The seed of the grass Oryza glaberrimaor Oryza sativais known as rice. Rice is a cereal grain, which is a staple food of more than half of the population of the world. In addition, it is considered as the second most important cereal crop in the world. Annually, the global production of rice is around 700 million tons. China, India,and Vietnam are among the largest producers of rice. The area of harvesting rice in China is lower than India's rice harvesting area. However, as only less than half of India's rice area gets irrigated, China accounts for greater rice production.
Rice is available in different varieties and types with varied segmentations. Each type of rice has its unique properties, taste, and texture, working differently with various cooking recipes. U.S. alone commercially produces around 20 different varieties of rice. Few unique varieties of rice belonging to the aromatic category such as jasmine rice and basmati rice are extensively imported from India, Thailand, and Pakistan.
The plant of rice takes about three to six months form germination to maturity, which completely depends upon the variety of rice and the environment in which it is grown. Rice is majorly consumed after cooking in water, whereas rice wafers, rice flakes, puffed rice, and canned rice are some other forms of rice consumption. Some other industries such as starch and brewing industries also use rice. The by-products of rice left after milling, that is, rice husk and bran, are used as a poultry & cattle feed. Rice market is expected to see a substantial growth during the forecast period, owing to the ever-growing consumption of rice.
COVID-19 scenario analysis
- The COVID-19 pandemic has disrupted the global economy by halting the operations of rice industry.
- Rice is a staple food diet in many countries and is consumed daily by majority of the global population.Moreover, stay at home orders have increased the demand for rice in households.
- Although the lockdown has been imposed globally, the demand for rice in the commercial sector has declined, as people are avoiding dining in out.
- Market players are not able to meet the demand of customers in the current pandemic situation.
- Farmers are facing problems to supply the harvested rice due to the logistic slowdown.
- Disruption of the supply chain, halt in the export-import activities, and loss of labor are the major problems faced by the global rice market.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Expansion of the fast food industry & restaurants and rapid growth in the population are the key factors that drivethe growth of the rice market, globally. Rice is among the favorite cereals of a large portion of the population worldwide, which, in turn, increases the consumption of rice, thereby augmenting the growth of the rice market. The demand for specific varieties of rice such as aromatic rice and high-quality long-grain rice is gradually propelling the market growth. In addition, the government is taking many initiatives for the production of rice and related industries, thus motivating the overall rice market.
On the contrary, lack of irrigational facilities in many developing countries creates a challenge for rice production. Along with this, consumers have reduced the consumption of rice, as the daily consumption of white rice in excess may increase the risk of type 2 diabetes and obesity. However, the shift of consumers towardhealthy eating habits has made manufacturers focus on launching new rice brands and making efforts to attract people who are health conscious.
The demand for brown rice is increasing among consumers, as it is a rich source of fibers, which offer many health benefits such as it lowers cholesterol, promotes fullness, prevents the formation of blood clots, and improves digestive health, thus creating a lucrative opportunity for the expansion of the global rice market. Furthermore, increase in efforts by major players in packaging attracts a large consumer base. In addition, innovation in planting & cultivation of rice globally gives higher yield and is proven to be more efficient than the traditional methods, thereby aiding the production of rice and protecting the environment from the excessive use of chemicals, insecticides, and pesticides in agriculture
Key benefits of the report
- This study presents the analytical depiction of the global rice industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global rice market share.
- The current market is quantitatively analyzed to highlight the global rice market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global rice market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global rice market research report:
- Which are the leading players active in the global ricemarket?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
Rice Market Report Highlights
By Distribution Channel
Key Market Players
KRBL Ltd, Rice Select, Uncle Ben's Brown Rice, LT Foods Ltd., Carolina Plantation Rice, V.A.P Foods Ltd, General Mills, Riceland Foods Inc., Planet Rice, ITC, ConAgra Foods, Inc, Ebro Foods, McCormick & Company