite this, The Food market continues to thrive due to the convenience and health benefits of online shopping and rising health awareness.
Customer preferences: The Rice Market in the Bread & Cereal Products Market within The Food market is experiencing a rise in demand for gluten-free and organic rice options. This can be attributed to the growing awareness among consumers about the health benefits of these products. Additionally, there is a shift towards sustainable and ethical consumption, leading to an increased demand for fair trade and eco-friendly rice. This trend is being driven by the increasing influence of social and environmental consciousness among consumers.
Trends in the market: In the United States, the Rice Market of the Bread & Cereal Products Market within The Food market is experiencing a surge in demand for healthier and more sustainable options. Consumers are increasingly turning towards brown rice and other whole grain options, while also seeking out organic and non-GMO varieties. In addition, there is a growing trend of using digital platforms to connect consumers with locally-sourced and ethically-produced rice products. This shift towards healthier and more transparent choices has significant implications for industry stakeholders, who may need to adapt their production and marketing strategies to meet these changing consumer preferences.
Local special circumstances: In Japan, the Rice Market of the Bread & Cereal Products Market within The Food market is heavily influenced by the country's cultural preference for rice as a staple food. The high demand for premium and specialty rice varieties, such as Koshihikari and Hokkaido Yumepirika, drives market growth. Additionally, strict government regulations on rice production and distribution, as well as the country's aging population, impact market dynamics. In contrast, the Rice Market in India is driven by the country's diverse geography and varied cultural preferences, resulting in a wide range of rice varieties and consumption patterns. Furthermore, the government's focus on increasing rice production and export opportunities has led to significant market growth.
Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. For instance, fluctuations in international trade policies and currency exchange rates can impact the availability and pricing of rice in the market. Additionally, changes in consumer spending patterns and income levels also play a significant role in the demand for rice. Moreover, government subsidies and import/export regulations can have a significant effect on the production and distribution of rice, ultimately affecting market performance.
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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