Renub Research has recently published a report named “Global Rice Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” 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.
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Global Rice Market is foreseen to expand at a CAGR of 3.71%. Rice, as the most vital food crop globally, sustains over half of the world’s population and serves as a staple food in numerous countries, providing crucial calories, carbohydrates, and protein. It also offers significant dietary fibre, vitamins, and minerals. This versatile crop thrives in diverse climates, ranging from tropical to temperate, and can be cultivated in both flooded and irrigated fields. Rice production is labour-intensive, often carried out by small-scale farmers.
The United Nations projects the global population to reach 8.5 billion in 2030 and 9.7 billion in 2050, creating strain on the world’s food supply. Rising incomes drive increased consumption of meat and processed foods, boosting the demand for staple foods like rice. Climate change exacerbates crop cultivation challenges in certain regions, further increasing the need for staple foods from other parts of the world. Urbanization is also contributing to the growth of the global rice market as the world becomes more urbanized, creating a higher demand for rice in urban areas.
Governments and technology companies collaborate on research, development, and infrastructure improvements to enhance the global rice market. Initiatives include developing pest- and disease-resistant varieties, efficient irrigation systems, and providing subsidies to reduce production costs. Technological advancements, such as precision agriculture, genetic engineering, and artificial intelligence, further improve production efficiency and quality. These combined efforts promote affordability, accessibility, and sustainability while facilitating the global distribution of rice.
India is expected to be the fastest growing country in the global rice market
India, known as the world’s second-largest rice producer and the leading exporter of basmati rice, has been steadily strengthening its presence in the global rice market. The factors propelling India’s growth include increased production, advancements in quality achieved through the adoption of new varieties and improved agricultural practices, and the exploration of new markets in Africa, Southeast Asia, and the Middle East.
Backed by government support in the form of subsidies, investments in irrigation and research, and promotion of exports, India is poised to expand its rice exports even further, with a projected target of 25 million metric tons by 2025 according to the International Rice Research Institute (IRRI). Enhanced infrastructure and a rising demand for rice worldwide due to population growth and increasing incomes in developing nations contribute to India’s advantageous position in the global rice market.
Market share–Global Rice Market breakup from 11 Viewpoints:
Chinarice production market is driven by its large population and rice’s staple food status.
China, as the leading global rice producer, achieved an impressive output of 208.49 million metric tons in 2022. The growth of the global rice market is driven by population growth, rising incomes, and changing dietary preferences, with China’s prominent position and contributions from India, Indonesia, and Vietnam supporting this expansion.
Government policies, including subsidies and investments in research and development, have significantly improved productivity and rice exports in China, catering to the demand arising from its substantial population and staple food status. Despite challenges, the global rice market is expected to benefit from trends such as urbanization, increasing incomes, and evolving dietary preferences, generating future demand.
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Production share–Global Rice Market breakup from 11 Viewpoints:
- Viet Nam
India’s dominance in rice export is driven by its abundant rice supply and investments in quality and productivity.
India, benefits from a vast agricultural sector and favourable climate for rice cultivation. This allows India to meet domestic demand and have surplus for export. Investments in quality and productivity, advanced practices, infrastructure, and high-yielding rice varieties have enhanced India’s competitiveness. Supportive government policies, subsidies, streamlined trade procedures, and market research aid Indian exporters in overcoming barriers and building strong global relationships.
The diverse range of rice varieties, including the renowned basmati rice, drives India’s export dominance, particularly in the Middle East, Africa, and Southeast Asia. With strategic geographic location and robust logistics, India ensures efficient rice movement, timely delivery, and competitive pricing, solidifying its reputation as a reliable global rice supplier.
Export share–Global Rice Market breakup from 11 Viewpoints:
- Viet Nam
- United States
Government support and international market access drive Iraq’s rice import market growth.
The increasing demand for rice in Iraq, driven by population growth, rising incomes, and evolving dietary preferences, has led to challenges in meeting domestic rice demand due to limited arable land and water scarcity. As a result, the Iraqi government has implemented policies to support and subsidize rice imports, ensuring a stable supply and greater affordability. Imported rice offers a wider range of quality and variety, appealing to consumers with specific preferences, while Iraq’s participation in international trade agreements has expanded options and increased market competition.
Import share–Global Rice Market breakup from 11 Viewpoints:
- European Union
- Côte D’ivoire
- United States
- Saudi Arabia
KRBL Limited, LT Food Ltd, Kohinoor Foods, Thai Wah, Archer Daniels, Tate & Lyle, General Mills, and MGP limited are the leading companies in the global rice market.
Company has been covered from 3 Viewpoints:
• Recent Developments
- KRBL Limited
- LT Food Ltd
- Kohinoor Foods
- Thai Wah
- Archer Daniels
- Tate & Lyle
- General Mills
- MGP limited
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