Rice Market to Hit US$ 382.2 Bn by 2032, to Be Lead By Asia-Pacific with 75.8%

According to Market.us, the rice market has experienced significant changes in profitability due to recent trends, with one notable trend being the rising demand for premium varieties like basmati, jasmine, and sushi rice. This is coupled with a shift in consumer preferences towards gourmet and ethnic foods.

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New York, April 27, 2023 (GLOBE NEWSWIRE) -- The global Rice market accounted for USD 270.7 billion. Between 2023 and 2032, this market is estimated to register a CAGR of 3.6%. It is expected to reach USD 382.2 billion by 2032.

Rice is an integral part of the world's food supply, playing a crucial role in providing nourishment to billions around the globe, especially in Asia where it remains a staple food item. As such, the rice market plays an integral role in meeting global food demands. Rice market dynamics are fierce & diverse, offering consumers a vast selection of varieties & qualities. Produced in countries around the world like China, India, Indonesia, Vietnam, and Thailand - rice is traded on global commodity exchanges for global distribution.

The rice market is comprised of both large multinational corporations and small-scale producers, creating a complex supply chain with multiple stakeholders. While facing many challenges such as climate change and sustainability concerns, along with competition from other staple foods, rice also presents numerous opportunities for growth and innovation in technology, sustainability, and traceability. All in all, rice remains an exciting industry that will continue to play an integral role in global food security and economic development over the coming years.

Rice market

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Key Takeaway:

  • Based on type, in 2022, the rice market was dominated by the arborio rice segment owing to its creamy and tender nature.
  • By size, in 2022, the large-grain segment dominated the largest market share.
  • Based on the distribution channel, the offline segment holds a significant share in 2022.
  • In 2022, Asia-Pacific dominated the market with the highest revenue share of 75.8%.
  • North America is expected to have the highest CAGR among all regions, owing to increasing demand for fragrant & specialty rice, and the presence of high nutrition & high fiber in grain products.

Factors affecting the growth of the rice industry?

There are several factors that can have an impact on the growth of the rice industry including:

  • Changing consumer preferences: The demand for premium rice varieties, like basmati and jasmine, is increasing which is driven by changing consumer preferences & rising disposable incomes.
  • Advancement in technology: The development and use of advanced agricultural technologies, like precision agriculture & digital tools, are improving productivity and efficiency in the rice industry.
  • Government policies: Government policies like subsidies & trade agreements can impact the growth of the rice industry through production, trade, and affecting prices.
  • Climate change: Climate change is a major challenge for the rice industry, as it can impact production, yields, and quality. Adapting to the impacts of climate change, like droughts & floods is crucial for the future growth of the industry.
  • Competing crops: Competition from other crops, like wheat & maize, can impact the growth of the rice industry. Particularly in the regions where these crops are more widely consumed.

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Top Trends in Rice Market

Recent trends in the rice market have had a major effect on its profitability. A notable one is an increasing demand for premium varieties like basmati, jasmine, and sushi rice, along with shifting consumer preferences toward ethnic and gourmet foods. There has also been an uptick in sustainability and traceability concerns within this sector; people want rice produced sustainably that can be traced back to its source through labeling or certification programs that give consumers information to make more informed decisions. Moreover, technology is becoming more extensively utilized within this sector as more businesses look towards becoming sustainable practices

Market Growth

Recently, the rice market has seen steady growth due to factors such as population expansion, shifting consumer preferences, and technological innovations. The global rice market size was estimated at USD 270.7 billion in 2022 and the compound annual growth rate is 3.6% during this forecast period. Asia Pacific is the world's leading rice market, accounting for more than 75% of global consumption. This region's rice market is being driven by factors such as population growth, urbanization & rising disposable incomes. Additionally, the rising demand for premium rice varieties like basmati & jasmine is fuelling the expansion of this market. The rice market is highly competitive and diverse, offering consumers a vast array of varieties and qualities. However, the industry also faces challenges such as climate change, sustainability concerns, and competition from other staple foods. Overall, the rice market is forecast to grow over the coming years due to a combination of demographic, economic, technological, and environmental factors.

Regional Analysis

Asia-Pacific is accounted as the most dominant market in the global Rice market with a market share of 75.8% during the forecasted period. The region is the presence of major producers and consumers like India, China, and Bangladesh. which is having huge population bases for the consumption of food products, which is expected to drive the regional demand for rice. Additionally, this region is expected to advance at a noticeable growth rate during the forecasted period. Also because the rising disposable income of consumers, coupled with the growing population in this region drives the regional demand for rice.

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Scope of Report

Report AttributeDetails
Market Value (2022)USD 270.7 billion
Market Size (2032)USD 382.2 billion
CAGR (from 2023 to 2032)3.6%
Asia-Pacific Revenue Share75.8%
Historic Period2016 to 2022
Base Year2022
Forecast Year2023 to 2032

Market Drivers

Rice market growth and development are driven by several factors. Population growth, particularly in regions like Asia or Africa where rice is a staple food, is one of the primary driving forces. As the global population continues to increase, so does the demand for this staple grain. Another factor driving the market growth is shifting consumer preferences toward premium varieties like basmati, jasmine, and sushi rice. Due to an increase in ethnic and gourmet foods as well as rising disposable incomes in certain regions, consumers can afford higher-quality rice. Furthermore, there is a growing focus on sustainability and traceability within the food industry that has further fuelled this growth. People are becoming more mindful of the social and environmental effects of what they eat, often opting for rice grown with sustainable practices. To enable consumers to make informed decisions about which type of rice they should purchase, certification schemes have been created in order to facilitate informed purchasing decisions.

Market Restraints

Rice market prospects could be hindered by several potential issues, including increased competition from staple foods like wheat or maize; climate change which could bring more frequent and severe weather events that could damage crops or reduce yields; water-intensive irrigation methods for rice production; deforestation which has an adverse impact on biodiversity and ecosystem services; labour standards which may not be as stringent in developing countries where child labor and poor working conditions in the rice supply chain - just to name a few.

Market Opportunities

New varieties of rice that can adapt to changing environmental conditions and are resilient to climate change present one such chance. This could involve creating varieties that are drought-tolerant or resistant to diseases and pests, helping reduce crop losses and boost yields. Precision agriculture and other technologies present an opportunity to boost production efficiency and sustainably boost rice production. Drones, sensors, and other tools can all be employed to optimize fertilizer and irrigation applications, reduce waste production, and boost yield estimates. Blockchain and other digital technologies can also enhance transparency and traceability within the rice supply chain, leading to greater consumer trust and assurance. Producers have the unique opportunity to distinguish their products and charge premium prices for sustainable and traceable varieties of rice. Furthermore, they have implemented labeling and certification programs so consumers can make informed choices about which rice they consume.

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Report Segmentation of the Rice Market

Type Insight

Arborio rice share will dominate the type segment of the rice market with a share of 24.3% in 2022, due to an incredibly creamy & tender dish. Arborio rice's versatility also extends beyond that; you can use it in recipes like rice pudding or paella; plus, this versatile grain is easily available at supermarkets and specialty stores across the country.

Size Insight

Rice market share is currently held by long-grain at 46.2%, as demand for specialty varieties of the grain has grown significantly in recent years. Furthermore, changing lifestyles and food habits among consumers are fuelling fast-food industry growth which in turn is projected to drive the significant expansion of the rice market during the forecasted period. Furthermore, an increasingly global population with increasing disposable income is further fuelling market expansion globally.

Distribution Channel Insight

In 2022, the offline segment is projected to remain dominant in distribution channel sales with an 81.2% share due to consumers favoring offline purchasing for consumer items like groceries and food items like grains where they can physically inspect product quality before making a purchase. Furthermore, easy access and searchability through stores will likely fuel growth across this channel segment.

Recent Developments of the Rice Market

  • In September 2022, India has recently changed their export policy to ban broken rice exports, to increase domestic availability due to increasing demand from the poultry industry, and increased ethanol production under the Ethanol Blended Petrol program in the country.
  • In July 2022, UAE has announced an investment of over two billion dollars in India to create food parks and enhance food security throughout South Asia and the Middle East regions. These parks will utilize advanced climate technology to maximize yields on staple crops like rice, onion, and potatoes with a priority on sustainability.
  • In June 2022, Vida Carbon Corp. signed an Emission Reduction Purchase Agreement with Core CarbonX Solutions Pvt. Ltd, an established climate & sustainability consulting firm based in India. The agreement is aimed at improving the cultivating & water management practices of rice farmers over 100,000 hectares in the state of Telangana in four phases, thereby increasing production.

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Market Segmentation

Based on Type

  • Red Rice
  • Arborio Rice
  • Black Rice
  • Grain Fragrance Rice
  • Brown Rice
  • Rosematta Rice
  • Grain Parboiled Rice
  • Sushi Rice
  • Other Types

Based on the Size

  • Long-Grain
  • Medium-Grain
  • Short-Grain

Based on Distribution Channel

  • Offline
  • Online

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Competitive Landscape:

The market consists of both established players and local manufacturers from different regions. Manufacturers & suppliers have been actively working on logistic development and strengthening the distribution channel to expand their businesses globally. Such initiatives are expected to boost product acceptance among consumers worldwide. Furthermore, this sector is driven by mergers & acquisitions, creative packaging designs, and joint ventures.

Key Market Players:

Listed below are some of the most important rice industry players.

  • Kohinoor Foods Ltd.
  • Adani Wilmar Ltd.
  • LT Foods Ltd.
  • 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 Pharma Int. Pvt. Ltd.
  • The Rice 'n Spice International Ltd.
  • Amira Nature Foods Ltd.
  • Lundberg Family Farms
  • Surya Foods
  • G.S. International Rice Company
  • Other Key Players

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