The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, July 26, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s report on the rice market forecasts the global rice market size to grow from $28 billion in 2022 to $30 billion in 2023 at a compound annual growth rate (CAGR) of more than 6%. The global rice market size is expected to reach $38.7 billion in 2027 at a CAGR of more than 6%.
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An expanding food and restaurant sector is predicted to drive future rice market growth. The food and restaurant sector refers to businesses that serve food to customers outside of their homes. This category includes eating places, takeaway places, cafeterias, and restaurants. Rice is a staple food for more than half of the world's population; hence an expanding food and restaurant sector will drive the rice market. For example, according to a report published in February 2023 by the National Restaurant Association, a restaurant industry business association based in the United States, the foodservice industry is expected to generate $997 billion in sales in 2023, a significant increase from the $898 billion in sales predicted in 2022. Furthermore, according to a February 2023 report shared by the United States Department of Agriculture (USDA), a US-based federal executive department responsible for enforcing federal laws related to farming and forestry, the costs of eating out in restaurants, cafeterias at schools, sporting events, and other locations increased by 7.5% in December 2022 compared to November 2022 and by 13.5% compared to December 2021. As a result, the expanding food and restaurant sector is propelling the rice market forward.
As per the rice market analysis, major players in the rice market are LT Foods Ltd., KRBL Limited, Ebro Foods Inc., Aashirvad International, Lundberg Family Farms, Riviana Foods Inc., Adani Wilmar Limited, RiceSelect, Planet Rice, ConAgra Foods Inc., General Mills Inc., Carolina Plantation Rice, Riceland Foods Inc., Hain Celestial Group Inc., Pride India FMCG Limited, and Kikkoman Corporation.
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Product innovations are a crucial trend that is gaining traction in the rice market. To maintain their market position, major rice firms are focusing on the development of new goods. To fulfill consumer demand for meat substitutes, Roquette, a France-based supplier of plant-based components, introduced Nutralys, a novel rice protein, in June 2022. The new rice protein contains nutritional protein that has been merged with high manufacturing standards and quality for consumers all over the world. Nutralys offers a non-GM and gluten-free plant protein source to complement Roquette's Nutralys pea protein for a comprehensive vegetarian protein supplement for specialized nutrition.
Asia-Pacific was the largest region in the Rice market in 2022. North America is expected to be the fastest-growing region in the global rice market report during the forecast period.
The global rice market is segmented by type into arborio rice, rosematta rice, red cargo rice, parboiled rice, sushi rice, wild rice, glutinous rice, other types; by length into long grain rice, medium grain rice, short grain rice; by color into white rice, brown rice, red rice, black rice; by distribution channel into hypermarket, supermarket, convenience store, departmental retail stores, online stores, other distribution channels; by application into residential, commercial.
Rice Global Market Report 2023 by The Business Research Company provides insights on the rice market size, rice market segments, rice market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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