Rice Global Market Report 2024

The rice market size has grown strongly in recent years. It will grow from $32.74 billion in 2023 to $35.64 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The increase during the historical period can be linked to factors such as population expansion and the need for food, cultural importance, governmental regulations and incentives, levels of income, and the process of urbanization, as well as climate and environmental influences.

The rice market size is expected to see strong growth in the next few years. It will grow to $49.83 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The expansion anticipated in the forecast period can be ascribed to sustainable agricultural methods, adaptation to climate change, advancements in rice processing, global shifts in dietary patterns, e-commerce, and optimization of supply chains. Key trends expected during the forecast period encompass the popularity of organic and specialty rice varieties, the adoption of technology in farming methods, sustainable agriculture, water management, fortification, nutritional enhancement, as well as the emergence of rice-based snacks and alternatives.

The rice market is anticipated to experience growth propelled by a burgeoning food and restaurant sector. The food and restaurant sector, encompassing establishments providing food services outside the home, including eateries, takeout businesses, cafeterias, and restaurants, plays a crucial role. As rice is a staple for over half the global population, the expanding food and restaurant industry is expected to drive the rice market. A report by the National Restaurant Association in February 2023 revealed that the foodservice industry is projected to achieve $997 billion in sales in 2023, a substantial increase from the $898 billion predicted in 2022. Furthermore, the United States Department of Agriculture (USDA) reported a 7.5% rise in expenses for dining out in various venues in December 2022 compared to November 2022 and a 13.5% increase compared to December 2021, highlighting the sector's growth and its impact on the rice market.

The growing agriculture sector is set to contribute to the rice market's expansion. The agriculture sector, covering activities related to land cultivation, crop cultivation, and livestock rearing for food and other products, creates a favorable environment for the rice market's growth. A report by the United States Department of Agriculture in November 2023 emphasized the significant contribution of agriculture, food, and related industries to the US gross domestic product (GDP), amounting to approximately $1.264 trillion in 2021. This growing impact on GDP, with U.S. farms contributing $164.7 billion, indicates the positive influence of the agriculture sector on the rice market.

The rice market is witnessing a notable trend with product innovations taking center stage. Leading companies in the rice market are actively engaged in the development of new products to maintain their market positions. For example, in June 2022, Roquette, a plant-based ingredient producer based in France, introduced Nutralys, a novel rice protein designed to meet the growing consumer demand for meat alternatives. This innovative rice protein not only features nutritious protein content but also adheres to high production standards and quality, catering to consumers worldwide. Nutralys, being a plant protein source that is non-GMO and gluten-free, can be combined with Roquette's Nutralys pea protein to create a comprehensive vegetarian protein supplement for specialized nutrition.

Major players in the rice market are strategically focusing on creating innovative products, including rice-blend offerings, to expand their customer base, boost sales, and increase revenue. Rice-blend products are food items that combine different types or varieties of rice, often mixed with other grains, seeds, or ingredients to deliver a diverse and flavorful blend. An illustration of this trend is seen in the actions of Riviana Foods Inc., a U.S.-based rice company, which in July 2021 launched Success Garden and Grains Blends. This boil-in-bag product seamlessly blends rice with simple ingredients, offering two distinctive varieties. One variety combines white rice, black beans, corn, and bell peppers, while the other features white rice, peas, carrots, and red bell peppers. Packaged in convenient, pre-portioned boil-in-bags that are BPA-free, this rice product boasts a quick preparation time of just 10 minutes.

In May 2022, Adani Wilmar Ltd., an FMCG company based in India, acquired the Basmati rice brand 'Kohinoor' from McCormick Switzerland GMBH for an undisclosed amount. This strategic acquisition provides Adani Wilmar Limited with exclusive rights over the 'Ready to Cook,' 'Ready to Eat,' and meal portfolios sold under the Kohinoor Brand name in India. Kohinoor Speciality Foods, an India-based rice producer, is part of this acquisition, further enhancing Adani Wilmar's presence and offerings in the rice market.

Major companies operating in the rice market report are LT Foods Ltd., KRBL Limited, Ebro Foods Inc., Aashirvad International, Lundberg Family Farms, Riviana Foods Inc., Adani Wilmar Limited, RiceSelect, PlanetRice, ConAgra Foods Inc., General Mills Inc., Carolina Plantation Rice, Riceland Foods Inc., Hain Celestial Group Inc., Pride India FMCG Limited, Kikkoman Corporation, Asia Golden Rice Co. Ltd., SunRice, Veetee Rice Limited, Kohinoor Foods Ltd., Chandrika Group, Tilda Group, Hanuman Rice Mills, Amar Singh Chawal Wala, Heritage Foods Limited, Capitol Group, Shiva Rice Mills, Daawat, Galaxy Rice Mills Pvt. Ltd., Doaba Rice Mills.

Asia-Pacific was the largest region in the Rice market in 2023. North America is expected to be the fastest-growing region in the rice market report during the forecast period. The regions covered in the rice market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the rice market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main varieties of rice include arborio rice, rosematta rice, red cargo rice, parboiled rice, sushi rice, wild rice, glutinous rice, and others. Arborio rice, for example, is an Italian short-grain rice commonly used in traditional risotto preparation. Rice can be categorized based on grain length into long grain rice, medium grain rice, and short grain rice, while color and texture variations include white rice, brown rice, red rice, and black rice. These rice varieties are distributed through various channels such as hypermarkets, supermarkets, convenience stores, departmental retail stores, online platforms, and others, catering to both residential and commercial applications.

The rice market research report is one of a series of new reports that provides rice market statistics, including rice industry global market size, regional shares, competitors with a rice market share, detailed rice market segments, market trends and opportunities, and any further data you may need to thrive in the rice industry. This rice market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.