Key regions: Spain, China, Canada, India, South Korea
The Rice market in LATAM is experiencing subdued growth due to factors such as changing consumer preferences and fluctuating prices. Despite this, The Food market in the region continues to grow steadily, driven by the convenience and health benefits of online services and increasing awareness of healthy eating habits.
Customer preferences: In LATAM, there has been a growing preference for healthier and more natural food options, leading to an increase in demand for organic and gluten-free rice products. This trend is driven by the rise in health-conscious consumers, as well as the growing awareness of the benefits of consuming whole grains. Additionally, there has been a shift towards traditional and indigenous rice varieties, as consumers seek to reconnect with their cultural roots and support local farmers.
Trends in the market: In LATAM, the Rice Market of the Bread & Cereal Products Market within The Food market is experiencing a shift towards healthier and more sustainable options. This trend is driven by consumer demand for clean label products and a growing awareness of the environmental impact of food production. As a result, there is an increase in the production and consumption of organic and non-GMO rice. This presents opportunities for industry players to differentiate their products and cater to the evolving preferences of consumers. Additionally, there is potential for partnerships with local farmers and initiatives to promote sustainable farming practices.
Local special circumstances: In LATAM, the Rice Market of the Bread & Cereal Products Market within The Food market is influenced by various factors such as the region's diverse climate and soil conditions, cultural preferences for rice as a staple food, and government policies promoting rice production and consumption. In countries like Brazil and Colombia, rice is a major crop and an essential part of the local cuisine. Additionally, the increasing demand for gluten-free and healthier alternatives to wheat-based products has led to the popularity of rice-based products in the region, creating opportunities for market growth.
Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market is significantly impacted by macroeconomic factors such as population growth, changing dietary preferences, and government policies promoting self-sufficiency in rice production. In countries with a growing population and increasing demand for staple foods, the rice market is expected to experience steady growth. However, fluctuations in global rice prices and trade policies can also affect the market. Furthermore, government programs and investments in infrastructure to improve rice production and distribution can drive 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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