Market Insights Consumer Food Bread & Cereal Products

Rice - Guyana

Guyana

Revenue in the Rice market amounts to US$4.28m in 2024. The market is expected to grow annually by 6.30% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (US$149,900m in 2024).
In relation to total population figures, per person revenues of US$5.23 are generated in 2024.
In the Rice market, volume is expected to amount to 10.98m kg by 2029. The Rice market is expected to show a volume growth of 2.1% in 2025.
The average volume per person in the Rice market is expected to amount to 11.9kg in 2024.

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

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Analyst Opinion

The Rice Market in the Bread & Cereal Products Market of The Food market in Guyana has been growing at a minimal rate, influenced by factors such as limited consumer awareness, high cost of digital technologies, and lack of online health services.

Customer preferences: In Guyana, there is a growing trend towards healthier eating habits, leading to an increase in demand for organic and gluten-free rice options. This shift in consumer preferences is also driven by an increasing awareness of food sustainability and the impact of traditional farming practices. Additionally, there is a rise in demand for convenience and ready-to-eat rice products, as busy lifestyles require quick and easy meal solutions.

Trends in the market: In Guyana, the rice market is experiencing a shift towards sustainable practices, with farmers adopting advanced techniques such as precision farming and integrated pest management. This trend is driven by increasing demand for environmentally-friendly products and the government's support for sustainable agriculture. Additionally, there is a growing preference for organic and non-GMO rice, both domestically and internationally. These trends signal a need for industry stakeholders to adapt to changing consumer preferences and invest in sustainable production methods to maintain competitiveness in the global market.

Local special circumstances: In Guyana, the Rice Market of the Bread & Cereal Products Market within The Food market is heavily influenced by the country's geography and climate. The country's fertile soil and tropical climate provide ideal conditions for rice cultivation, making it a major contributor to the economy. Additionally, Guyana's cultural preference for rice as a staple food and its regulatory policies promoting rice production also play a significant role in shaping the dynamics of the market.

Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market in Guyana is greatly impacted by macroeconomic factors. Global economic trends play a significant role in the demand for rice, as it is a staple food in many countries. The national economic health of Guyana also has a direct impact on rice market performance, as it affects the purchasing power of consumers. Fiscal policies, such as tariffs and subsidies, can also greatly influence the competitiveness of rice in the market. Other financial indicators, such as inflation rates and exchange rates, can also affect the cost of production and ultimately the price of rice. These factors must be carefully considered to ensure the sustainability and profitability of the rice market in Guyana.

Methodology

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.