Rice Market Size, Share, Growth Analysis, By Product(Long Grain, Medium Grain, Short Grain), By Distribution Channels(Online and Offline), By Region - Industry Forecast 2024-2031

Rice Market size was valued at USD 287.45 billion in 2021 and is poised to grow from USD 292.39 billion in 2022 to USD 334.24 billion by 2030, growing at a CAGR of 2.2% in the forecast period (2023-2030).

Several well-established companies are active on the market alongside regionally dispersed local producers. In order to grow their businesses, a number of manufacturers and suppliers have consistently focused on the improvement of the distribution network and the development of the logistics infrastructure. The adoption rate of the product among customers around the world is anticipated to increase as a result of such campaigns. 'China National Rice Industry Co., Ltd. (China)', 'LT Foods Limited (India)', 'Charoen Pokphand Foods PCL (Thailand)', 'Vietnam Northern Food Corporation (Vinafood 1) (Vietnam)', 'Indofood Sukses Makmur Tbk PT (Indonesia)', 'BRAC Bank Limited (Bangladesh)', 'Capital Diamond Star Group Ltd (Myanmar)', 'Universal Robina Corporation (Philippines)', 'Camil Alimentos SA (Brazil)', 'Kameda Seika Co., Ltd. (Japan)', 'Matco Foods Limited (Pakistan)', 'Ottogi Corporation (South Korea)', 'Olam International Limited (Singapore, with operations in several countries including Nigeria and Egypt)', 'Export Trading Group (ETG) (Madagascar)', 'Amru Rice (Cambodia)', 'Iran Rice Export Company (Iran)', 'Himalayan Grain Products Pvt. Ltd. (Nepal)', 'Kilombero Sugar Company Limited (Tanzania)', 'Kiboko Group (Uganda)', 'Riceland Foods, Inc. (United States)', 'Serendib Flour Mills (Pvt) Ltd. (Sri Lanka)'

Governments can provide subsidies to rice farmers to support production, which can lead to an increase in supply and a decrease in prices. On the other hand, reducing subsidies can result in lower production and higher prices. Governments can impose import or export restrictions, such as tariffs or quotas, which can limit the amount of rice traded internationally. This can affect the supply and demand for rice, and potentially lead to price fluctuations.

A growing number of people are becoming concerned about their health and wellbeing, which has increased demand for specialty rice. Specialty rice varieties are more nutritious and higher in fibre than conventional milled white rice. They also contain more vitamins and minerals that are excellent for your body. Thus, there is a huge market for these types. Basmati rice is among the best varieties of rice consumed worldwide. India holds a market share of 85% for exports of the top-tier kind of basmati.

Asia Pacific dominated the rice market. A large population base for food consumption exists in China, India, Indonesia, and Bangladesh, and it is anticipated that these countries will continue to fuel regional demand. In 2021, India exported 20 million tonnes of rice, including 16 million tonnes of non-basmati rice, according to the Rice Exporters Association. With output of 177.6 million metric tonnes and 211.4 million metric tonnes, respectively, India and China are the two largest producers of rice.