Market Size of Rice Trade Analysis
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Market Size (2024) | USD 306.38 Billion |
Market Size (2029) | USD 341.59 Billion |
CAGR (2024 - 2029) | 2.20 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Rice Trade Analysis Market Analysis
The Rice Market size is estimated at USD 306.38 billion in 2024, and is expected to reach USD 341.59 billion by 2029, growing at a CAGR of 2.20% during the forecast period (2024-2029).
- Rice is a staple food for many parts of the world, especially in the east and southeast Asian countries; the significant rice producers are China, India, Indonesia, Bangladesh, etc. According to a report from the United States Department of Agriculture (USDA) for 2022, the world will produce 515.1 million metric tons of rice that year. This is 1.38% more than the previous year.
- According to reports from the USDA, rice production in 2021 was valued at 509.3 million metric tons. The major exporters of rice are Burma, India, Pakistan, and Vietnam. In the case of imports, the major importers are China, Europe, the Middle East, and the Philippines.
- For rice varieties like Japonica, the international rice trade has the largest market share.Further, international trade in glutinous rice has increased over the past three years. The rice import scenario is quite fragmented, with the top five importers accounting for approximately 36.7% of the global imports in 2021.
- India accounted for as much as 45 percent of global rice exports in 2021. Expanded port-handling capacity allowed the world's second-largest rice grower after China to ship record volumes to buyers across Africa and Asia. India is the world's biggest rice exporter, sending more rice annually than the three largest exporters, Thailand, Vietnam, and Pakistan. India's rice exports increased by almost 46% from 2020, reaching 21 million metric tons in 2021.
- Even though the United States only grows less than 2% of the world's rice, it is a major exporter and accounts for about 6% of the world's annual rice trade, which is a lot, according to a report from the USDA. In terms of consumption, China, India, and Bangladesh are the major consumers. From 2019 to 2021, the annual average consumption of China was 150.6 million metric tons, followed by India and Bangladesh with 104.2 million metric tons and 36.10 million metric tons, respectively.
- Sub-Saharan Africa is the largest importer of rice in the world. Its total imports are just a bit higher than those of Asia, which account for almost 31% of global imports. The Middle East is also an important import market. China, the Philippines, and Saudi Arabia are the biggest importers of rice. According to UN Comtrade data, China's rice imports will increase by 68% starting in 2020 and reach 4.9 million metric tons in 2021.
Rice Trade Analysis Industry Segmentation
Rice is the starchy seeds of an annual southeast Asian cereal grass (Oryza sativa) that are cooked and used for food. For the study, only rice grains have been considered. The Global Rice Trade Analysis report is segmented by Geography (North America, Europe, Asia-Pacific, South America, and Africa). The report offers the Import Analysis (Value and Volume) and Export Analysis (Value and Volume) of rice based on the abovementioned segments. The report provides market estimation and forecasts in value (USD million) and volume (metric ton) for the abovementioned segments.
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Rice Trade Analysis Size Summary
The rice market is a vital component of the global agricultural landscape, with significant production and trade activities centered in Asia. Major rice-producing countries include China, India, Indonesia, and Bangladesh, while key exporters are Burma, India, Pakistan, and Vietnam. The international rice trade is characterized by a diverse range of varieties, with Japonica rice holding a substantial market share. The trade dynamics are influenced by both importing and exporting countries' policies, which aim to stabilize markets and promote exports, respectively. The United States, despite its small domestic production, plays a significant role as an exporter, contributing to the global rice trade. The market is also shaped by the consumption patterns in countries like China, India, and Bangladesh, which are the largest consumers of rice.
The rice trade is further impacted by geopolitical and economic factors, with Sub-Saharan Africa being the largest importer. The Middle East and regions like Europe and Asia also play significant roles in the import landscape. China's position as a top importer and consumer is driven by its domestic support programs and high internal prices, which encourage imports from neighboring countries. Trade policies, such as tariff-rate quotas and export duties, are crucial in regulating supply and prices, ensuring market stability. India's dominance in rice exports, particularly in basmati rice, is supported by favorable climatic conditions and increasing demand from regions like North America and Europe. The global rice market is expected to grow, driven by rising demand and supportive trade policies, despite occasional restrictions and policy changes by major producing countries.
Rice Trade Analysis Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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2. MARKET SEGMENTATION
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2.1 Geography (Import Analysis by Value and Volume, Export Analysis by Value and Volume)
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2.1.1 North America
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2.1.1.1 United States
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2.1.1.2 Canada
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2.1.2 Europe
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2.1.2.1 France
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2.1.2.2 United Kingdom
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2.1.2.3 Germany
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2.1.2.4 Italy
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2.1.2.5 Spain
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2.1.3 Asia-Pacific
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2.1.3.1 China
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2.1.3.2 India
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2.1.3.3 Thailand
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2.1.3.4 Vietnam
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2.1.3.5 Pakistan
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2.1.4 South America
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2.1.4.1 Brazil
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2.1.4.2 Argentina
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2.1.5 Africa
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2.1.5.1 South Africa
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Rice Trade Analysis Market Size FAQs
How big is the Rice Market?
The Rice Market size is expected to reach USD 306.38 billion in 2024 and grow at a CAGR of 2.20% to reach USD 341.59 billion by 2029.
What is the current Rice Market size?
In 2024, the Rice Market size is expected to reach USD 306.38 billion.