Market Size of Asia-Pacific Rice Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 1.30 % |
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Asia Pacific Rice Market Analysis
The Asia-Pacific rice market is projected to register a CAGR of 1.3% during the forecast period.
- Rice is one of the most important basic foods on earth. It is the staple food of more than three and a half billion people worldwide. Most rice is produced in Asia, where some 90 percent of the world's rice is grown on 146 million hectares of land an area the size of South Africa. Rice is thus the main source of income for farmers in Asia.
- Unfortunately, rice producers are among the most vulnerable to the impact of climate change and rising sea levels are direct threats to their livelihoods lack of access to financing for improved technology and the lack of awareness and technical knowledge on sustainable rice production methods, etc, So in some countries, satellites are being used to monitor more than 15 million hectares of rice-cultivated land in the Philippines, Vietnam, Cambodia, Thailand, and India for reliable harvest forecasting and this will help authorities to take a sudden action in the event of imminent crop losses and assist affected rice farmers. This technology makes it possible to monitor rice fields during the monsoon period.
- Prices of rice exported from Asian countries has increased and demanded, while Vietnamese traders also increased costs due to the Ukraine crisis. In Bangkok, as corn and wheat prices rise, animal feed makers were looking to use more broken rice, and some traders received interest from buyers in Europe, the United States, Iraq, and Iran for different grades of Thai white rice. All these factors driving the rice market in the region which will anticipated to grow during the forecast period.
- However, in the long term, the market is anticipated to grow owing to the paced urbanization. The per capita rice consumption started declining in middle and high-income Asian countries like the Republic of Korea and Japan. According to a report by FAO, nearly a fourth of the Asian population is still poor and has a considerable unmet demand for rice. According to FAO, rice is presently grown on 146 million hectares throughout the Asia-Pacific region, with China and India dominating over half of the total area harvested.
