Rice - Nepal | Statista Market Forecast

Revenue in the Rice market amounts to US$591.50m in 2024. The market is expected to grow annually by 8.14% (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$18.93 are generated in 2024.
In the Rice market, volume is expected to amount to 673.80m kg by 2029. The Rice market is expected to show a volume growth of 2.5% in 2025.0.
The average volume per person in the Rice market is expected to amount to 18.8kg 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 Nepal has seen minimal growth due to factors such as changing consumer preferences and limited technological advancements. Despite this, The Food market in Nepal is still experiencing steady growth, driven by increasing demand for bread and cereal products and rising health consciousness among consumers.

Customer preferences: In Nepal, consumer preferences for rice have shifted towards healthier options such as brown rice, quinoa, and other whole grain varieties. This trend is driven by the increasing awareness of the health benefits of whole grains and the desire for a more balanced and nutritious diet. Additionally, as the country's population becomes more health-conscious, there is a growing demand for organic and locally-sourced rice, reflecting a preference for sustainable and ethical food choices. This trend is also influenced by the cultural significance of rice as a staple food in Nepal, where it is often seen as a symbol of prosperity and well-being.

Trends in the market: In Nepal, the Rice Market is experiencing a surge in demand for organic and sustainable rice varieties, driven by increasing consumer awareness and preference for healthier options. This trend is expected to continue as more consumers prioritize health and environmental sustainability. In the Bread & Cereal Products Market, the trend towards gluten-free and plant-based options is gaining momentum, with companies investing in research and development to meet this demand. These trends have significant implications for industry stakeholders, as they must adapt their production and marketing strategies to cater to changing consumer preferences and stay competitive in the market.

Local special circumstances: In Nepal, the Rice Market is heavily influenced by the country's geographical and cultural factors. Being an agricultural country, rice is a staple food for the majority of the population. The government's focus on promoting and subsidizing rice production has led to a highly competitive market. Additionally, the cultural preference for locally produced rice and the strict regulations on importing rice have created a strong domestic market. These factors have contributed to the steady growth of the Rice Market in Nepal.

Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market in Nepal is heavily impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. The country's recent economic growth and stability have led to an increase in consumer spending and a growing demand for rice in the market. Additionally, the government's investments in infrastructure and policies to support the agricultural sector have also played a significant role in driving the growth of the rice market. However, challenges such as inflation and fluctuations in global rice prices can also impact the market performance.

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.