Rice Market size is expected to reach USD 334.24 billion by 2028

 Rice Industry Overview

The global rice market size is expected to reach USD 334.24 billion by 2028, registering a CAGR of 2.2% during the forecast period, according to a new report by Grand View Research, Inc. The rapidly growing food industry and rising spending on fast food products are expected to promote market growth. Moreover, continuous developments in rice mill machinery across the globe and attractive packaging have increased the demand for these products in emerging economies.

 

Rice Market Segmentation

Grand View Research has segmented the global rice market on the basis of product, distribution channel, and region:

 

Based on the Distribution Channel Insights, the market is segmented into Offline and Online

  • The offline channel contributed a share of more than 82% in the global rice market in 2021. Consumers are preferring the offline channel for the purchase of consumer goods, groceries, as well as food products such as grains, where they can physically verify product quality. Moreover, easy access and searchability for various grains through stores are factors likely to drive the segment growth. Offline channels are expected to remain dominant in the forecast period due to improved distribution networks across the globe.
  • The online segment of the market is anticipated to register the fastest CAGR of 2.7% from 2022 to 2028. The internet penetration rate has witnessed lucrative growth in recent years, which has subsequently led to significant demand for the e-commerce Several suppliers of the product are offering it on their websites as well as on e-commerce platforms, which is projected to drive market growth during the forecast period.

 

Based on the Product Insights, the market is segmented into Long-grain, Medium-grain, Short-grain

  • The long-grain segment contributed to the largest revenue share of more than 63% in the global market for rice in 2021 and is expected to expand at a CAGR of 2.1% from 2022 to 2028. The increasing popularity of specialty rice like jasmine and basmati across the globe is driving the market growth. Moreover, the rising health concerns among consumers have increased the demand for high-fiber food and low sodium, to protect against cancer. This factor is stimulating the growth of the market over the last few years.
  • The medium-grain segment is expected to advance at the fastest growth rate of 2.4% from 2022 to 2028. Rice is a convenient form of nutritious and healthy food that is made available to consumers through retail channels, which is driving the growth of the market. Additionally, technological developments and advancements in rice mill machinery have projected the growth of this segment during the forecast period. Moreover, the growing popularity and demand for fast food, coupled with the increasing disposable income of consumers, are significant factors for market growth.

 

Rice Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

 

Key Companies Profile & Market Share Insights

The market consists of various established players, coupled with local manufacturers present across regions. Various manufacturers and suppliers have been continuously focusing on the logistic development and strengthening of the distribution channel to expand their business. Such initiatives are expected to boost the adoption rate of the product among consumers around the globe. The market is further driven by mergers, acquisitions, joint ventures, and innovative packaging designs.

Some of the key players operating in the global rice market include: 

  • Kohinoor Foods Ltd.
  • Adani Wilmar Limited
  • LT Foods
  • KRBL Limited
  • Aeroplane Rice Ltd.
  • Sridhar Agro Product P Ltd
  • Gautam General Trading LLC
  • Sri Sainath Industry Pvt. Ltd
  • Shriram Food Industry Pvt. Ltd.
  • Aashirvad International

 

Order a free sample PDF of the Rice Market Intelligence Study, published by Grand View Research.

 

 

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