Key regions: Spain, China, Canada, India, South Korea
The Rice Market in Suriname has seen minimal growth due to various factors, such as slow adoption of digital technologies, low health awareness among consumers, and limited availability of online health services. Despite this, the market is expected to gradually expand in the coming years.
Customer preferences: With the growing awareness of the importance of a healthy lifestyle, consumers in Suriname are increasingly seeking healthier options in their diet. This has led to a rise in demand for organic and gluten-free rice products. Additionally, there is a growing preference for locally sourced rice, reflecting a shift towards supporting sustainable and environmentally-friendly practices. As a result, the Rice Market of the Bread & Cereal Products Market within The Food market is witnessing a surge in sales of these products.
Trends in the market: In Suriname, the Rice Market of the Bread & Cereal Products Market within The Food market is experiencing a shift towards organic and sustainable rice production. This trend is driven by increasing consumer demand for healthier and environmentally-friendly options. As a result, industry stakeholders are investing in new technologies and production methods to meet this demand. Additionally, there is a growing focus on diversifying rice products to cater to changing consumer preferences. This trajectory towards sustainable and diverse rice production has the potential to improve both the economic and environmental sustainability of the industry.
Local special circumstances: In Suriname, the Rice Market of the Bread & Cereal Products Market within The Food market is heavily influenced by the country's geography and cultural practices. Suriname is a major producer of rice, with fertile lands and favorable weather conditions for rice cultivation. Additionally, rice is a staple food in Surinamese cuisine, making it a significant part of the local diet. Furthermore, the government of Suriname has implemented policies to support and boost the rice industry, further driving its growth in the market. These factors contribute to the unique dynamics of the Rice Market in Suriname, setting it apart from other markets.
Underlying macroeconomic factors: The growth of the Rice Market in Suriname is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Suriname's economy has been steadily growing in recent years, with a GDP growth rate of 3.7% in 2019. This growth is expected to continue, driven by increased investments in infrastructure, mining, and agriculture. Additionally, Suriname has favorable trade agreements with countries such as the European Union and the United States, which have a positive impact on its rice exports. However, the country also faces challenges such as high inflation rates and a large informal economy, which can affect the overall performance of the Rice Market.
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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