Rice Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

NAVI MUMBAI, India - July 3, 2021 - PRLog -- Rice Market is poised to grow at a CAGR of 1.2% during the forecast period (2021-2026). The commercialization of rice has not been much significantly affected by the impact of COVID-19, as compared to other industries, as its demand has been ever so increasing. In Southeast Asia, rice farming was affected due to a lack of access to credit, capital inputs, remittance income. Additionally, restrictions on export resulted in a short supply of the product which in turn caused the rise in price. For instance, with the coronavirus outbreak, Thailand’s rice export prices marked a wholly rise in price almost by 20 percent after the outbreak which was nominally low in early 2020.

Therefore, rice being the most consumed cereal grain globally, the growth of the rice market is anticipated to increase. Although North America and Europe are not large consumers of rice, both are currently importing record amounts of rice. Also, these two regions are large markets for Asian aromatic varieties. Over the recent years, the rice market has witnessed considerable growth on the back of the increasing demand for rice in emerging and developing nations across the world.

Key Market Trends

Rising demand for Specialty Rice Varieties Lead to Increased Trade

Basmati rice is known to be one of the best rice in the world known for its sleek, slender, tapering grains with a unique aroma, taste, and for its grain elongation quality upon cooking. Export of the premium variety from India has an 85% share in the Basmati exports market. The United States majorly imports Asian aromatic rice such as Basmati and Jasmine rice. Global export has grown by 10% in 2018-19, primarily due to higher demand from Iran. Other than Iran and the United States, major importers of Basmati rice are UAE, Kuwait, Saudi Arabia, and the United Kingdom.​

According to APEDA, as of 2018-19, India exported to 65% of the overseas basmati rice market, while Pakistan accounted for the remainder. In Europe, demand for specialty and exotic varieties such as basmati or jasmine rice is growing exponentially. A significant share in import rice consists of long-grain Indica rice and aromatic varieties (basmati, jasmine), which are popular varieties in mainly in northern Europe. The United Kingdom dominates the import of basmati rice, mainly from India. Ethnic populations and southern European dishes are important drivers for the consumption of several rice varieties.

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