Rice Market Report Scope & Overview:

The Rice Market Size was valued at USD 296.7 billion in 2022 and is expected to reach USD 361.5 billion by 2030 and grow at a CAGR of 2.5% over the forecast period 2023-2030.

The seed of the grass Oryza glaberrimaor Oryza Sativa is known as rice. Rice is a cereal grain, which is a staple food of the greater part of the number of inhabitants on the planet. What's more, it is considered the second most significant grain crop on the planet. Yearly, the worldwide creation of rice is around 700 million tons. China, India, and Vietnam are among the biggest makers of rice. The area of reaping rice in China is lower than India's rice collecting region. Be that as it may, as just not exactly 50% of India's rice region gets flooded, China represents a more prominent rice creation.

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Rice is accessible in various assortments and types with fluctuated divisions. Each sort of rice has its special properties, taste, and surface, working distinctively with different cooking recipes. The U.S. alone economically creates around 20 distinct assortments of rice. Scarcely any one-of-a-kind assortments of rice have a place with the sweet-smelling class, for example, jasmine rice and basmati rice are broadly imported from India, Thailand, and Pakistan.

The plant of rice takes around three to a half years of structure germination to develop, which relies on the assortment of rice and the climate in which it is developed. Rice is significantly drunk in the wake of cooking in water, while rice wafers, rice pieces, puffed rice, and canned rice are a few different types of rice utilization. A few different ventures, for example, starch and preparing enterprises likewise use rice. The results of rice left after processing, that is to say, rice husk and wheat, are utilized as poultry and cow feed. The Rice market is supposed to see significant development during the figure time frame, inferable from the steadily developing utilization of rice.

Market Dynamics:

Driving Factors:

• Development of the inexpensive food industry and cafés.

• Fast development in the populace.

Restraining Factors:

• Absence of irrigational offices in many emerging nations.

Opportunities:

• The interest for explicit assortments of rice, for example, fragrant rice and great long-grain rice.

Challenges:

• Purchasers have diminished the utilization of rice, as the day-to-day utilization of white rice in abundance might build the gamble of type 2 diabetes and weight.

Impact of Covid-19:

The COVID-19 pandemic has disturbed the worldwide economy by ending the tasks of the rice industry. Rice is a staple food diet in numerous nations and is devoured day to day by the larger part of the worldwide populace. In addition, remain-at-home requests have expanded the interest in rice in households. Although the lockdown has been forced around the world, the interest in rice in the business area has declined, as individuals are trying not to feast out. Market players can't satisfy the need of clients in the ongoing pandemic situation. Farmers are dealing with issues to supply the reaped rice because of the strategic slowdown. Disruption of the production network, stop in the commodity import exercises, and loss of work is the serious issues looked at by the worldwide rice market.

Market Estimations:

Buyers are leaning toward the disconnected channel for the acquisition of customer merchandise, food, as well as food items like grains, where they can truly confirm item quality. Disconnected channels are supposed to stay predominant in the estimated period because of further developed appropriation networks across the globe. The web entrance rate has seen rewarding development lately, which has in this way prompted critical interest in the online business area. A few providers of the item are offering it on their sites as well as on web-based business stages, which is projected to drive market development during the figure time frame.

The long-grain fragment contributed the biggest income share. The rising notoriety of specialty rice like jasmine and basmati across the globe is driving the market development. The medium-grain section is supposed to progress at the quickest development rate. Rice is a helpful type of nutritious and quality food that is made accessible to buyers through retail channels, which is driving the development of the market. Also, the developing prominence and interest in cheap food, combined with the rising discretionary cash flow of purchasers, are critical variables for market development.

Key Market Segmentation:

By Type:         

• Arborio Rice

• Rosematta Rice

• Red cargo Rice

• Parboiled Rice

• Sushi Rice

• Wild Rice

• Glutinous Rice

• Others

By Color:        

• White Rice

• Brown Rice

• Red Rice

• Black Rice

By Length:     

• Long Grain Rice

• Medium Grain Rice

• Short Grain Rice

By Aroma:      

• Basmati Rice

• Jasmine Rice

By Application:         

• Residential

• Commercial

By Distribution Channel:      

• Online Retail

• Retail stores

• Specialty store

• Department store

• Supermarket

• Hypermarket

• Others

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Regional Analysis:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

The Asia Pacific made the biggest commitment to the worldwide rice market. China, India, Indonesia, and Bangladesh have a colossal populace base for the utilization of food items, as would be considered normal to drive the local interest further. North America is the quickest developing territorial market for rice. The rising interest in fragrant and specialty rice in the U.S. is pushing the development of the market. Also, the rising utilization of cheap food items in the U.S. what's more, Canada because of the presence of high nourishment, and high fiber in grain items are projected to drive market development.

Key Players:

The Major Players are Riceland Foods Inc., LT Foods Ltd., Ebro Foods, V.A.P Foods Ltd, McCormick & Company, KRBL Ltd, ITC, Rice Select, Planet Rice, ConAgra Foods, Inc. & Other Players.

Riceland Foods Inc-Company Financial Analysis

RECENT DEVELOPMENTS:

• As farmers look for higher yields and less water, genetic rice trials are underway in the Riverina.
• With a new market in Lebanon, Guyana exported almost $200 million of rice in 2022.