Paddy Rice Market Report 2024

The paddy rice market size has grown steadily in recent years. It will grow from $303.97 billion in 2023 to $317.97 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth during the historic period stemmed from heightened vulnerability to pests and diseases, rising disposable incomes, growing health consciousness, increased demand for fragrant and specialty rice, and expanded cultivation.

The paddy rice market size is expected to see strong growth in the next few years. It will grow to $382.49 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. Anticipated growth in the forecast period is attributed to growing consumer preference for organic and specialty rice, rising popularity of online grocery shopping, increased trade in long-grain rice, rising global demand for japonica rice, and diverse dietary preferences across cultures. Key trends in this period include the integration of technology in rice cultivation and processing, development of high-yield rice varieties, advancements in value-added processing and product innovation, adoption of water-saving techniques, and the expansion of organic farming practices.

The agricultural sector's expansion is anticipated to drive growth in the paddy rice market in the future. This sector encompasses activities such as cultivating, processing, and distributing crops, livestock, and other agricultural products. The increasing prominence of agriculture is attributed to changes in dietary habits and heightened investments in agricultural research, development, and infrastructure. Paddy rice cultivation plays a crucial role in supporting agriculture by providing food, income, environmental benefits, and cultural significance, thereby promoting economic development, sustainable farming practices, and food security initiatives. For example, according to reports from the Department for Environment Food & Rural Affairs in February 2024, average farm business income (FBI) across UK farms rose significantly from USD 46,500 in 2020/21 to USD 72,000 in 2021/22. Additionally, UK total income from Farming (TIFF) in 2022 amounted to $7.9 billion (£7.9 billion), marking a 17% increase from the previous year, with USD 1.1 billion (£1.1 billion) attributed to growth. Hence, agricultural sector growth drives the paddy rice market.

Key players in the paddy rice market are innovating with insecticide technology featuring PLINAZOLIN for next-generation products targeted at paddy, cotton, and vegetable farmers. These innovations aim to enhance productivity and profitability while minimizing environmental impact by targeting specific receptors in insects not previously exploited by other insecticides, reducing the risk of resistance. For instance, Syngenta, an India-based ag-tech company, launched Incipio and Simodis in July 2023 for paddy, cotton, and vegetable crops in India. These products address challenges posed by climate change and increasing pest resistance, potentially preventing significant crop losses of 30-40% if effectively managed. Simodis offers reliable protection against sucking pests and lepidopteran insects on crops such as hot pepper, brinjal, cotton, groundnut, soybean, and red gram. Leveraging PLINAZOLIN technology, these advanced solutions ensure effective pest control, resulting in improved yields and crop quality.

In May 2022, Adani Wilmar Ltd., an India-based FMCG company, acquired the Basmati rice brand 'Kohinoor' from McCormick Switzerland GMBH, thereby gaining exclusive rights over the 'Ready to Cook', 'Ready to Eat', and meal portfolios sold under the Kohinoor brand name in India. Kohinoor Specialty Foods, an India-based rice producer, was involved in this acquisition.

Major companies operating in the paddy rice market are REI Agro Ltd., Jumbotail Technologies Pvt. Ltd., LT Foods Limited, Bühler Group, KRBL Limited, Tilda, American Commodity Company (ACC) LCC, ERGOS Technology Partners Inc., American Rice Inc., Ebro Foods S.A, Taj Foods Limited, Agrico Organics Ltd., Sunshine Industries, McCormick & Company, Asia Golden Rice Co. Ltd., Thai Hua, Dhula Rice Mill Private Limited, Arya.ag, Prosperity Solutions Group, SME Business services Ltd.

North America was the largest region in the paddy rice Market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the paddy rice market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the paddy rice market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Paddy rice is rice that remains in its husk after being harvested from the field. The term 'paddy' originates from the Malay/Indonesian word 'padi,' meaning rice plant. Paddy rice undergoes multiple processing stages to transform into polished white or brown rice, which is commonly consumed. Typically grown in flooded fields, paddy rice aids in weed control, ensures a consistent water supply, and fosters an optimal growing environment.

The main types of paddy rice include indica, japonica, javanica, and others. Indica rice, a prevalent long-grain variety, thrives in tropical and subtropical regions. It encompasses various types such as long-grain, medium-grain, and short-grain rice, each rich in nutrients such as high fiber and carbohydrates. These varieties are widely available through hypermarkets, supermarkets, department stores, online platforms, and other channels.

The paddy rice market research report is one of a series of new reports that provides paddy rice market statistics, including paddy rice industry global market size, regional shares, competitors with a paddy rice market share, detailed paddy rice market segments, market trends, and opportunities, and any further data you may need to thrive in the paddy rice industry. This paddy 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 paddy rice market consists of sales of rice milling machinery, rice processing equipment, rice-based snacks, rice-based pharmaceuticals, and rice-based fertilizers. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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.


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