The Global Rice Market is anticipated to reach US$ 271.04 Billion in 2028, according to the report. Rice, a staple food globally, is a major crop cultivated in various regions, contributing to food security and economies worldwide. Rice farming involves managing cultivation practices like land preparation, seed selection, water, and pest management, and harvesting. With specific growing conditions and diverse farming techniques, including wetland and upland cultivation, rice farming requires continuous monitoring and labor to achieve high-quality yields. This crop plays a vital role in providing nutrition and calories to billions of people, making it essential for global sustenance and economic development.Global Rice Market was US$ 235.9 Billion in 2021
USDA Projected at a record-breaking 520.5 million tons (milled basis), global rice production for the 2023/24 period is expected to increase by 12.1 million tons compared to the previous year. Rice is a versatile and nutritious food crop, rich in carbohydrates, essential vitamins, and minerals. It can be prepared in various ways to suit different cuisines. With its satiating properties and easy digestibility, rice is recommended for individuals with dietary restrictions. It is gluten-free, making it a safe option for those with gluten intolerance. Economically, rice is important for livelihoods and the economy. Culturally, it holds significance in culinary traditions. As a staple food, rice contributes to food security and has a long shelf life. Furthermore, rice cultivation supports water resources, biodiversity, and aquatic habitats.
Global Rice Market is foreseen to experience a CAGR of 3.71% from 2022 to 2028
Population growth and increasing food demand have led to a higher demand for rice as a staple food. Changing dietary preferences and rising global incomes have increased the demand for rice in many countries. Urbanization and changing lifestyles have contributed to the demand for convenient rice-based products. Economic growth in emerging markets, such as China and India, has resulted in higher purchasing power and increased rice consumption. Trade liberalization and globalization have facilitated the movement of rice across borders, expanding the global market. Technological advancements and improved farming practices have boosted productivity and increased global rice production. Moreover, government support and subsidies to rice farmers have encouraged cultivation expansion, ensuring stable production and supply in the global rice market.Currently, China holds the largest market share in the global rice market
China, India, Bangladesh, Indonesia, Vietnam, Philippines, Thailand, Burma, Japan, Nigeria, and Others are the nations prominent in the global rice market. China, as the world's largest producer and consumer of rice, wields significant influence in the global rice market. Its substantial production and consumption shares, coupled with a large domestic market and high per capita consumption, makes China mostly self-sufficient in rice. While it exports only a small portion of its output, the Chinese government supports the rice sector through subsidies, research and development investments, and trade protection.China's rice industry benefits from efficient production methods, a favorable climate, and ample land for cultivation. This dominance has implications for other countries, particularly net rice importers who are more susceptible to price fluctuations. Competing with China in the global rice market poses challenges due to its inherent advantages. Therefore, China is expected to maintain its prominent position in the global rice market in the foreseeable future.
Significant investments in agricultural practices have contributed to India increase in global rice production
Major producers in the global rice market include China, India, Bangladesh, Indonesia, Vietnam, Thailand, Philippines, Burma, Brazil, Japan, and Others. According to the USDA, India is projected to achieve a record-breaking rice production of 127 million metric tons (MMT) in the marketing year 2023/2024. This growth is driven by factors such as favorable climatic conditions, diverse agro-climatic zones, and abundant water resources.Technological advancements, including the use of high-yielding varieties, improved irrigation methods, mechanization, and modern farming techniques, have significantly contributed to India's increased rice production. Government initiatives, such as subsidies, loans, and research investments, have also played a crucial role in supporting the rice industry. Furthermore, the expansion of cultivated land, farmer skill development, and the growing domestic and international demand for rice have further propelled India growth in rice production.
Similarly, China's position as the leading global rice producer can be attributed to its favorable climate and ample land for rice cultivation. The adoption of advanced farming techniques and technologies has enhanced productivity in the Chinese rice industry. Moreover, the Chinese government plays a significant role by providing substantial support to the rice sector through subsidies and research investments. These measures have contributed to the sustained success of China's rice production.
China strong domestic market, population growth, and government support ensure its position as a major rice importer
The division of global rice market, based on import-China, Philippines, European Union, Nigeria, Iraq, Côte D'ivoire, United States, Saudi Arabia, Malaysia, Iran, and Others. China became the world's top rice importer in 2022, with USDA estimating imports at 5.2 million metric tons, up 0.3 million tons from the previous year. China's growing population and expanding middle class drive increased rice demand. Weather disruptions impact domestic production, increasing reliance on rice imports. Government policies, like tariff reductions and subsidies, further encourage imports. China's dominance in rice imports favors major exporters like India, Vietnam, Thailand, Pakistan, and Myanmar.Rice is a crucial staple in Iraq, driving high demand due to the population's dependence on it. Challenges in domestic rice production, such as limited water resources, outdated farming practices, and political instability, have increased the need for imports. Supportive government policies, including tariff reductions and subsidies, ensure a steady rice supply. Iraq's strategic geographic location near major rice-exporting countries facilitates convenient imports.
India dominance in the rice export market is likely to continue in the coming years
By exports, the global rice market consists of India, Thailand, Vietnam, Pakistan, Burma, United States, China, Cambodia, Brazil, Uruguay, and Others. The All-India Rice Exporters Association reported that in FY23, India non-basmati rice exports reached 17.79 million tons (MT), surpassing the 17.3 MT exported in FY22. India growing dominance in the rice export market can be attributed to its favorable climatic conditions and abundant agricultural land, allowing for both domestic consumption and surplus production. Investments in advanced farming practices and high-yielding varieties have boosted productivity and quality. India skilled farmers and efficient supply chain infrastructure further contribute to its competitive edge. The government supportive policies, including export subsidies and streamlined trade regulations, have facilitated India's emergence as a major player in meeting the rising global demand for rice.Key Players
KRBL Limited, LT Food Ltd, Kohinoor Foods, Thai Wah, Archer Daniels, Tate & Lyle, General Mills, and MGP Limited are among the top companies in the global rice market, holding leading positions.Report Scope
This report provides a complete study of the Global Rice Market.Country Market - Global Rice Market breakup from 11 Viewpoints:
- China
- India
- Bangladesh
- Indonesia
- Vietnam
- Philippines
- Thailand
- Burma
- Japan
- Nigeria
- Others
Production Country - Global Rice Market breakup from 11 Viewpoints:
- China
- India
- Bangladesh
- Indonesia
- Viet Nam
- Thailand
- Philippines
- Burma
- Brazil
- Japan
- Other
Export Country - Global Rice Market breakup from 11 Viewpoints:
- India
- Thailand
- Viet Nam
- Pakistan
- Burma
- United States
- China
- Cambodia
- Brazil
- Uruguay
- Others
Import Country - Global Rice Market breakup from 11 Viewpoints:
- China
- Philippines
- European Union
- Nigeria
- Iraq
- Côte D'ivoire
- United States
- Saudi Arabia
- Malaysia
- Iran
- Others
Company has been covered from 3 Viewpoints:
- Overview
- Recent Developments
- Revenue
Company Analysis:
- KRBL Limited
- LT Food Ltd
- Kohinoor Foods
- Thai Wah
- Archer Daniels
- Tate & Lyle
- General Mills
- MGP limited
Table of Contents
1. Introduction2. Research & Methodology3. Executive Summary14. Supply Chain Analysis
4. Market Dynamics
5. Global Rice Market
6. Share Analysis - Global Rice Market
7. Country Analysis - Global Rice Market
8. Consumption Analysis - Global Rice Market
9. Production Analysis - Global Rice Market
10. Export Analysis - Global Rice Market
11. Import Analysis - Global Rice Market
12. SWOT Analysis
13. Porter’s Five Forces
15. Company Analysis
List of Figures
List of Tables
Companies Mentioned
- KRBL Limited
- LT Food Ltd.
- Kohinoor Foods
- Thai Wah
- Archer Daniels
- Tate & Lyle
- General Mills
- MGP limited
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 285 |
| Published | June 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 217.81 Billion |
| Forecasted Market Value ( USD | $ 271.04 Billion |
| Compound Annual Growth Rate | 3.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
