Key regions: Spain, China, Canada, India, South Korea
The Rice Market in Mongolia's Food Market is experiencing mild growth, driven by factors such as increasing demand for bread and cereal products, growing health awareness, and the convenience of online purchase options. This trend is being impacted by the country's growing population and changing consumer preferences.
Customer preferences: There has been a growing trend in Mongolia towards consuming gluten-free and organic rice products, driven by a rising awareness of health and wellness. This shift in preference is also influenced by the increasing number of consumers with gluten intolerance or other dietary restrictions. Additionally, with the growing popularity of plant-based diets, there has been a surge in demand for rice-based alternatives to traditional meat and dairy products.
Trends in the market: In Mongolia, the Rice Market of the Bread & Cereal Products Market within The Food market is currently experiencing a surge in demand for organic and gluten-free rice options. This trend is driven by an increasing health consciousness among consumers, as well as a growing preference for sustainable and environmentally-friendly food choices. Industry stakeholders are responding by expanding their product offerings and implementing more sustainable farming practices to meet this demand. This trend is expected to continue, with potential implications for the overall food market as more consumers prioritize health and sustainability in their purchasing decisions.
Local special circumstances: In Mongolia, the Rice Market of the Bread & Cereal Products Market within The Food market is heavily influenced by the country's nomadic culture and harsh climate. The demand for rice is low due to the traditional diet consisting of meat and dairy products. However, with the recent economic growth and urbanization, there has been an increase in demand for rice, especially among the younger population. Additionally, government initiatives promoting the cultivation and consumption of rice have further boosted the market.
Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market is affected by various macroeconomic factors. The global economic trends play a significant role in shaping the demand for rice, as it is a staple food in many countries. Additionally, the national economic health of a country can impact the purchasing power of consumers and their ability to afford rice. Fiscal policies, such as import tariffs and subsidies, can also affect the prices and availability of rice in the market. Other relevant financial indicators, such as inflation and exchange rates, can also affect the profitability of rice producers and the affordability of rice for consumers. Overall, a stable and growing economy, coupled with favorable fiscal policies, can contribute to the growth 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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