Rice - Ghana | Statista Market Forecast

Revenue in the Rice market amounts to US$184.70m in 2024. The market is expected to grow annually by 9.05% (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$5.31 are generated in 2024.
In the Rice market, volume is expected to amount to 126.50m kg by 2029. The Rice market is expected to show a volume growth of 1.9% in 2025.0.
The average volume per person in the Rice market is expected to amount to 3.3kg 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 Ghana is showing subdued growth due to various factors such as limited access to digital technologies, lack of health awareness among consumers, and the preference for traditional purchasing methods. This has hindered the market's growth rate within The Food market, despite the convenience offered by online services.

Customer preferences: Consumers in Ghana are increasingly turning towards locally grown and organic rice, driven by a growing interest in sustainable and healthy eating. This trend is also influenced by cultural values that prioritize traditional and natural food sources. Furthermore, with a rise in health consciousness and an aging population, there is a growing demand for fortified and functional rice products that cater to specific nutritional needs. This presents a potential opportunity for food manufacturers to tap into this niche market by offering innovative and diverse rice products.

Trends in the market: In Ghana, the Rice Market is experiencing a steady growth due to an increase in demand for rice as a staple food. This trend is expected to continue as the population grows and urbanization increases. Additionally, there is a growing interest in locally produced rice, as consumers become more health-conscious and seek out products with lower carbon footprints. This presents an opportunity for industry stakeholders to invest in technology and infrastructure to improve production and distribution processes. However, there is also a potential risk of market saturation and price competition, as more players enter the market.

Local special circumstances: In Ghana, the Rice Market of the Bread & Cereal Products Market within The Food market is heavily influenced by traditional cultural practices. Rice is a staple food in Ghanaian cuisine and is often prepared and consumed in large quantities during cultural and religious ceremonies. Additionally, the government has implemented regulations to support local rice production, leading to a rise in the popularity and demand for locally grown rice. These factors have contributed to the unique dynamics of the Rice Market in Ghana, setting it apart from other markets in the region.

Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market in Ghana is greatly influenced by macroeconomic factors such as agricultural policies, trade agreements, and global demand for rice. The country's stable economic growth and increasing population have led to a rise in demand for rice, making it a staple food in the local diet. However, the market is also affected by challenges such as weather conditions, infrastructure limitations, and fluctuating prices of inputs. Moreover, government initiatives to promote rice production and investments in agricultural infrastructure are expected to drive market growth in the coming years.

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.