Rising Rice Production and Consumption Worldwide
The global Rice Market size is projected to surpass USD 334 billion by 2028, expanding at a compound annual growth rate (CAGR) of 2.1% during the forecast period, 2021–2028. This growth is attributed to the increasing government support and initiatives for the domestic rice farmers market, as well as the growing consumption of rice across the globe.
Rice is one of the most consumed cereal staple foods all over the world. The scientific name for rice seed is Oryza sativa. The highest consumption of rice food or products is from the Asia and Africa region.
Rice food has high nutritional value, and hence it is one of the primary staples consumed by humans on a daily basis. Some of the commonly found nutrients in rice food are B Vitamins, folic acid, iron, zinc, selenium, magnesium, and potassium.
Additionally, several by products can be made from rice, including rice husk or hull, rice bran, and rice straws among others. Rice bran is the most important rice by product, as its fractions contain 14 – 18% oil. Rice bran oil is highly demanded in Asian countries such as India and Japan, due to its health benefits.
Types of Rice
Globally, there are several types of rice species grown. Rice production depends on land and climate conditions. The top two majorly cultivated rice species are O. glaberrima Steud (African rice) and Oryza sativa L (Asian rice). On the basis of factors such as kernel size, degree of milling, flavor, and starch content there are 120,000 varieties of rice around the globe.
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Some of the best types of rice commonly cultivated worldwide are as below
- Arborio Rice
- Black Rice
- Jasmine Rice
- Brown Rice
- Rosematta Rice
- Red Cargo Rice
- Parboiled Rice
- Sushi Rice
- Wild Rice
- Valencia Rice
- Glutinous Rice
What is yield for rice globally?
The amount of rice produced in a specified area is identified as rice yield. Since rice is the second most consumed cereal worldwide, there is increasing demand for high rice production every year. According to Statista, in 2021, around 510 million metric tons of milled rice were yielded across the world. The Asia region has the world’s major rice agriculture land share, and largest rice production.
- In the year 2020, China produced 211 million metric tons of rice, hence becoming the world’s leading rice producer, and it is followed by India and Bangladesh.
- Worldwide in 2020, there were around 164.19 million hectares of rice cultivation area.
Global Rice Export and Consumption
- According to recent reports, India is the largest exporter of rice. Rice export from India stands at 18.75 million metric tons as of 2021-2022 yearly data.
- Rice export from Vietnam is the second largest globally, which stands at 6.5 million metric tons as of 2021-2022 yearly data.
- China ranks highest in terms of global rice consumption, owing to its largest population. Based on 2021-2022 data from Statista, about 154.9 million tons of rice were consumed in the country in that year.
- Rice consumption in India and Vietnam stands at second and third place respectively based on 2021-2022 data.
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Rice Stock Forecast
The rice stock price was relatively stable around the world in recent years as compared to the other agricultural product stock prices. However, the recent curbs put by the Indian central government on the rice export is expected to increase the rice stock price, ending the decade-long price stability. India is the key player in determining the stock prices of rice worldwide. Indian rice covers almost 40 percent of the world’s rice trade, however, most yield is used for domestic consumption. The lower production from other countries owing to the inconsistent climate condition is also expected to drive the prices up. As per the recent forecast global rice demand is expected to surpass the production output in 2022 – 2023.
- The growing consumption of rice is expected to boost rice production and trade across the world in the coming years.
- Asia Pacific region accounts for the highest production and consumption of rice.
- Kohinoor Foods Ltd., Thanasan Group, Capital Rice Group, Gulf Rice Milling, Inc, American Rice, Daawat, ADM Rice, Ake Rice Mill Co., Ltd, Lakshmi Group, REI Agro Ltd., and Lal Qilla., are some of the key players in the rice industrial processing and supply space.