Rice - Sri Lanka | Statista Market Forecast

Revenue in the Rice market amounts to US$1.77bn in 2024. The market is expected to grow annually by 8.79% (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$80.83 are generated in 2024.
In the Rice market, volume is expected to amount to 1.42bn kg by 2029. The Rice market is expected to show a volume growth of 4.1% in 2025.0.
The average volume per person in the Rice market is expected to amount to 56.3kg 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 within The Food market in Sri Lanka has been experiencing subdued growth, impacted by factors such as changing consumer preferences and market saturation. Despite this, the market is expected to see steady growth due to the increasing demand for convenient and healthy food options.

Customer preferences: Consumer preferences in Sri Lanka's rice market have shifted towards healthier and more sustainable options. This trend is driven by increasing awareness of the health benefits of whole grain and organic rice, as well as the importance of supporting local farmers and reducing environmental impact. Demographic shifts, such as the rise of health-conscious millennials and aging population, have also played a role in this trend. As a result, there has been a growing demand for niche varieties such as red and black rice, as well as traditional parboiled and brown rice.

Trends in the market: In Sri Lanka, the Rice Market of the Bread & Cereal Products Market within The Food market is experiencing a shift towards healthier options, with consumers increasingly opting for brown rice and other whole grain varieties. This trend is driven by a growing awareness of the health benefits of whole grains and a desire for more nutritious food choices. Additionally, there is a growing trend of convenience in the market, with ready-to-eat and pre-cooked rice products gaining popularity. These trends are significant for industry stakeholders as they signal a need to adapt product offerings to meet the changing preferences of consumers. With the demand for healthier and more convenient options on the rise, companies in the market may need to invest in research and development to stay competitive and cater to evolving consumer needs. This trend also presents an opportunity for new players to enter the market with innovative and healthier rice products.

Local special circumstances: In Sri Lanka, the Rice Market within the Bread & Cereal Products Market of The Food market is heavily influenced by the country's geographical location and tropical climate. This allows for the cultivation of a wide variety of rice grains, leading to a diverse range of products in the market. Additionally, the cultural significance of rice in Sri Lankan cuisine drives the demand for high-quality, locally grown rice. The government's support for the rice industry through subsidies and regulations also plays a crucial role in shaping the dynamics of the market.

Underlying macroeconomic factors: The performance of the Rice Market within the Bread & Cereal Products Market in Sri Lanka is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. For instance, fluctuations in global rice prices can impact the demand and supply of rice in Sri Lanka, as the country is a major rice importer. In addition, the government's policies related to agriculture, trade, and subsidies also play a significant role in shaping the rice market. Moreover, the overall economic health of Sri Lanka, including factors such as inflation, exchange rates, and consumer purchasing power, can greatly impact the demand for rice and other food products.

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.