Rice Market Size (2024 - 2029)

Rice Market Analysis

The Rice Market size is estimated at USD 376.54 billion in 2024, and is expected to reach USD 436.51 billion by 2029, growing at a CAGR of 3% during the forecast period (2024-2029).

As a cereal grain, rice is the most widely consumed staple food for most of the global human population, especially in Asia, accounting for nearly 90% of rice production and consumption. Rice is cultivated in more than 120 countries, with China and India accounting for 50% of rice production globally. It is the primary agricultural commodity with the third-highest worldwide production after maize and sugarcane. It is the staple food of more than half of the global population, with the Asian, sub-Saharan African, and South American regions being the largest consumers. For instance, according to the FAOSTAT, the 2022, there were around 165 million hectares of rice-cultivated area worldwide. India was estimated to be the leading global producer of rice and to harvest about 48 million hectares of rice.

The increasing food and restaurant sector is anticipated to promote market growth in the future. Likewise, continuous global development in rice mill machinery and attractive packaging enhance product demand in emerging economies. The rising demand for specialty rice varieties has increased the trade for long-grain rice, which in turn is driving the market growth. Additionally, consumers' constantly changing lifestyles and food habits are accelerating the fast-food industry market, which is expected to drive significant market growth during the forecast period.

Moreover, rice is one of the most economically important food in the world. Therefore, managing rice processing and resulting by products into more sustainable applications are creating a high value for rice industry in recent years. Out of these, milling process is the most important step in rice production because it determines the nutritional, cooking, and sensory qualities of crude rice. Additionally, the byproducts of the rice milling process provides an economic boost for rice producing nations in the region. For instance,the production of rice bran oil, a rice by product is highly concentrated in the region especially in Indonesia, Thailand, Vietnam due to its high production of rice in the region.

In the Southeast Asian countries, 16% of broken rice is produced after milling and it is widely used in the various applications such as in manufacturing of beer in brewer's industry as it provides the raw ingredients needed as substrates for the yeast to ferment and generate alcohol and is highly consumed due to its diverse & softer texture as compared to unbroken rice. In Thailand, broken rice is consumed as part of local cuisine and in Vietnam, it is considered as popular dish with pork. Dagon beer brewed with rice is widely consumed in Myanmar. Many companies like Dagon Beverages Co. Ltd, and Myanmar Brewery are competing in this industry.There is a growing demand for rice from the food processing, brewers, and feed industries, which is supporting the growth of the rice market and the export market. Therefore, this is projected to drive the rice market during the forecast period.

However, the dependency on monsoons, the heavy incidence of pests and diseases, and other factors, like shortage of land and labor, are anticipated to impede the market growth during the forecast period.

Rice Industry Segmentation

Rice is the staple food of more than half of the global population, with the Asian, Sub-Saharan African, and South American regions being the largest consumers. The global rice market report covers Production Analysis (Volume), Consumption Analysis (Volume and Value), Import Analysis (Volume and Value), Export Analysis (Volume and Value), and Price Trend Analysis across emerging and established markets globally, including major markets in North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The report offers the market size and forecasts in terms of value in USD and volume in metric tons for all the above segments.