Rice - Lesotho | Statista Market Forecast

Revenue in the Rice market amounts to US$6.34m in 2024. The market is expected to grow annually by 8.71% (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$2.69 are generated in 2024.
In the Rice market, volume is expected to amount to 6.87m kg by 2029. The Rice market is expected to show a volume growth of 4.1% in 2025.0.
The average volume per person in the Rice market is expected to amount to 2.5kg 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 Lesotho Rice Market in the Bread & Cereal Products Market within The Food market has seen minimal growth, influenced by factors such as limited access to technology, low consumer health awareness, and lack of convenience in online services.

Customer preferences: The demand for organic and locally-sourced rice has seen a significant increase in Lesotho's Rice Market within the Bread & Cereal Products Market. This trend is driven by the growing consumer preference for healthier and sustainable food options. With a focus on supporting local farmers and reducing the environmental impact of food production, consumers are willing to pay a premium for organic and locally-grown rice. This shift in consumer preferences highlights the importance of sustainability and ethical sourcing in the food industry.

Trends in the market: In Lesotho, the Rice Market within the Bread & Cereal Products Market is seeing a rise in demand for fortified rice, as consumers become more health-conscious. This trend is expected to continue, with increased investment in research and development of fortified rice varieties. These developments are significant as they aim to address malnutrition and improve overall health in the country. Industry stakeholders can benefit from this trend by investing in fortified rice production and marketing, as well as collaborating with government and NGOs to promote its consumption.

Local special circumstances: In Lesotho, the Rice Market of the Bread & Cereal Products Market within The Food market is heavily influenced by the country's climate and geography. Due to its mountainous terrain, rice cultivation is limited to certain areas, resulting in a reliance on imported rice. Moreover, cultural practices also play a significant role, with many households preferring traditional grains like sorghum and maize over rice. Additionally, regulatory policies such as import tariffs and subsidies also impact the dynamics of the rice market in Lesotho.

Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market is affected by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. For instance, countries with stable economies and favorable fiscal policies that support agricultural production and trade are likely to experience higher demand for rice products. Additionally, fluctuations in global rice prices, driven by factors such as weather conditions, trade policies, and currency exchange rates, can significantly impact the purchasing power and consumption patterns of consumers in Lesotho. Moreover, the increasing urbanization and changing dietary preferences in the country are also influencing the demand and consumption of rice products.

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.