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

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.