Key regions: Spain, China, Canada, India, South Korea
The Rice market in India has been facing subdued growth due to various factors such as low demand, changing consumer preferences, and increasing competition. Despite the convenience offered by online services, the growth rate remains slow in the Bread & Cereal Products market within the Food industry. Factors such as rising health awareness among consumers and adoption of digital technologies are still impacting the growth rate.
Customer preferences: As the Indian population becomes more health-conscious, there is a noticeable shift towards incorporating rice into a variety of healthy meals. This trend is driven by a growing preference for traditional and nutrient-rich foods, as well as the increasing popularity of vegetarian and plant-based diets. Additionally, with the rise of e-commerce and digital platforms, consumers are increasingly opting for online grocery shopping and meal delivery services, further boosting the demand for rice products in the market.
Trends in the market: In India, the Rice Market of the Bread & Cereal Products Market within The Food market is seeing a surge in demand for organic and gluten-free rice products, as health-conscious consumers seek healthier alternatives. Additionally, there is a growing trend of incorporating rice into convenient and ready-to-eat meals, catering to busy lifestyles. This shift towards healthier options and convenience is expected to continue, presenting opportunities for industry players to innovate and cater to evolving consumer preferences.
Local special circumstances: In India, the Rice Market within the Bread & Cereal Products Market is heavily influenced by the country's diverse cultural and geographical factors. The consumption of rice is deeply ingrained in Indian cuisine and is a staple food for a majority of the population. Additionally, government regulations and policies, such as minimum support prices for rice farmers, play a significant role in shaping the market. Moreover, the increasing health consciousness among consumers has led to the demand for healthier rice varieties, such as brown and organic rice, driving the growth of this market.
Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market in India is heavily influenced by macroeconomic factors such as government policies, global trade agreements, and fluctuations in international commodity prices. The country's growing population and economic prosperity, coupled with increasing urbanization and changing dietary patterns, are driving the demand for rice and other cereal products. Furthermore, government initiatives to increase agricultural productivity and improve supply chain infrastructure are also contributing to the growth of the rice market. However, challenges such as climate change, rising input costs, and trade barriers can hinder 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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