Rice - Panama | Statista Market Forecast

Revenue in the Rice market amounts to US$46.66m in 2024. The market is expected to grow annually by 5.71% (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$10.31 are generated in 2024.
In the Rice market, volume is expected to amount to 26.80m kg by 2029. The Rice market is expected to show a volume growth of 4.4% in 2025.0.
The average volume per person in the Rice market is expected to amount to 5.0kg 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 Panama has seen minimal growth, influenced by factors such as fluctuating consumer demand, limited access to technology, and competition from other staple foods. Despite this, The Food market continues to show steady growth.

Customer preferences: As more consumers in Panama embrace healthier eating habits, there has been a noticeable increase in demand for organic and gluten-free rice products. This trend is driven by a growing awareness of the health benefits of a gluten-free diet and the rising popularity of organic farming practices. Additionally, the convenience and versatility of rice as a staple food have contributed to its continued popularity among consumers of all ages.

Trends in the market: In Panama, the Rice Market of the Bread & Cereal Products Market within The Food market is experiencing a surge in demand for organic and specialty rice varieties. This trend is driven by consumers' increasing health consciousness and preference for sustainable and ethically sourced products. As a result, rice producers are investing in sustainable farming practices and certifications to meet this demand. Additionally, the rise of e-commerce platforms and online grocery shopping is making it easier for consumers to access these specialty rice products. This trend is expected to continue, presenting opportunities for industry stakeholders to tap into the growing market for healthier and ethically sourced rice products.

Local special circumstances: In Panama, the Rice Market is heavily influenced by the country's geographical location and climate. As a tropical country, Panama has ideal conditions for rice cultivation, leading to a strong domestic production and a relatively self-sufficient market. Additionally, the country's cultural preference for rice as a staple food has resulted in a high consumption rate, creating a steady demand for rice in the local market. The government's policies and regulations also play a significant role in the Rice Market, with subsidies and import restrictions affecting the market dynamics.

Underlying macroeconomic factors: The performance of the Rice Market within the Bread & Cereal Products Market in Panama is greatly influenced by macroeconomic factors. The country's stable economic growth, supported by a robust agricultural sector, has led to increased demand for rice products. In addition, favorable fiscal policies and government initiatives to promote domestic rice production have further contributed to market growth. Furthermore, global economic trends, such as the rising demand for healthier food options, have also positively impacted the demand for rice products in Panama. This trend is expected to continue as the country's population grows and consumer preferences shift towards more nutritious and affordable food options.

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.