Key regions: Spain, China, Canada, India, South Korea
The Rice market in the Bread & Cereal Products market within The Food market in Taiwan has seen minimal growth due to factors such as stagnant consumer demand and increasing competition. Despite the convenience offered by online shopping, the market's growth rate remains negligible. Other factors impacting the growth rate include fluctuating commodity prices and changing consumer preferences for alternative food options.
Customer preferences: Consumers in Taiwan are increasingly opting for healthier and more sustainable food options, leading to a rise in demand for organic and locally sourced rice. This trend is driven by growing awareness of the environmental impact of food production and the desire for more nutritious and ethically sourced products. Additionally, with the rise of health-conscious consumers, there has been an increase in demand for rice products that cater to specific dietary needs, such as gluten-free or low-carb options. This shift towards healthier and more sustainable choices is also influenced by the cultural value placed on food and its role in promoting overall well-being.
Trends in the market: In Taiwan, the Rice Market of the Bread & Cereal Products Market within The Food market is experiencing a shift towards healthier options, such as brown rice and whole grain cereals. This trend is driven by increasing health consciousness among consumers and the government's promotion of a balanced diet. As a result, there is a growing demand for organic and gluten-free rice and cereal products. This trend is expected to continue, with potential implications for industry stakeholders to innovate and diversify their product offerings to cater to the changing consumer preferences.
Local special circumstances: In Taiwan, rice is a staple food in the local diet and plays a significant role in the cultural and societal aspects of the country. The government heavily regulates the production and distribution of rice, ensuring its high quality and availability for consumers. This has led to a strong domestic demand for rice and a highly competitive market among local producers. Additionally, Taiwan's unique geographical location and climate make it ideal for rice cultivation, resulting in a diverse range of rice varieties and flavors that cater to the preferences of the local population. These factors contribute to the overall success and stability of the rice market in Taiwan within the Bread & Cereal Products Market of The Food market.
Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market in Taiwan is heavily influenced by macroeconomic factors such as economic stability, government policies, and consumer spending. The country's strong economic growth, favorable business environment, and increasing disposable income have contributed to the demand for rice, a staple food in the Taiwanese diet. Moreover, Taiwan's government has implemented policies to support the agriculture sector, including subsidies and incentives for rice farmers. These factors have contributed to the steady growth of the Rice Market in Taiwan. Additionally, with the rising health consciousness among consumers, there has been a shift towards healthier and more diverse food options, leading to the increased demand for non-traditional rice products such as brown and wild rice.
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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