Rice - Madagascar | Statista Market Forecast

Revenue in the Rice market amounts to US$32.75m in 2024. The market is expected to grow annually by 7.38% (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$1.05 are generated in 2024.
In the Rice market, volume is expected to amount to 43.12m kg by 2029. The Rice market is expected to show a volume growth of 2.4% in 2025.0.
The average volume per person in the Rice market is expected to amount to 1.3kg 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

In Madagascar, the Rice Market in The Food market has experienced minimal growth rate due to factors such as low adoption of digital technologies, lack of health awareness among consumers, and limited access to online health services. This has hindered the market's potential for growth.

Customer preferences: With the growing awareness of the health benefits of whole grain products, there has been a noticeable increase in demand for organic and non-GMO rice in Madagascar. Consumers are also becoming more health-conscious, leading to a rise in demand for brown rice and other healthier alternatives. Additionally, there is a growing interest in locally-sourced rice, as consumers become more environmentally conscious and seek to support local farmers. This trend is expected to continue as the country's middle class continues to grow and prioritize health and sustainability in their purchasing decisions.

Trends in the market: In Madagascar, the Rice Market within the Bread & Cereal Products Market is experiencing a shift towards a more sustainable approach, with a growing number of farmers adopting organic farming practices. This trend is significant as it not only supports the country's economy, but also promotes environmental conservation. Additionally, there is a rise in demand for rice varieties that are both nutritious and affordable, driven by the increasing health consciousness among consumers. This presents opportunities for industry stakeholders to innovate and offer healthier options to meet this demand.

Local special circumstances: In Madagascar, the rice market is heavily influenced by the country's unique geography and cultural practices. Due to the island's isolation, rice is a staple food and a significant part of the local diet. This has led to a high demand for rice and the development of a robust market. Additionally, the government's policies and regulations, such as the protection of domestic rice production, have also played a role in shaping the market. These factors have resulted in a highly competitive market, with various local and international players vying for a share of the market.

Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market is greatly influenced by macroeconomic factors such as agricultural policies, global trade agreements, and consumer spending patterns. Countries with favorable agricultural policies and access to international markets are experiencing higher levels of production and trade, leading to increased market growth. On the other hand, regions with limited access to global markets and unstable agricultural policies face challenges in meeting domestic demand and maintaining price stability. Furthermore, changes in consumer spending patterns, influenced by factors such as income levels and cultural preferences, can greatly impact the demand for rice and other cereal products in the market.

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.