According to the latest report by IMARC Group, titled “Rice Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global rice market is projected to grow at a CAGR of 2.7% during 2023-2028. Rice is a starchy seed or grain that grows on an annual marsh grass called Oryza sativa. It is cultivated in paddies or flooded fields in warm and humid climates. It is an essential source of dietary carbohydrates that is abundant in fiber and protein and helps regulate blood glucose and insulin levels. Rice also contains protective compounds like flavonoids that can help prevent and treat heart diseases, pancreatic and gastric cancers, and type 2 diabetes. Depending on the use, a wide variety of rice is available in the market in different sizes, shapes, and colors. They can be boiled, steamed, fried, or baked. In addition, rice is a versatile food product that can be served as a side dish, a main course, or a dessert. Some of the common cuisines made using rice include sushi, risotto, and paella.
Global Rice Market Trends:
The widespread product utilization across the bolstering food and beverage (F&B) industry to prepare various cuisines represents the prime factor driving the rice market growth. Besides this, the escalating health consciousness among consumers, in confluence with the shifting preference toward healthy eating habits, is creating a favorable outlook for the market. Moreover, the implementation of numerous government policies and initiatives supporting the establishment of domestic rice production industries and the launch of new rice brands by leading market players are aiding in market expansion. Concurrent with this, the advent of ready-to-cook (RTC) rice products are providing remunerative growth opportunities for the market. In addition to this, innovative technological advancements in planting and cultivation techniques to produce higher yields compared to traditional methods and the development of new varieties of rice that are more resistant to pests and diseases are positively impacting the market growth. Furthermore, rapid urbanization, the rising global population, surging food requirements, inflating disposable incomes, the increasing import and export of rice across the globe, and the easy product availability in different types, aromas, and sizes through online and offline distribution channels are contributing to the market growth.
- Based on the product type, the market is bifurcated into regular and aromatic.
- On the basis of the type, the market has been segregated into red, arborio, black, grain fragrance, brown, rosematta, grain parboiled, sushi, and other rice.
- Based on the grain size, the market is categorized into long, medium, and short grains.
- On the basis of the distribution channel, the market has been divided into offline and online stores.
- Based on the application, the market is classified into food, feed, and others.
- On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Anheuser-Busch Companies LLC (AB InBev), Bunge Limited, California Family Foods, Cargill Incorporated, Farmers' Rice Cooperative, ITC Limited, KRBL Limited, Louis Dreyfus Company B.V., LT Foods Ltd., Riceland Foods Inc., Riviana Foods Inc. (Ebro Foods S.A.) and Tamaki Rice Corporation.
|Base Year of the Analysis
||Product Type, Type, Grain Size, Distribution Channel, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Anheuser-Busch Companies LLC (AB InBev), Bunge Limited, California Family Foods, Cargill Incorporated, Farmers' Rice Cooperative, ITC Limited, KRBL Limited, Louis Dreyfus Company B.V., LT Foods Ltd., Riceland Foods Inc., Riviana Foods Inc. (Ebro Foods S.A.) and Tamaki Rice Corporation.
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