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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
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
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Questions answered in the global rice market research report:
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