Rice Trade Analysis Market Size

Rice Trade Analysis Market Analysis

The Rice Market size is estimated at USD 306.38 billion in 2024, and is expected to reach USD 341.59 billion by 2029, growing at a CAGR of 2.20% during the forecast period (2024-2029).

• Rice is a staple food for many parts of the world, especially in the east and southeast Asian countries; the significant rice producers are China, India, Indonesia, Bangladesh, etc. According to a report from the United States Department of Agriculture (USDA) for 2022, the world will produce 515.1 million metric tons of rice that year. This is 1.38% more than the previous year.
• According to reports from the USDA, rice production in 2021 was valued at 509.3 million metric tons. The major exporters of rice are Burma, India, Pakistan, and Vietnam. In the case of imports, the major importers are China, Europe, the Middle East, and the Philippines.
• For rice varieties like Japonica, the international rice trade has the largest market share.Further, international trade in glutinous rice has increased over the past three years. The rice import scenario is quite fragmented, with the top five importers accounting for approximately 36.7% of the global imports in 2021.
• India accounted for as much as 45 percent of global rice exports in 2021. Expanded port-handling capacity allowed the world's second-largest rice grower after China to ship record volumes to buyers across Africa and Asia. India is the world's biggest rice exporter, sending more rice annually than the three largest exporters, Thailand, Vietnam, and Pakistan. India's rice exports increased by almost 46% from 2020, reaching 21 million metric tons in 2021.
• Even though the United States only grows less than 2% of the world's rice, it is a major exporter and accounts for about 6% of the world's annual rice trade, which is a lot, according to a report from the USDA. In terms of consumption, China, India, and Bangladesh are the major consumers. From 2019 to 2021, the annual average consumption of China was 150.6 million metric tons, followed by India and Bangladesh with 104.2 million metric tons and 36.10 million metric tons, respectively.
• Sub-Saharan Africa is the largest importer of rice in the world. Its total imports are just a bit higher than those of Asia, which account for almost 31% of global imports. The Middle East is also an important import market. China, the Philippines, and Saudi Arabia are the biggest importers of rice. According to UN Comtrade data, China's rice imports will increase by 68% starting in 2020 and reach 4.9 million metric tons in 2021.