Market Insights Consumer Food Bread & Cereal Products

Rice - Nicaragua

Nicaragua

Revenue in the Rice market amounts to US$18.37m in 2024. The market is expected to grow annually by 4.57% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (US$149,900m in 2024).
In relation to total population figures, per person revenues of US$2.66 are generated in 2024.
In the Rice market, volume is expected to amount to 16.42m kg by 2029. The Rice market is expected to show a volume growth of 0.6% in 2025.
The average volume per person in the Rice market is expected to amount to 2.3kg in 2024.

Key regions: Spain, China, Canada, India, South Korea

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Analyst Opinion

The Rice Market in Nicaragua is experiencing minimal growth due to factors such as limited technological advancements, low consumer health awareness, and the lack of convenience in online services.

Customer preferences: As more consumers prioritize convenience and health-consciousness, the demand for gluten-free and organic rice options is on the rise. Additionally, there is a growing preference for rice varieties with higher protein and fiber content. This shift is influenced by a cultural emphasis on clean and natural food options, as well as a rise in health-conscious millennials who value sustainable and nutritious food choices. As a result, there has been an increase in innovative rice products, such as ready-to-eat rice bowls and rice-based snacks, catering to the changing preferences of consumers.

Trends in the market: In Nicaragua, the rice market is experiencing a shift towards more sustainable and organic production methods. This trend is influenced by growing consumer demand for healthier and environmentally-friendly food options. In addition, there is a rise in local self-sufficiency initiatives, with small-scale farmers cultivating and selling rice directly to consumers. These trends are significant as they promote food security and support local economies. However, they may also pose challenges for larger rice producers and exporters.

Local special circumstances: In Nicaragua, the Rice Market of the Bread & Cereal Products Market within The Food market is influenced by a variety of unique factors. The country's geography, with a large portion of land dedicated to rice production, plays a significant role in shaping the market. Additionally, the cultural preference for rice as a staple food and the government's support for rice production through subsidies and trade policies also impact market dynamics. Furthermore, Nicaragua's economy heavily relies on agriculture, making the demand for rice a crucial aspect of the overall economy.

Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market is heavily impacted by macroeconomic factors such as global rice production and consumption trends, government policies and subsidies, and trade agreements. Countries with high rice production and consumption rates, favorable government policies and subsidies, and strong trade agreements are experiencing faster market growth compared to regions with lower production and consumption rates and limited government support. Additionally, the growing demand for rice as a staple food and the increasing global population are also driving the growth of the rice market.

Methodology

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.