Market Insights Consumer Food Bread & Cereal Products

Rice - Iceland

Iceland

Revenue in the Rice market amounts to €4.52m in 2024. The market is expected to grow annually by 4.04% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€139,000m in 2024).
In relation to total population figures, per person revenues of €11.96 are generated in 2024.
In the Rice market, volume is expected to amount to 1.42m kg by 2029. The Rice market is expected to show a volume growth of 2.0% in 2025.
The average volume per person in the Rice market is expected to amount to 3.5kg in 2024.

Key regions: Spain, China, Canada, India, South Korea

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Analyst Opinion

The Rice Market in Iceland within The Food market has been experiencing slow growth due to various factors such as declining consumption, limited availability of varieties, and competition from other grains. The negligible growth rate is impacted by changing dietary preferences and higher prices of rice compared to other cereals.

Customer preferences: Consumers in Iceland are increasingly turning towards healthier and more sustainable food options, with a growing demand for organic and locally sourced rice products. This can be attributed to the country's strong emphasis on environmental sustainability and health-consciousness. Additionally, with the rise of vegan and plant-based diets, there has been a noticeable shift towards rice-based alternatives to traditional bread and cereal products. This trend is expected to continue as consumers become more mindful of their food choices and their impact on the environment and personal health.

Trends in the market: In Iceland, the Rice Market within the Bread & Cereal Products Market is experiencing a shift towards healthier options, with a focus on organic and gluten-free varieties. This trend is expected to continue as consumers become more health-conscious and demand for alternative options increases. In addition, there is a growing demand for convenience and sustainability, with rice products being offered in more eco-friendly packaging. These trends are significant for industry stakeholders as they must adapt to changing consumer preferences in order to remain competitive in the market. This may involve investing in new production methods and marketing strategies to meet the demands of the evolving market.

Local special circumstances: In Iceland, the Rice Market of the Bread & Cereal Products Market within The Food market is heavily influenced by the country's unique geography. With limited arable land, Iceland relies heavily on imports for its rice supply, resulting in higher prices compared to other countries. Additionally, the country's small population size and high income levels drive demand for premium and organic rice products, creating a niche market. In contrast, the Rice Market in the larger market of the Bread & Cereal Products Market in the US is driven by the convenience and affordability of bulk and processed rice products.

Underlying macroeconomic factors: The performance of the Rice Market in Iceland is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. For instance, fluctuations in global rice prices can impact the import costs for Iceland and subsequently affect the domestic market. Additionally, the health of the Icelandic economy and government policies can impact the purchasing power of consumers and their demand for rice products. Other relevant financial indicators such as inflation and interest rates can also impact the overall performance of the market.

Methodology

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.