Rice - Latvia | Statista Market Forecast

Revenue in the Rice market amounts to US$13.64m in 2024. The market is expected to grow annually by 4.79% (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$7.54 are generated in 2024.
In the Rice market, volume is expected to amount to 5.91m kg by 2029. The Rice market is expected to show a volume growth of 2.3% in 2025.0.
The average volume per person in the Rice market is expected to amount to 3.0kg 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 Latvia, within The Food market, is experiencing minimal growth due to factors such as limited consumer awareness, lack of technological advancements, and traditional food preferences. Despite this, the market is slowly expanding with the introduction of new rice products and increasing health consciousness among consumers.

Customer preferences: The growing popularity of plant-based diets and the increasing awareness of the environmental impact of meat consumption have led to a rise in demand for alternative protein sources. This has resulted in a shift towards incorporating rice-based products, such as rice milk and rice protein powder, into daily diets. Additionally, with the rise of health-conscious consumers, there has been a demand for natural and organic rice products, driving the growth of the organic rice market in Latvia.

Trends in the market: In Latvia, the Rice Market within the Bread & Cereal Products Market is experiencing a surge in demand for organic and gluten-free rice products. This trend is driven by consumers' growing health consciousness and a shift towards healthier eating habits. Additionally, there is a rising trend of incorporating rice into traditional Latvian dishes, leading to increased consumption of rice in the country. This trajectory is significant for industry stakeholders, as it presents opportunities for product diversification and market expansion. However, it also poses challenges in terms of maintaining supply and meeting the demand for high-quality rice products. For industry stakeholders, adapting to these trends and catering to the evolving consumer preferences will be crucial for success in the Latvian Rice Market.

Local special circumstances: In Latvia, the Rice Market of the Bread & Cereal Products Market within The Food market is influenced by the country's geographical location, with its proximity to other European countries leading to a high demand for imported rice varieties. Additionally, the country's traditional cuisine heavily relies on locally grown grains, resulting in a limited market for rice products. This, combined with strict regulations on food imports, creates a unique market dynamic for rice in Latvia. Furthermore, the country's growing health-conscious population is driving demand for healthier rice options, such as organic and gluten-free varieties, in the market.

Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market is heavily impacted by macroeconomic factors, such as agricultural policies, trade agreements, and consumer purchasing power. The global demand for rice is driven by population growth and changing dietary preferences, with developing countries being the largest consumers. National economic health and policies, such as subsidies and tariffs, can greatly influence the production and pricing of rice. Additionally, fluctuations in currency exchange rates and global supply and demand can also impact the market. As the world becomes more interconnected, economic trends and policies in one country can have significant effects on the Rice Market globally.

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.