Rice Market Worth A USD 334.24 Billion By 2028Posted by rahul nikade on January 31st, 2023 Rice Industry Overview The global rice market size was valued at USD 287.45 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 2.2% from 2022 to 2028. The expanding food and restaurant sector worldwide is expected to promote market growth in the coming years. Rice is the staple food of more than half of the world's population; Asia Pacific is the largest consumer of the product, which has led to significant market growth. Moreover, continuous developments in rice mill machinery globally and attractive packaging increases the product demand in emerging economies. Gather more insights about the market drivers, restrains and growth of the Global Rice Market The growing demand for specialty rice varieties has increased the trade for long grain rice, which in turn is driving the market growth. Furthermore, continuously changing lifestyles and food habits among consumers are accelerating the fast-food industry market, which is subsequently expected to drive significant growth of the market during the forecast period. Additionally, the growing population coupled with increasing disposable income across the globe are anticipating the growth of the global market. The producers are offering a wide range of products such as jasmine, basmati, white, brown, and wild rice, among many other products. However, rice is measured as a strategic commodity and controlled by the governments of various countries due to its role as a staple diet in numerous developing and developed economies. Moreover, increasing demand for high-quality rice from European and Gulf countries is further accelerating the growth of the market. The lockdowns announced during the COVID-19 pandemic have not had much impact on the rice industry, as compared to the other industries. The increasing demand for cereal grain across the globe is propelling market growth. The rising demand for fast and packaged food after the COVID pandemic will create opportunities for the market players. Thus, the market is expected to witness a healthy market growth rate in the upcoming years. Browse through Grand View Research's Consumer F&B Industry Research Reports.
Rice Market Segmentation Grand View Research has segmented the global rice market on the basis of product, distribution channel, and region: Rice Product Outlook (Revenue, USD Billion, 2017 - 2028)
Rice Distribution Channel Outlook (Revenue, USD Billion, 2017 - 2028)
Rice Regional Outlook (Revenue, USD Billion, 2017 - 2028)
Key Companies profiled: Some prominent players in the global rice market include
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