Key regions: Spain, China, Canada, India, South Korea
The Rice Market in North America is experiencing minimal growth, impacted by factors such as fluctuating consumer preferences and increasing competition from other grains. Despite this, the convenience and versatility of rice products continue to drive its demand in The Food market.
Customer preferences: Consumers in North America are increasingly opting for healthier and more sustainable food options, leading to a rise in demand for organic and gluten-free rice products. This trend is driven by a growing awareness of the health benefits of whole grains and the impact of conventional rice production on the environment. Additionally, the rise of plant-based diets and the growing demand for ethnic cuisines have also contributed to the increasing popularity of rice in the region.
Trends in the market: In North America, the Rice Market of the Bread & Cereal Products Market within The Food market is experiencing a surge in demand for gluten-free and organic rice products, as consumers become more health-conscious. Additionally, there is a growing trend of incorporating rice into non-traditional dishes, such as rice-based pastas and desserts. These trends are significant as they reflect changing consumer preferences and are expected to drive the growth of the rice market. Industry stakeholders should focus on developing innovative rice products and marketing strategies to capitalize on these trends.
Local special circumstances: In North America, the Rice Market of the Bread & Cereal Products Market within The Food market is heavily influenced by consumer preferences and dietary trends. The increasing demand for gluten-free and plant-based diets has resulted in a rise in rice consumption, particularly in the United States and Canada. Additionally, the North American Free Trade Agreement (NAFTA) has played a significant role in shaping the rice market, allowing for easier trade and access to a wider variety of rice products. The region's diverse population, with a significant Asian and Hispanic demographic, also contributes to the demand for rice and rice-based products. Moreover, the rise in health-conscious consumers has led to the popularity of organic and non-GMO rice, further driving market growth in the region.
Underlying macroeconomic factors: The growth of the Rice Market in North America is influenced by macroeconomic factors such as global trade policies, national economic health, and consumer preferences. Countries with favorable trade agreements and stable economic conditions are experiencing higher demand for rice products, while regions facing trade barriers and economic instability are seeing slower market growth. Additionally, the rise in health consciousness and demand for gluten-free alternatives in the US and Canada are driving the demand for rice-based bread and cereal products in the region.
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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