Global rice market is expected to reach US$ 271.04 billion in 2028 compared to US$ 217.81 Billion in 2022 due to population growth, rising incomes, changing diets, and government support.
18 Mar, 2024

Renub Research has recently published a report named "Global Rice Market, Size, Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis" providing a detailed industry analysis that consists of market share insights. Furthermore, the report encompasses a study of competitors and regions and the recent growth in the Global Rice Market.

Global Rice Market is projected to witness a CAGR of 3.71% from 2022 to 2028.The increasing popularity of Asian cuisine has led to a growing demand for rice worldwide. Rice, a key component of Asian cuisine, offers numerous advantages contributing to this trend. It provides health benefits as a nutritious source of carbohydrates, fiber, vitamins, and low calories. Its versatility in cooking methods and compatibility with diverse cultural and dietary preferences further enhance its appeal.

Moreover, the affordability of rice makes it an attractive choice for cost-conscious individuals. The rise of social media has also played a role in promoting rice-based dishes through recipe sharing and cooking tips. The availability of various rice-related products such as rice noodles, rice cakes, and rice flour has facilitated easier incorporation of rice into diets, bolstering its popularity.

Projected population growth and rising incomes contribute to the expected increase in global rice consumption, with the IRRI estimating a 10% rise in demand by 2030. Asia, the largest rice-consuming region, and Africa are expected to drive this growth. Rice's versatility and affordability make it an ideal solution to address the strain on food supplies caused by the projected global population of 9.7 billion by 2050.

Factors such as rising incomes, changing diets towards healthier options, urbanization, and government policies promoting rice consumption further fuel the demand for rice. To meet this demand, the rice industry is developing technologies for pest and disease resistance, as well as water-conserving irrigation techniques. These advancements ensure the global rice market's capability to effectively meet the rising demand for rice in the future.

Report Details:

India is the fastest growing country in the global rice market

India, the world's second-largest rice producer, enjoys a prominent position in the global market. India benefits from economies of scale and can meet growing demand. Renowned for high-quality rice, India attracts significant domestic and international demand. The country's competitive edge lies in offering rice at competitive prices due to low labor costs and a favorable climate. Government support through subsidies, research, and marketing assistance keeps production costs low, ensuring competitiveness.

Projected global rice demand driven by population growth and rising incomes positions India's rice industry for substantial growth. The rising popularity of healthy eating and organic rice further bolster India's global market position. The International Rice Research Institute (IRRI) estimates India as the fastest growing market in the foreseeable future.

China has the resources, the technology, and the government support to continue to produce large quantities of rice

China, as the leader in rice production, possesses the necessary factors to maintain its position. The country benefits from vast and fertile agricultural land, with approximately 30 million hectares dedicated to rice cultivation, the largest in the world. China's warm and humid climate allows for multiple rice crops per year, maximizing yield potential. Advanced agricultural technology further enhances productivity and rice quality.

Moreover, the Chinese government provides substantial support to the rice sector through subsidies, research and development, and marketing assistance, ensuring competitiveness in the global market. With a large and growing population, China's domestic demand for rice remains strong, ensuring the utilization of its production

Iraq is anticipated to remain the fastest growing rice importer globally, driven by population growth, declining domestic production

Iraq's rapidly growing population is straining the country's domestic rice production, leading to increased reliance on imports. The World Bank says that, the population is projected to reach 50 million by 2030, Iraq's food security is at risk. Domestic rice production has been declining due to water shortages, pests, and diseases, with a 10% decrease estimated between 2010 and 2020, as estimated by the Food and Agriculture Organization of the United Nations (FAO). Basmati rice demand is rising in Iraq due to higher incomes and a preference for healthier foods, making Iraq a significant importer. The government has encouraged rice imports through subsidies to importers, facilitating affordability.

India is well-positioned to remain the fastest growing market in the global rice export market for the foreseeable future

India's rice industry benefits from its production of high-quality rice, particularly the renowned basmati variety, which is highly sought after globally. India's competitive advantage lies in its ability to offer rice at competitive prices due to low labor costs and a favorable climate. The government plays a crucial role by providing extensive support through subsidies, research and development, and marketing assistance, ensuring that Indian rice remains competitive in the global market. The industry also benefits from the growing global demand for rice, attributed to population growth and rising incomes. The increasing popularity of healthy eating and the demand for organic rice contribute to India's position as the fastest-growing market in the global rice market.

Competitive Landscape

KRBL Limited, LT Food Ltd, Kohinoor Foods, Thai Wah, Archer Daniels, Tate & Lyle, General Mills, and MGP Limited are prominent players in the global rice market, occupying significant positions at the top.

Market Summary

• Market Share - The Report covers Global Rice Market, by market share in 11 viewpoints (China, India, Bangladesh, Indonesia, Viet Nam, Philippines, Thailand, Burma, Japan, Nigeria, and Others).
• Production - By production, the Global Rice Market, breakup in 11 viewpoints (China, India, Bangladesh, Indonesia, Viet Nam, Thailand, Philippines, Burma, Brazil, Japan, and Others).
• Import - Renub Research report covers the Global Rice Market, by import in 11 viewpoints (China, Philippines, European Union, Nigeria, Iraq, Côte D'ivoire, United States, Saudi Arabia, Malaysia, Iran, and Others).
• Export - The Global Rice Market by export breakup in 11 viewpoints (India, Thailand, Vietnam, Pakistan, Burma, United States, China, Cambodia, Brazil, Uruguay, and Others).
• Key Players - All the major players in the Global Rice Market have been covered from 3 Viewpoints (Overview, Recent Developments, and Revenue) KRBL Limited, LT Food Ltd, Kohinoor Foods, Thai Wah, Archer Daniels, Tate & Lyle, General Mills, and MGP Limited.

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