Dublin, Aug. 25, 2023 (GLOBE NEWSWIRE) -- The "Rice Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Rice Market is anticipated to reach US$ 271.04 Billion in 2028 from $217.81 Billion in 2022, growing with a CAGR of 3.71%
The global rice market is undergoing a transformation driven by a multitude of factors that converge to shape its landscape. With the global population on the rise and the escalating demand for food, rice has emerged as a vital staple. The interplay of changing dietary preferences and the surge in global incomes has further intensified the call for rice across diverse nations.
The rapid pace of urbanization and evolving lifestyles have ushered in a burgeoning demand for convenient rice-based products, catering to the dynamic needs of modern consumers. Moreover, the growth of emerging markets, exemplified by the likes of China and India, has unveiled an era of heightened purchasing power and increased rice consumption.
This expanding market is further empowered by the forces of trade liberalization and globalization, facilitating the seamless movement of rice across borders and fostering the growth of the global rice market. Alongside these socio-economic factors, technological advancements and refined farming practices have acted as catalysts in bolstering productivity and elevating global rice production to new heights.
This journey towards enhanced productivity is further fortified by government support and subsidies that incentivize rice cultivation expansion, ensuring the steady production and supply of this essential commodity in the worldwide 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, Cote 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 Attributes:
| Report Attribute | Details |
| No. of Pages | 285 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $217.81 Billion |
| Forecasted Market Value (USD) by 2028 | $271.04 Billion |
| Compound Annual Growth Rate | 3.7% |
| Regions Covered | Global |
Company Analysis: Overview, Recent Developments, Revenue
- KRBL Limited
- LT Food Ltd
- Kohinoor Foods
- Thai Wah
- Archer Daniels
- Tate & Lyle
- General Mills
- MGP limited
Report Scope
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
- Cote D'ivoire
- United States
- Saudi Arabia
- Malaysia
- Iran
- Others
For more information about this report visit https://www.researchandmarkets.com/r/51jyvk
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