Market Size of Rice Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 376.54 Billion |
| Market Size (2029) | USD 436.51 Billion |
| CAGR (2024 - 2029) | 3.00 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
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Rice Market Analysis
The Rice Market size is estimated at USD 376.54 billion in 2024, and is expected to reach USD 436.51 billion by 2029, growing at a CAGR of 3% during the forecast period (2024-2029).
- As a cereal grain, rice is the most widely consumed staple food for most of the global human population, especially in Asia, accounting for nearly 90% of rice production and consumption. Rice is cultivated in more than 120 countries, with China and India accounting for 50% of rice production globally. It is the primary agricultural commodity with the third-highest worldwide production after maize and sugarcane. It is the staple food of more than half of the global population, with the Asian, sub-Saharan African, and South American regions being the largest consumers.
- The increasing food and restaurant sector is anticipated to promote market growth in the future. Likewise, continuous global development in rice mill machinery and attractive packaging enhance product demand in emerging economies. The rising demand for specialty rice varieties has increased the trade for long-grain rice, which in turn is driving the market growth. Additionally, constantly changing lifestyles and food habits among consumers are accelerating the fast-food industry market, which is expected to drive significant market growth during the forecast period.
- Hence, the dependency on monsoons, the heavy incidence of pests and diseases, and other factors, like shortage of land and labor, are expected to impede the market growth during the forecast period.
- Asia-Pacific is the largest rice market. This is attributable to higher per capita consumption, production, and regional population. Most of the rice is grown and consumed in the Asian region, from Japan in the east to Pakistan in the west. Rice is the second-most vital cereal crop, after wheat, in Asia. It is a crop that ensures food security in many developing countries of Southeast Asian as well as East Asia regions. Over recent years, the rice market has witnessed considerable growth due to the growing demand for rice in emerging and developing nations globally.
