Key regions: Spain, China, Canada, India, South Korea
The Rice Market in Togo is experiencing subdued growth due to factors such as limited access to technology and low health awareness among consumers. Despite the convenience of online services, the market is facing challenges in adopting digital technologies.
Customer preferences: As Togo's population continues to urbanize and modernize, there has been a noticeable increase in demand for convenient and ready-to-eat rice products. This shift is driven by the busy lifestyles of urban consumers, who are also increasingly health-conscious and looking for nutritious options. As a result, there has been a rise in the availability of packaged and processed rice products, as well as a growing interest in alternative rice varieties such as brown and wild rice. This trend is expected to continue as more consumers prioritize convenience and health in their food choices.
Trends in the market: In Togo, 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 whole grain and organic rice products. This trend is expected to continue as health concerns and dietary preferences drive demand. Additionally, there is a growing focus on sustainability and fair trade practices in the rice market, with consumers seeking out ethically sourced products. These trends present opportunities for industry stakeholders to diversify their product offerings and cater to evolving consumer demands.
Local special circumstances: In Togo, the Rice Market of the Bread & Cereal Products Market within The Food market is heavily influenced by the country's smallholder farming system and limited access to modern technology. This has led to a fragmented market with low productivity and quality standards. Additionally, cultural preferences for certain types of rice, such as the locally-grown NERICA variety, also impact market dynamics. Government regulations on rice imports and exports also play a significant role in shaping the market.
Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market in Togo is influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. Togo's economy heavily depends on agriculture, with rice being one of the major crops. Any fluctuations in global economic trends or national economic health can impact the production, supply, and prices of rice in the country. Additionally, fiscal policies such as taxation, subsidies, and trade agreements can also affect the rice market in Togo. Therefore, it is essential to monitor these macroeconomic factors to understand their impact on the rice market and make informed business decisions.
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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