Rice Industry Overview
The global rice market size was valued at USD 287.45 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 2.2% from 2022 to 2028.
The expanding food and restaurant sector worldwide is expected to promote market growth in the coming years. Rice is the staple food of more than half of the world's population; Asia Pacific is the largest consumer of the product, which has led to significant market growth. Moreover, continuous developments in rice mill machinery globally and attractive packaging increases the product demand in emerging economies.
Gather more insights about the market drivers, restrains and growth of the Global Rice Market
The growing demand for specialty rice varieties has increased the trade for long grain rice, which in turn is driving the market growth. Furthermore, continuously changing lifestyles and food habits among consumers are accelerating the fast-food industry market, which is subsequently expected to drive significant growth of the market during the forecast period. Additionally, the growing population coupled with increasing disposable income across the globe are anticipating the growth of the global market.
The producers are offering a wide range of products such as jasmine, basmati, white, brown, and wild rice, among many other products. However, rice is measured as a strategic commodity and controlled by the governments of various countries due to its role as a staple diet in numerous developing and developed economies. Moreover, increasing demand for high-quality rice from European and Gulf countries is further accelerating the growth of the market.
The lockdowns announced during the COVID-19 pandemic have not had much impact on the rice industry, as compared to the other industries. The increasing demand for cereal grain across the globe is propelling market growth. The rising demand for fast and packaged food after the COVID pandemic will create opportunities for the market players. Thus, the market is expected to witness a healthy market growth rate in the upcoming years.
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- Rice Seed Market - The global rice seed market size was valued at USD 6.5 billion in 2018. Rising demand for rice as a staple food among consumers in developing economies such as China and India is expected to remain a favorable factor. Industry growth is also positively influenced by technologically advanced agricultural practices that have ultimately improved yield and strengthened the supply.
- Rice-based Products Market - The global rice-based products market size was valued at USD 198.04 billion in 2022 and is expected to register a compound annual growth rate (CAGR) of 6.2% from 2023 to 2030. The significant increase in the demand for rice-based products such as cakes, noodles, and others all across the globe is driving the growth of the global market.
Rice Market Segmentation
Grand View Research has segmented the global rice market on the basis of product, distribution channel, and region:
Rice Product Outlook (Revenue, USD Billion, 2017 - 2028)
- Long-grain
- Medium-grain
- Short-grain
Rice Distribution Channel Outlook (Revenue, USD Billion, 2017 - 2028)
- Offline
- Online
Rice Regional Outlook (Revenue, USD Billion, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global rice market include
- Kohinoor Foods Ltd.
- Adani Wilmar Limited
- LT Foods
- KRBL Limited
- Aeroplane Rice Ltd.
- Sridhar Agro Product P Ltd
- Gautam General Trading LLC
- Sri Sainath Industry Pvt. Ltd
- Shriram Food Industry Pvt. Ltd.
- Aashirvad International
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