Key regions: Spain, China, Canada, India, South Korea
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.
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