Rice Market 2024 - By Growth Analysis, Opportunities, Business Insights, Key Trends And Forecast By 2033

Overview and Scope

Rice refers to a kind of cereal grain that serves as the main fuel source because it is a complex carb. Rice can include a significant amount of protein, iron, manganese, fibre, and vitamin B. It can be highly important in combating malnutrition.

Sizing and Forecast

The rice market size has grown strongly in recent years. It will grow from $32.74 billion in 2023 to $35.64 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%.  The  growth in the historic period can be attributed to population growth and food demand, cultural significance, government policies and subsidies, income levels and urbanization, climate and environmental factors.

The rice market size is expected to see strong growth in the next few years. It will grow to $49.83 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.  The growth in the forecast period can be attributed to sustainable agriculture practices, climate change adaptation, innovation in rice processing, global dietary shifts, e-commerce and supply chain optimization. Major trends in the forecast period include organic and specialty rice varieties, technology adoption in farming practices, sustainable farming and water management, fortification and nutritional enhancement, rice-based snacks and alternatives.

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Segmentation & Regional Insights

The rice market covered in this report is segmented –

1) By Type: Arborio Rice, Rosematta Rice, Red cargo Rice, Parboiled Rice, Sushi Rice, Wild Rice, Glutinous Rice, Other Types

2) By Length: Long Grain Rice, Medium Grain Rice, Short Grain Rice

3) By Color: White Rice, Brown Rice, Red Rice, Black Rice

4) By Distribution Channel: Hypermarket, Supermarket, Convenience Store, Departmental Retail Stores, Online Stores, Other Distribution Channels

5) By Application: Residential, Commercial

Asia-Pacific was the largest region in the Rice market in 2023. North America is expected to be the fastest-growing region in the rice market report during the forecast period. The regions covered in the rice market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

A growing food and restaurant sector is expected to propel the growth of the rice market going forward. The food and restaurant sector refers to an industry that includes business that provides food to customers outside the house. This comprises eating establishments, takeout businesses, cafeterias, and restaurants. Rice is a frequent food essential for the food security of more than half the world's population, so an increasing food and restaurant sector will propel the rice market. For instance, in February 2023, according to a report published by National Restaurant Association, a US-based restaurant industry business association, the foodservice industry is expected to generate $997 billion in sales in 2023, a significant increase from the $898 billion in sales predicted in 2022. Additionally, in February 2023, according to a report shared by the United States Department of Agriculture (USDA), a US-based federal executive department responsible for executing federal laws related to farming and forestry, the expenses associated with eating out in restaurants, cafeterias at schools, sporting events, and other places increased by 7.5% in December 2022 compared to November 2022 and by 13.5% compared to December 2021. Therefore, the growing food and restaurant sector is driving the growth of the rice market.

Key Industry Players

Major companies operating in the rice market are developing innovative products, such as rice-blend products, to meet larger customer bases, more sales, and increase revenue. Rice-blend products refer to food items that combine various types or varieties of rice, often mixed with other grains, seeds, or ingredients to create a diverse and flavorful blend. For instance, in July 2021, Riviana Foods Inc., a US-based rice company, launched Success Garden and Grains Blends, a boil-in-bag product that blends rice with simple ingredients. Success Garden and Grains Blends has two distinctive varieties, one combining white rice, black beans, corn, and bell peppers, and the other featuring white rice, peas, carrots, and red bell peppers. Packaged in two convenient, pre-portioned boil-in-bags that are BPA (Bisphenol-A )-free, this rice product boasts a quick preparation time of just 10 minutes.

The rice market report table of contents includes:

1. Executive Summary

2. Rice Market Characteristics

3. Rice Market Trends And Strategies

4. Rice Market - Macro Economic Scenario

5. Global Rice Market Size and Growth

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31. Global Rice Market Competitive Benchmarking

32. Global Rice Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Rice Market

34. Rice Market Future Outlook and Potential Analysis

35. Appendix

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