According to a new report by Expert Market Research titled, “Global Rice Market Price, Trends, Size, Share, Report and Forecast 2023-2028″, the global rice market size reached a value of USD 313.97 billion in 2022. Aided by the rising demand for staple food products and the growing population, the market is projected to further grow at a CAGR of 3.10% between 2023 and 2028 to reach a value of USD 376.35 billion by 2028.
Rice, a fundamental food crop, is a primary dietary staple for over half of the world’s population, particularly in Asia and Africa. It plays an essential role in ensuring food security and dietary health, contributing substantially to calorie and nutrient intake. Apart from its dietary benefits, rice also exhibits remarkable versatility, finding extensive usage in various culinary applications across cuisines worldwide.
The robust demand for staple food products significantly drives the global rice market growth. With a growing global population and increasing urbanisation, the requirement for basic food commodities like rice has surged. This factor, coupled with rising income levels, particularly in developing economies, has fostered the growth of the rice market.
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Rice’s vast applications in the culinary world also play a crucial role in increasing the rice market demand. Rice, with its diverse types like basmati, jasmine, glutinous, and arborio, forms the basis of a myriad of dishes, including pilaffs, biryanis, risottos, and sushi. Additionally, rice is a common ingredient in several processed foods, including cereals, crackers, and snack bars.
In the health and wellness segment, brown rice and wild rice are gaining popularity for their high nutrient content, which includes fibre, vitamins, and minerals. These varieties are often preferred in health-conscious diets, thus amplifying the market potential.
Technological advancements in rice cultivation and processing have also stimulated the rice market development. Innovations in farming techniques, such as the System of Rice Intensification (SRI) and precision farming, have increased yields, while advancements in milling technology have improved processing efficiency and product quality.
The rice market expansion is further fuelled by the growing demand for convenience foods. Ready-to-cook and instant rice products are becoming increasingly popular in urban areas due to busy lifestyles, contributing significantly to the market growth.
Moreover, the increasing popularity of plant-based and gluten-free diets has turned attention towards rice as a key ingredient, aiding the rice market growth. Rice, being naturally gluten-free and plant-based, has emerged as a vital component in the formulation of numerous diet-friendly food items, from bread and pasta substitutes to protein-rich alternatives.
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The market can be divided based on type, length, end use, distribution channel, and region.
Market Breakup by Type
• Arborio Rice
• Rosematta Rice
• Red Rice
• Parboiled Rice
• Sushi Rice
• Brown Rice
• Basmati Rice
• Black Rice
Market Breakup by Length
• Long Grain Rice
• Medium Grain Rice
• Short Grain Rice
Market Breakup by End Use
Market Breakup by Distribution Channel
Market Breakup by Region
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global rice companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Riceland Foods Inc.
• LT Foods Ltd.
• Ebro Foods, S.A.
• Adani Wilmar Ltd.
• McCormick & Company, Incorporated
• KRBL Limited
• ITC Limited
• Riviana Foods Inc.
• LaGrande Family Food Groups
• Conagra Brands, Inc.
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