Key regions: Spain, China, Canada, India, South Korea
The Rice Market in Mexico has seen minimal growth in recent years, influenced by factors such as changing consumer preferences and fluctuations in production. Despite this, The Food market continues to drive demand for Rice, with convenience and health benefits being key drivers.
Customer preferences: With the growing popularity of plant-based diets and increasing awareness of sustainability, the demand for rice alternatives such as quinoa and amaranth is on the rise in Mexico. This trend is also fueled by a shift towards healthier and more diverse food options, as well as cultural influences from neighboring countries known for their use of these grains in traditional dishes. As a result, manufacturers are adapting their products to cater to this emerging trend and appeal to a wider audience.
Trends in the market: In Mexico, the Rice Market of the Bread & Cereal Products Market within The Food market is experiencing a growing demand for healthier options such as brown rice and whole grain products. This trend is driven by increasing health consciousness and a desire for more nutritious food choices. Additionally, there is a rising interest in gluten-free and organic rice products. These trends reflect a shift towards more mindful and conscious consumer behavior, presenting opportunities for industry stakeholders to tap into this market segment and offer innovative, health-focused products.
Local special circumstances: In Mexico, the Rice market is heavily influenced by the country's strong tradition of rice consumption. Rice is a staple in many Mexican dishes, such as arroz con pollo and tamales. Additionally, the country's close proximity to the United States has led to an increase in imported rice, creating competition for local producers. Furthermore, government subsidies and tariffs on imported rice have a significant impact on market dynamics in Mexico. These unique factors contribute to the distinct characteristics of the Rice market in Mexico within the Bread & Cereal Products Market of The Food market.
Underlying macroeconomic factors: The growth of the Rice Market within the Bread & Cereal Products Market of The Food market is heavily influenced by macroeconomic factors such as changing consumer preferences, government policies, and global trade dynamics. Countries with a strong agricultural sector and favorable trade agreements are experiencing higher demand for rice, leading to market growth. In addition, national economic health and fiscal policies play a significant role in shaping the market, as they impact consumer purchasing power and overall market stability. Furthermore, global economic trends, such as fluctuating commodity prices and currency exchange rates, also have a significant effect on the performance of the rice 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.
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