Global rice market report and company analysis, 2024-2032

Global Rice Market will reach US$ 369.94 billion by 2032, up from US$ 298.26 billion in 2023, with a promising CAGR of 2.42 % from 2024 to 2032.

Rice is the world's second-most important cereal crop after maize, ensuring food security in many developing countries of East Asia and Southeast Asia. The rice market is expected to increase, with Asia being the world's largest producer of rice, accounting for 90% of the total global production. China is the top producer, growing one-third of Asia's total rice. Other major Asian rice-producing countries include India, Indonesia, Bangladesh, Vietnam, Thailand, Myanmar, the Philippines, and Japan. In 2022, the world produced 776,461,457 metric tonnes of rice.

Growing populations and shifting dietary habits: The demand for staple foods like rice is increasing due to population growth, particularly in densely populated areas of Asia and Africa. Rice is a billion people's primary source of carbohydrates and nutrients. Changing dietary practices, including the preference for quick and simple meals, are driving the expansion of the rice market.

Additionally, health-conscious consumers are opting for whole grain and specialty rice variants. With more than 2 billion people in Asia consuming most of their caloric intake from rice, its impact on the worldwide market is significant.

Moreover, rice is a rapidly growing food source in Africa, supporting nearly a billion households across Asia, Africa, and the Americas as their primary source of employment and livelihood.

Expanding prospects for exports: Globalization and international trade agreements have made the transnational flow of rice more accessible. The text mentions the three main types of rice and how they cater to different cuisines and markets.

It also highlights the increasing demand for convenient food products due to the expanding global population. Furthermore, the text emphasizes the importance of meeting international standards for safety and quality in rice production and export.

Finally, it reports an increase in India's non-basmati rice exports from FY22 to FY23.Government policies and initiatives for agriculture: Government programs and agricultural laws influence the world rice market. Many rice-producing nations put policies in place to encourage rice farming, maintain price stability, and ensure food security for their citizens.

These policies include incentives for rice growers, price support systems, and subsidies to encourage higher output. Governments fund research and development projects to increase rice yields, disease resistance, and drought tolerance.

Additionally, measures such as the Minimum Export Price (MEP) and duties on non-basmati rice exports regulate the Indian market and balance domestic needs with international trade.

Asia Pacific Rice Market

Rice is a staple food for over three and a half billion people worldwide, most of it being produced in Asia. The region's population continuously increases, leading to a rising demand for rice. This is particularly significant as a large number of people in Asia are still living in poverty.

The rice area under production is about 143.0 million hectares, increasing from the previous year.China is a dominant producer and consumer of rice, with a population of 1.4 billion people and a per capita rice consumption of 221 pounds per year. The country is also the second largest rice importer, bringing in over 5 million tons annually.

However, challenges such as soil salinity and overuse of fertilizers have impacted rice production and food security. To address this, researchers have developed a salt-resistant rice strain, SR86, which can potentially strengthen food security in China.

The goal is to cultivate salt-resistant rice across 6.7 million hectares by October 2031, increasing the country's rice production.The Indian rice market is experiencing substantial growth and is the second-largest producer globally.

High-yielding rice varieties contribute significantly to global production. India's rice production has notably increased in recent decades. The market's growth is bolstered by high demand from North America and Europe and favorable climatic conditions.

India is the second-largest rice producer after China, with high-yielding rice varieties such as IR 64, CR 2301, and Kudrat 5 contributing to this. Rice production in India has increased by 3.5 times in the last 60 years.

In 2021, Indian rice exports reached 20 million tons, including 16 million tons of non-Basmati rice. India is the world's top rice exporter, with no country-imposed restrictions on its import. The country's production is ample enough to support exports of around 16 million tons of non-Basmati rice.

The Indian rice market is growing due to higher demand from North American and European regions and suitable climatic conditions.