Global Rice Market

Rice Market Size, Share, Growth Analysis, By Product(Long Grain, Medium Grain, Short Grain), By Distribution Channels(Online and Offline), By Region - Industry Forecast 2024-2031


Report ID: SQMIG30H2065 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 61 |Figures: 76

Rice Market Insights

Global Rice Market size was valued at USD 287.45 billion in 2021 and is poised to grow from USD 292.39 billion in 2022 to USD 334.24 billion by 2030, growing at a CAGR of 2.2% in the forecast period (2023-2030).

With an annual global production of more than 700 million metric tonnes of rice, it is the primary food consumed by more than half of the world's population. In Asia, from Pakistan in the west to Japan in the east, rice is mostly farmed and consumed. Behind maize, rice is the world's second-most significant cereal crop. By offering a minimum support price, the Indian government has been encouraging farmers to start growing rice (MSP). The minimum selling price (MSP) was INR 1,940 per quintal for the Kharif season of 2021–2022, up from INR 1,868 per quintal in 2021. Consumers constantly shifting eating and lifestyle patterns are speeding the fast-food sector market, which is hence anticipated to significantly develop during the projected period. In addition, the expanding population and rising disposable income around the world foresee the expansion of the global market. Rice is a cereal grain that is the most extensively consumed staple food in the world, notably in Asia, where it accounts for about 90% of rice production and consumption. More than 120 countries grow rice, with China and India producing half of all rice worldwide. According to APEDA during 2021–2022, the nation exported 3,948,161.03 metric tonnes of basmati rice to the world for a total of INR 26,416.49 Crores (USD 3,540.40 Million) Jasmine, basmati, white, brown, and wild rice are just a few of the many products that the growers have to offer. Also, the industry is expanding at a faster rate due to rising demand for premium rice from European and Gulf nations.

Market snapshot - 2024-2031

Global Market Size

USD 287.45 billion

Largest Segment

Long Grain

Fastest Growth

Long Grain

Growth Rate

2.2% CAGR

Global Rice Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
Global Rice Market Size By Product 2022-2030 ($ Bn)
Global Rice Market Size By Product 2022-2030 (%)

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Rice Market Segmental Analysis

Global Rice Market is segmented on the basis of Product, Distribution Channel and region. By Product Outlook, the market is segmented into Long Grain, Medium Grain, Short Grain. By Distribution Channels, market is segmented into, Online and Offline. By region, the market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Analysis by Product

In 2021, the long-grain sector accounted for more than 63% of the total revenue generated in the global rice market. Global demand for specialty rice varieties like jasmine and basmati is propelling market expansion. Also, the demand for foods high in fibre and low in salt has grown as a result of consumers' growing health concerns. 

The medium-grain segment is anticipated to grow at the fastest CAGR. The availability of rice as a convenient, wholesome food option to customers through retail channels is what is causing the market to expand. A major driver of market expansion is the rising consumer disposable income as well as the rising popularity and demand for fast food.

Analysis by Distribution Channels

In 2021, the offline channel segment dominated the global market. For the purchase of consumer goods, groceries, and food items like grains, consumers are increasingly choosing the offline channel because it allows them to personally inspect the goods before making a purchase. Moreover, elements that are anticipated to fuel the segment's expansion include the ease of access and searchability for different grains through retailers.

The online segment is predicted to grow at the fastest CAGR. The rate of internet adoption has seen tremendous expansion in recent years, which has therefore increased demand for the e-commerce industry.

Global Rice Market Size By Product 2022 (%), 2023 (%)

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Rice Market Regional Insights

Asia Pacific dominated the global rice market. A large population base for food consumption exists in China, India, Indonesia, and Bangladesh, and it is anticipated that these countries will continue to fuel regional demand. In 2021, India exported 20 million tonnes of rice, including 16 million tonnes of non-basmati rice, according to the Rice Exporters Association. With output of 177.6 million metric tonnes and 211.4 million metric tonnes, respectively, India and China are the two largest producers of rice.

The market in North America is predicted to grow at the fastest CAGR. The U.S. market is expanding due to the rising demand for aromatic and specialty rice. In addition, fast food consumption is expected to rise in the United States and Canada as a result of grain products' high nutritional value and high fibre content.

Global Rice Market Size By Geography, 2022-2030, 2024-2031
  • Largest
  • Fastest

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Rice Market Dynamics

Drivers

Government policies

  • Governments can provide subsidies to rice farmers to support production, which can lead to an increase in supply and a decrease in prices. On the other hand, reducing subsidies can result in lower production and higher prices. Governments can impose import or export restrictions, such as tariffs or quotas, which can limit the amount of rice traded internationally. This can affect the global supply and demand for rice, and potentially lead to price fluctuations.

High Income Level

  • Where rice is a staple food, rising incomes can lead to increased consumption of rice. This can increase demand for rice, leading to higher prices, and potentially resulting in an increase in rice production and trade. Higher-income consumers may prefer premium varieties of rice, such as basmati or jasmine rice, which can have higher prices and different supply and demand dynamics than standard varieties of rice.

Restraints

Limited land availability

  • Limited land availability can make it difficult to expand rice production to meet growing demand, leading to potential price increases and supply shortages. This constraint can also impact the sustainability of rice production, as farmers may resort to practices such as intensive farming or land conversion, which can lead to soil degradation and loss of biodiversity. Land constraints can also exacerbate the effects of climate change on rice production.

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Rice Market Competitive Landscape

Several well-established companies are active on the market alongside regionally dispersed local producers. In order to grow their businesses, a number of manufacturers and suppliers have consistently focused on the improvement of the distribution network and the development of the logistics infrastructure. The adoption rate of the product among customers around the world is anticipated to increase as a result of such campaigns.

Top Player’s Company Profiles

  • China National Rice Industry Co., Ltd. (China)
  • Vietnam Northern Food Corporation (Vinafood 1) (Vietnam)
  • Indofood Sukses Makmur Tbk PT (Indonesia)
  • Capital Diamond Star Group Ltd (Myanmar)
  • Universal Robina Corporation (Philippines)
  • Camil Alimentos SA (Brazil)
  • Kameda Seika Co., Ltd. (Japan)
  • Matco Foods Limited (Pakistan)
  • Ottogi Corporation (South Korea)
  • Olam International Limited (Singapore, with operations in several countries including Nigeria and Egypt)
  • Export Trading Group (ETG) (Madagascar)
  • Amru Rice (Cambodia)
  • Iran Rice Export Company (Iran)
  • Himalayan Grain Products Pvt. Ltd. (Nepal)
  • Kilombero Sugar Company Limited (Tanzania)
  • Kiboko Group (Uganda)
  • Riceland Foods, Inc. (United States)
  • Serendib Flour Mills (Pvt) Ltd. (Sri Lanka)

Recent Developments

  • In March 2022, Due to the reopening of trade channels to China, prices of rice exported from Vietnam increased. Some traders anticipated higher demand from consumers looking for other suppliers as a result of the Russia-Ukraine situation.
  • In January 2022, a new rice variety known as "TRY 5" was made available in India, by the Tamil Nadu Agricultural University (TNAU). It's an early-duration cultivar intended for soil with salt issues.

Rice Key Market Trends

Speciality rice varieties are becoming more popular

  • A growing number of people are becoming concerned about their health and wellbeing, which has increased demand for specialty rice. Specialty rice varieties are more nutritious and higher in fibre than conventional milled white rice. They also contain more vitamins and minerals that are excellent for your body. Thus, there is a huge market for these types. Basmati rice is among the best varieties of rice consumed worldwide. India holds a market share of 85% for exports of the top-tier kind of basmati.

Rice Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global rice market analysis, the rising demand for rice is being driven by population growth, changing dietary habits, and rising incomes in developing countries. Furthermore, as people become wealthier, they tend to consume more rice and other staple foods. In addition, the demand for healthier and more nutritious rice varieties is also growing, leading to an increase in the production and consumption of organic and whole grain rice. Government policies also play a significant role in the global rice market, particularly in countries that heavily subsidize or regulate the production and distribution of rice. Technological advancements are also driving growth in the global rice market, with new varieties of rice, improved irrigation systems, and more efficient farming practices being developed. The global market is a complex and dynamic sector that is driven by various factors. The increasing demand for rice and technological advancements are expected to continue to drive growth in the coming years.

Report Metric Details
Market size value in 2023 USD 287.45 billion
Market size value in 2031 USD 334.24 billion
Growth Rate 2.2%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Long Grain, Medium Grain, Short Grain
  • Distribution Channels
    • Online and Offline
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • China National Rice Industry Co., Ltd. (China)
  • Vietnam Northern Food Corporation (Vinafood 1) (Vietnam)
  • Indofood Sukses Makmur Tbk PT (Indonesia)
  • Capital Diamond Star Group Ltd (Myanmar)
  • Universal Robina Corporation (Philippines)
  • Camil Alimentos SA (Brazil)
  • Kameda Seika Co., Ltd. (Japan)
  • Matco Foods Limited (Pakistan)
  • Ottogi Corporation (South Korea)
  • Olam International Limited (Singapore, with operations in several countries including Nigeria and Egypt)
  • Export Trading Group (ETG) (Madagascar)
  • Amru Rice (Cambodia)
  • Iran Rice Export Company (Iran)
  • Himalayan Grain Products Pvt. Ltd. (Nepal)
  • Kilombero Sugar Company Limited (Tanzania)
  • Kiboko Group (Uganda)
  • Riceland Foods, Inc. (United States)
  • Serendib Flour Mills (Pvt) Ltd. (Sri Lanka)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Rice Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Rice Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Rice Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Rice Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Rice Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Rice Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Rice Market size was valued at USD 287.45 billion in 2021 and is poised to grow from USD 292.39 billion in 2022 to USD 334.24 billion by 2030, growing at a CAGR of 2.2% in the forecast period (2023-2030).

Several well-established companies are active on the market alongside regionally dispersed local producers. In order to grow their businesses, a number of manufacturers and suppliers have consistently focused on the improvement of the distribution network and the development of the logistics infrastructure. The adoption rate of the product among customers around the world is anticipated to increase as a result of such campaigns. 'China National Rice Industry Co., Ltd. (China)', 'LT Foods Limited (India)', 'Charoen Pokphand Foods PCL (Thailand)', 'Vietnam Northern Food Corporation (Vinafood 1) (Vietnam)', 'Indofood Sukses Makmur Tbk PT (Indonesia)', 'BRAC Bank Limited (Bangladesh)', 'Capital Diamond Star Group Ltd (Myanmar)', 'Universal Robina Corporation (Philippines)', 'Camil Alimentos SA (Brazil)', 'Kameda Seika Co., Ltd. (Japan)', 'Matco Foods Limited (Pakistan)', 'Ottogi Corporation (South Korea)', 'Olam International Limited (Singapore, with operations in several countries including Nigeria and Egypt)', 'Export Trading Group (ETG) (Madagascar)', 'Amru Rice (Cambodia)', 'Iran Rice Export Company (Iran)', 'Himalayan Grain Products Pvt. Ltd. (Nepal)', 'Kilombero Sugar Company Limited (Tanzania)', 'Kiboko Group (Uganda)', 'Riceland Foods, Inc. (United States)', 'Serendib Flour Mills (Pvt) Ltd. (Sri Lanka)'

Governments can provide subsidies to rice farmers to support production, which can lead to an increase in supply and a decrease in prices. On the other hand, reducing subsidies can result in lower production and higher prices. Governments can impose import or export restrictions, such as tariffs or quotas, which can limit the amount of rice traded internationally. This can affect the supply and demand for rice, and potentially lead to price fluctuations.

A growing number of people are becoming concerned about their health and wellbeing, which has increased demand for specialty rice. Specialty rice varieties are more nutritious and higher in fibre than conventional milled white rice. They also contain more vitamins and minerals that are excellent for your body. Thus, there is a huge market for these types. Basmati rice is among the best varieties of rice consumed worldwide. India holds a market share of 85% for exports of the top-tier kind of basmati.

Asia Pacific dominated the rice market. A large population base for food consumption exists in China, India, Indonesia, and Bangladesh, and it is anticipated that these countries will continue to fuel regional demand. In 2021, India exported 20 million tonnes of rice, including 16 million tonnes of non-basmati rice, according to the Rice Exporters Association. With output of 177.6 million metric tonnes and 211.4 million metric tonnes, respectively, India and China are the two largest producers of rice.

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