Global Rice Market Analysis
The global rice market is projected to grow significantly, reaching USD 369.94 billion by 2032, up from USD 298.26 billion in 2023, with a promising compound annual growth rate (CAGR) of 2.42% from 2024 to 2032.
Global Rice Market Table of Content and Sample Download: https://www.renub.com/global-rice-market-p.php
Rice Market Definition
Rice, a staple food for over half of the world’s population, plays a crucial role in global agriculture and food security. Cultivating rice involves meticulous practices such as seed selection, land preparation, water management, pest control, and harvesting. The process requires continuous monitoring and labor to ensure high-quality yields. Rice provides essential nutrition and calories to billions, contributing significantly to global sustenance and economic development.
As the second-most important cereal crop globally, following maize, rice is vital for food security, particularly in developing countries in East and Southeast Asia. Asia dominates rice production, contributing 90% of global output, with China leading by producing one-third of Asia’s rice. Other major rice-producing countries in Asia include India, Indonesia, Bangladesh, Vietnam, Thailand, Myanmar, the Philippines, and Japan. In 2022, the world produced approximately 776 million metric tonnes of rice.
Key Trends in the Rice Market
Growing Populations and Shifting Dietary Habits: The increasing global population and changing dietary preferences are driving the demand for staple foods like rice. This is especially true in densely populated regions of Asia and Africa, where rice serves as the primary source of carbohydrates and nutrients for billions. The demand for quick and convenient meals is also contributing to market growth. Health-conscious consumers are increasingly choosing whole grain and specialty rice variants. With over 2 billion people in Asia relying heavily on rice, its impact on the global market is substantial. Additionally, rice is becoming a critical food source in Africa, supporting nearly a billion households across Asia, Africa, and the Americas as a primary livelihood.
Expanding Export Opportunities: Globalization and international trade agreements have facilitated the transnational flow of rice. Various rice types cater to different cuisines and markets, and there is a growing demand for convenient food products. Meeting international standards for safety and quality is crucial for successful rice production and export. India, for example, has seen a rise in non-basmati rice exports from FY22 to FY23.
Government Policies and Agricultural Initiatives: Government policies significantly influence the rice market. Many rice-producing countries implement policies to encourage farming, stabilize prices, and ensure food security. These include incentives for growers, price support systems, and subsidies to boost output. Governments also fund research to enhance rice yields, disease resistance, and drought tolerance. In India, measures such as the Minimum Export Price (MEP) and export duties on non-basmati rice help balance domestic needs with international trade.
Asia Pacific Rice Market
Rice is a staple food for over 3.5 billion people worldwide, with Asia being the primary production hub. As the region’s population continues to grow, so does the demand for rice, which is critical for many livings in poverty. The rice cultivation area in Asia spans about 143 million hectares, reflecting an increase from previous years.
China stands out as a major producer and consumer, with a population of 1.4 billion and a per capita rice consumption of 221 pounds annually. The country is also the second-largest importer of rice, bringing in over 5 million tons each year. However, challenges such as soil salinity and fertilizer overuse have affected production and food security. To address these issues, researchers have developed SR86, a salt-resistant rice strain, aiming to cultivate it across 6.7 million hectares by October 2031 to boost production.
India, the world’s second-largest rice producer, has seen substantial growth. High-yielding varieties such as IR 64, CR 2301, and Kudrat 5 have significantly contributed to production increases. Over the past 60 years, rice production in India has tripled. In 2021, India exported 20 million tons of rice, including 16 million tons of non-basmati rice. With no restrictions on exports and suitable climatic conditions, India remains the top rice exporter, meeting high demand from North America and Europe.
Global Rice Company Analysis
Leading companies in the rice industry include KRBL Limited, LT Food Ltd, Kohinoor Foods, Thai Wah, Archer Daniels, Tate & Lyle, General Mills, and MGP Limited.
Recent Global Rice Company News
Nov 2022: LT Foods and Saudi Agricultural and Livestock Investment Company (SALIC) signed a strategic agreement to enhance LT Foods’ expansion goals and export specialized basmati rice to Saudi Arabia and the Middle East.
May 2022: Adani Wilmar acquired Kohinoor Foods Ltd to strengthen its market position in FMCG and basmati rice, expanding its portfolio in high-margin branded staple products.
April 2022: LT Foods launched Ready-to-make Daawat Biryani Kits in Hyderabad, Kolkata, and Lucknow variants, aiming to revolutionize at-home biryani cooking.
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Product Type– Market breakup in 2 viewpoints:
- Regular
- Aromatic
Type– Market breakup in 9 viewpoints:
- Red Rice
- Arborio Rice
- Black Rice
- Grain Fragrance Rice
- Brown Rice
- Rosematta Rice
- Grain Parboiled Rice
- Sushi Rice
- Others
Grain Size– Market breakup in 3 viewpoints:
- Long Grain
- Medium Grain
- Short Grain
Distribution Channel– Market breakup in 2 viewpoints:
- Offline
- Online
Application– Market breakup in 3 viewpoints:
- Food
- Feed
- Others
Country – Market breakup of 25 Countries:
- North America
1.1 United States
1.2 Canada
- Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherland
2.8 Turkey
- Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand
- Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
- Middle East & Africa
5.1 Saudi Arabia
5.2 UAE
5.3 South Africa
All the key players have been covered from 3 Viewpoints:
- Business Overview
- Sales Analysis
- Recent Development & Strategies
Key Players Analysis:
- KRBL Limited
- LT Food Ltd
- Kohinoor Foods
- Thai Wah
- Archer Daniels
- Tate & Lyle
- General Mills
- MGP limited
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