Rice Market Size Estimation, Growth Rate, and Future Trends, 2022

The Rice Market is subject to witness a substantial growth due to the growing consummation of rice and large-scale production in the Asia Pacific region. Rice is considered as one of the major food staples in the East-Asian economies including China. Increasing production in the India coupled with agriculture as a mainstay for the rural population are key catalyst for sustained market growth of rice market over the forecast period. Recent technological advancement in the agriculture sector coupled with development of modern rice production techniques such as rice intensification (SRI), laser land leveling, direct seeded rice (DSR), and precision farming are expected to drive market growth over the next seven years.

In addition, use of leaf color chart (LCC), brown manuring, crop residue management, crop diversification, and integrated crop management (ICM) are leading large-scale rice production, thereby propelling market growth, in the recent years. Development of site-specific nutrient management (SSNM) techniques leads to efficient farming. These factors are vastly contributing to market expansion in last few years.

Additionally, rice is considered as a cash crop and acts as a wage commodity for workers. These factors are anticipated to boost market growth over the forecast period. Globally, the market is predicted to generate massive revenue over next seven years, providing numerous opportunities for market players to invest for research and development in the rice market.

Rice is a staple food that is consumed by half of the global population on the daily basis. Moreover, rice is one of the top most cereal crop after maize, particularly in the North America and European region. Increasing demand for rice protein owing to its increasing consummation in pharmaceuticals sector, thus fostering market growth, in the recent years.

Increasing food security for famers with the yield of rice is expected to amplify rice production in countries such as India, Thailand, Vietnam, Pakistan, and Brazil. Increasing import and export activities for premium quality rice are predicted to fuel market expansion for rice industry in the near future as well. Increasing number of importers coupled with increasing demand form European region is bolstering market value for rice.

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The market is broadly categorized into three major segments based on the length and shape type such as long grain rice, short grain rice, and medium grain rice. The medium is considered as one of the fastest growing segment in the market with substantial revenue generation in the last few years. Growing popularity of the long grain rice segment is attributed to large-scale consummation and cost-effectiveness.

The long grain rice segment is has also witnessed substantial growth owing to the increasing production in Southeast Asia. Long grain rice such as Basmati rice is highly popular among Indian cuisine and various ethnic dishes. The rice market is further divided into four major segments based on rice color such as polished rice, brown rice, forbidden rice and wild rice.

The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in the agriculture sector, massive demand for rice protein, increase in the health consciousness among younger population, and existence of well-established agriculture infrastructure in the region.

Asia-Pacific region is predicted to hold major market share in the rice market with massive growth in forecast period. Countries such as India, China, Malaysia, Vietnam, South Korea, Bangladesh and Singapore are leading the Asia-Pacific market with vast agriculture industry, ever-growing supply & demand and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the rice market are Riceland foods Inc., V.A.P Foods Ltd., KRBL Ltd., Sanjeevani Organics Ltd., Kahang Organic Rice Co., Riceselect Ltd., and Texas Best Organics, Inc.

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