Global Rice Market Report and Forecast 2024-2032

Global Rice Market Size

The global rice market reached a value of approximately USD 323.70 billion in 2023. The market is projected to grow at a CAGR of 3.1% between 2024 and 2032, reaching a value of around USD 425.23 billion by 2032.

Rice Market Outlook

• As reported by USDA, in 2021, the United States produced 191.6 million hundredweight (cwt) of rough rice.  

• As per industry reports, in 2020-2021, rice production in Australia has been increased to 423 thousand tonnes.

• As per the USDA, milled production of rice in China, in 2023-2024, has been estimated to be 1,44,620 thousand tonnes.

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Rice Market Growth

Rice is a fundamental ingredient in numerous Middle Eastern and Asian dishes and side dishes. There are various types of rice, including long-grain varieties like Basmati and Jasmine, medium-grain types like Arborio and Valencia, and short-grain varieties such as Sushi and Glutinous rice. Each type has unique cooking characteristics and is utilized in different culinary applications. Rice is mainly composed of carbohydrates, contains a small amount of protein, and has virtually no fat.

According to the data from the Government of India, the total production of rice in 2022-2023 has been estimated to be 1308.37 lakh tonnes, increased by 13.65 lakh tonnes as compared to 2021-2022.  

Key Trends and Recent Developments

Increasing sustainable initiatives, rising population, rise in disposable income, and wide varieties of rice are the major trends boosting global rice market value

April 03, 2024

Riviana Foods Inc. completed the first phase of its USD 80.6 million investment, renovating 20,000 sq. ft. of its Memphis plant to double the production capacity of Minute® ready-to-serve rice cups, thus aiding the rice demand.

March 27, 2024

U.S. Agriculture Secretary Tom Vilsack launched AgriCapture's "Climate-Friendly Rice," the first product from USDA’s $3 billion Climate-Smart Commodities program, reducing greenhouse gas emissions by 95% and cutting water use by a third.

October 16, 2023

On United Nations World Food Day at the 6th International Rice Congress, Bayer launched a new paddy cultivation method to aid smallholder farmers in India, potentially revolutionising paddy farming practices.

March 06, 2023

Lundberg Family Farms, a leading organic rice producer, introduced Regenerative Organic Certified® Rice, aiming to certify all its organic rice by 2027 as part of its sustainability efforts.

Rising population

As the global population grows, so does the need for food. As per rice industry analysis, rice, being one of the most important staple foods in many parts of the world, particularly in Asia and Africa, naturally experiences an increase in demand. More people simply means more mouths to feed.

Wide varieties of rice

Different types of rice, such as Basmati and Arborio, cater to diverse culinary traditions. They also offer nutritional diversity, appealing to health-conscious consumers, and enable market segmentation based on preferences and cultural practices.

Rise in disposable income

Rising disposable incomes drives the demand for premium, healthier rice varieties like Basmati and organic options, influencing rice demand growth and consumer preferences in the rice industry.

Increasing sustainable initiatives

Rice production increasingly adopts sustainable practices like organic farming and water conservation to align with consumer demand for eco-friendly products.

Rice Market Trends

Consumer are shifting towards premium rice varieties like Basmati and organic rice, due to increasing disposable incomes, which is contributing to rice market revenue. Government policies and support in major rice-producing countries, such as subsidies and minimum support prices, also bolster production and market stability. 

There is a rising demand for convenience foods, leading to the popularity of processed rice products like instant rice and rice snacks. Sustainability is becoming a significant focus, with consumers and producers alike showing interest in sustainable farming practices and eco-friendly packaging. Developments in the rice market include the expansion of e-commerce platforms, facilitating easier access to a wide variety of rice products for consumers.

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Rice Industry Segmentation

“Rice Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Arborio Rice

• Rosematta Rice

• Red Rice

• Parboiled Rice

• Sushi Rice

• Brown Rice

• Basmati Rice

• Black Rice

• Others

Market Breakup by Length

• Long Grain Rice

• Medium Grain Rice

• Short Grain Rice

Market Breakup by End Use 

• Food

• Feed

• Others

Market Breakup by Distribution Channel

• Offline

• Online

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Rice Market Share

Basmati rice stands out among various types of rice due to its unique characteristics and widespread appeal.

Basmati rice is known for its distinctive aroma; and offers a nutty and aromatic fragrance that enhances the culinary experience. This quality makes it a favoured choice in cuisines around the world, particularly in South Asian dishes, where the aroma complements rich spices and flavours.

Beyond its aroma, Basmati rice is prized for its long, slender grains that cook up fluffy and separate. This texture is ideal for dishes where each grain should maintain its integrity. The versatility of Basmati rice extends to both savoury and sweet preparations, adapting well to diverse cooking styles and ingredients, which is further shaping the rice market dynamics and trends.

Rice plays a pivotal role in the food sector globally, serving as a staple food for a significant portion of the world's population. 

It is a versatile ingredient used in a wide range of culinary applications, from simple steamed rice dishes that accompany meals to complex preparations like biryani, sushi, and risotto. Its ability to absorb flavours and complement various ingredients makes it indispensable in diverse cuisines worldwide. 

Additionally, rice is processed into essential food products such as rice flour for gluten-free baking, rice noodles for Asian dishes, and rice bran oil for cooking. Beyond its culinary uses, rice is also fermented to create traditional beverages like sake and rice wine. The widespread consumption and production of rice are supported by agricultural policies and practices across many countries, reinforcing its status as a dietary staple and a critical component of global food security.

Meanwhile, rice also plays a crucial role as a valuable ingredient in livestock and aquaculture nutrition. Rice bran, a byproduct of rice milling, is widely used due to its high energy content and nutritional benefits, including protein, fibre, and essential minerals. It is commonly incorporated into livestock feed for cattle, poultry, and swine to enhance their diet and promote healthy growth. 

The use of rice in animal feed underscores its importance as a versatile and economically viable alternative to traditional feed ingredients, contributing to the nutritional requirements and efficiency of feed formulations in the agriculture and aquaculture sectors.

Leading Manufacturers in the Rice Market

Improvements to the distribution network and the growth of the logistics infrastructure have been the constant priorities of several manufacturers and suppliers. 

Riceland Foods Inc.: Founded in 1921, with its headquarters in the United States, is a producer and marketer of rice and soybeans and is a well-known rice miller and distributor.

LT Foods Ltd.: Founded in 1990, with its headquarters in India, is known for producing edible oils, sugar cubes, and food grains such as rice, dal, and poha.

Ebro Foods, S.A.: Established in 2000, with its headquarters in Madrid, Spain, is a food processing company widely known for producing rice, fresh and dry pasta, cereals, and sauces. 

Adani Wilmar Ltd.: Founded in 1999, with its headquarters in India, is a significant player in food and beverage, operating in the Middle East, Africa, and Southeast Asia. 

Other global rice market key players are McCormick & Company, Incorporated, KRBL Limited, ITC Limited, Riviana Foods Inc., LaGrande Family Food Groups, and Conagra Brands, inc. among others.

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Rice Market Regional Analysis

Asia Pacific's dominance in both rice consumption and production, as highlighted by the FAO and USDA data, positions the region as a pivotal player in the global rice market. With over 90% of global rice consumption occurring in Asia Pacific due to its status as a staple food in populous countries like China and India, the demand for rice is consistently high. 

Moreover, Asia Pacific countries, including major producers like China and India, play a crucial role in global rice production, contributing significantly to meeting global demand. Government support in the form of subsidies and minimum support prices further bolsters production, ensuring stability and sustainability in the growth of rice market.

Key Highlights of the Report

Rice Market Report Snapshots

Rice Market Size

Rice Market Growth

Rice Market Trends

Rice Market Share

Rice Manufacturers

Rice Market Regional Analysis