Rice - G20 | Statista Market Forecast

Revenue in the Rice market amounts to US$334.00bn in 2024. The market is expected to grow annually by 7.29% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$150bn in 2024).
In relation to total population figures, per person revenues of US$67.15 are generated in 2024.
In the Rice market, volume is expected to amount to 334.60bn kg by 2029. The Rice market is expected to show a volume growth of 5.1% in 2025.0.
The average volume per person in the Rice market is expected to amount to 55.4kg in 2024.

Definition:

Around the world, rice is a widely farmed and consumed staple food crop. It is a cereal grain that serves as a significant source of fiber, vitamins, and minerals. The Rice market covers several rice varieties, such as long-grain rice, medium-grain rice, short-grain rice, white rice, brown rice, and wild rice, as well as sticky rice and parboiled rice.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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White Rice
Brown Rice
Basmati Rice
Jasmine Rice
Arborio Rice
Parboiled Rice
Quick-Cooking Rice

Rice-based ready-to-eat meals
Puffed rice
Coucous
Bulgur
Rice noodles
Out-of-home consumption

The Rice market in the Bread & Cereal Products market within The Food market in G20 is experiencing minimal growth rate, impacted by factors such as fluctuating consumer demand, changing dietary preferences, and increasing competition from alternative grains. Despite these challenges, the convenience and versatility of rice as a staple food continue to drive its demand globally.

Customer preferences: Consumers in the Rice Market of the Bread & Cereal Products Market within The Food market are showing a growing interest in healthier and more sustainable options. This has led to an increase in demand for organic, non-GMO, and gluten-free rice products. Additionally, there is a rising trend towards plant-based and alternative protein sources, with consumers opting for products like quinoa and brown rice. This shift is driven by a growing awareness of the environmental impact of traditional rice farming and an increasing focus on personal health and wellness.

Trends in the market: In the G20 countries, the Rice Market of the Bread & Cereal Products Market within The Food market is experiencing a shift towards healthier options, with a growing demand for organic and gluten-free rice products. This trend is driven by the increasing health consciousness among consumers and their preference for natural and sustainable products. This has led to the development of new rice varieties and innovative packaging solutions to cater to this demand. Additionally, there is a rise in e-commerce platforms for rice products, providing consumers with a convenient way to purchase and access a wider range of options. These trends are expected to continue, creating opportunities for industry stakeholders to expand their product offerings and cater to the evolving needs of consumers.

Local special circumstances: In China, the demand for rice is driven by its cultural significance and traditional consumption habits. The country's large population and growing middle class have also contributed to the growth of the rice market. Additionally, government policies promoting self-sufficiency in rice production have led to increased domestic production and consumption. In contrast, Japan's rice market is heavily regulated, with the government setting prices and controlling imports. This has created a unique market dynamic, with high-quality, domestically grown rice being preferred by consumers, despite its higher cost.

Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market is heavily impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. As a staple food in many countries, the demand for rice is closely tied to the economic performance of these countries. Countries with strong economic growth and stable fiscal policies tend to have a higher demand for rice, as it is a popular and affordable food option. On the other hand, countries with economic instability and high levels of poverty may have a lower demand for rice, as it may be considered a luxury item. Additionally, global economic trends, such as changes in trade policies or fluctuations in currency exchange rates, can also greatly influence the rice market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.