The Global Rice Market Size
Sheshdhar Jha
Sales & Business Development Manager at Fotedar | Ex-Bacardi, Huhtamaki, & Uflex | Helping businesses thrive through innovative solutions | Book a 1:1 call 👇"
The global rice market size was estimated at USD 287.45 billion in 2021 and is expected to reach USD 292.39 billion in 2022. What is the rice market growth? b. The global rice market is expected to grow at a compound annual growth rate of 2.2% from 2022 to 2028 to reach USD 334.24 billion by 2028.
Regional Insights
Asia Pacific made the largest contribution to the global rice market with over 77% revenue share in 2021. China, India, Indonesia, and Bangladesh have a huge population base for the consumption of food products, which is expected to drive the regional demand further. Moreover, this region is expected to advance at a noticeable growth rate during the forecast period, owing to the rising disposable income of consumers, coupled with the growing population in this region.
North America is the fastest-growing regional market for rice and is expected to witness a CAGR of 3.9% from 2022 to 2028. The increasing demand for fragrant and specialty rice in the U.S. is propelling the growth of the market. Additionally, the increasing consumption of fast-food products in the U.S. and Canada due to the presence of high nutrition, and high fiber in grain products is projected to drive market growth.
India is the world's largest rice-exporting country. Other major rice exporters include Thailand, Vietnam, Pakistan, the United States, China, and Burma. These 7 countries account for more than 85 percent of the total volume of annual global rice exports. India exported rice amounting to nearly 721 billion India rupees in fiscal year 2022. Rice is the largest exported agricultural product from India and contributed to more than 19% of the total agriculture export during the year 2021-22. In terms of rice production, India ranks second in the world. China is the world's largest rice producer. It is a staple food in India's eastern and southern regions, requiring temperatures around 25 degrees Celsius and more than 100 cm of precipitation.
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Key Companies & Market Share Insights
The market consists of various established players, coupled with local manufacturers present across regions. Various manufacturers and suppliers have been continuously focusing on the logistic development and strengthening of the distribution channel to expand their business. Such initiatives are expected to boost the adoption rate of the product among consumers around the globe. The market is further driven by mergers, acquisitions, joint ventures, and innovative packaging designs.
Some of the key players operating in the global rice market include:
Savitri Dhan Kutai Udyog is one of the largest rice manufacturers and exporters in India. Other major rice exporters
Where does India export Rice?
Top export destinations of "Rice" from India in 2021: