Market Insights Consumer Food Bread & Cereal Products

Rice - South Africa

South Africa

Revenue in the Rice market amounts to €234.70m in 2024. The market is expected to grow annually by 7.05% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€137,600m in 2024).
In relation to total population figures, per person revenues of €3.85 are generated in 2024.
In the Rice market, volume is expected to amount to 215.70m kg by 2029. The Rice market is expected to show a volume growth of 3.9% in 2025.
The average volume per person in the Rice market is expected to amount to 3.1kg in 2024.

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

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Analyst Opinion

The Rice Market within the Bread & Cereal Products Market in South Africa is experiencing minimal growth, impacted by factors such as low consumer awareness and limited availability of digital technologies. However, convenience and health benefits of online services could potentially drive growth in the future.

Customer preferences: As South Africa's urban population continues to grow, there has been a rise in demand for convenience and healthy food options, leading to a surge in popularity for packaged and ready-to-eat rice products. This trend is also influenced by the increasing number of working professionals and busy lifestyles, as well as a growing interest in international cuisines and flavors. Additionally, the growing health consciousness of consumers has resulted in a preference for whole grain and organic rice products, driving the growth of the rice market in the Bread & Cereal Products Market within The Food market.

Trends in the market: In South Africa, the Rice Market within the Bread & Cereal Products Market is experiencing a shift towards healthier options, with consumers increasingly opting for brown rice over traditional white rice. This trend is driven by a growing health consciousness and a desire for more nutritious food choices. Additionally, there is a rising demand for organic and sustainable rice products, as well as a preference for locally-sourced rice. This trend is expected to continue, presenting opportunities for industry stakeholders to tap into the growing health and sustainability trends in the market.

Local special circumstances: In South Africa, the Rice Market of the Bread & Cereal Products Market within The Food market is heavily influenced by the country's diverse cultural landscape. The consumption of rice is deeply ingrained in many traditional dishes, making it a staple in many households. Additionally, government regulations and import/export policies play a significant role in shaping the market. The country's geographic location also affects the availability and pricing of rice, as it is not a locally grown crop and must be imported. These factors contribute to the unique dynamics of the Rice Market in South Africa, setting it apart from other markets.

Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market in South Africa is affected by macroeconomic factors such as the country's economic stability, government policies, and global economic trends. With a growing population and increasing demand for food products, South Africa's rice market is expected to experience steady growth. However, factors such as fluctuations in global rice prices, import regulations, and trade policies can impact the market. Additionally, the country's GDP growth, inflation rates, and consumer spending patterns also play a crucial role in determining the performance of the rice market in South Africa.

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.