The paddy rice market has shown impressive growth, increasing from $303.97 billion in 2023 to $317.97 billion in 2024, reflecting a compound annual growth rate (CAGR) of 4.6%. This growth is primarily driven by the increasing vulnerability to pests and diseases, rising disposable incomes, growing health consciousness, and heightened demand for fragrant and specialty rice. Looking ahead, the market is expected to reach $382.49 billion by 2028, with a CAGR of 4.7%. Key factors fueling this growth include the rising consumer preference for organic and specialty rice, the burgeoning popularity of online grocery shopping, and shifting dietary trends globally.
Major Driver In The Paddy Rice Market
The growth in the agriculture sector is anticipated to drive the expansion of the paddy rice market. This sector, encompassing the production, processing, and distribution of crops and livestock, is expanding due to shifts in dietary patterns and increased investments in agricultural research, development, and infrastructure. Paddy rice cultivation plays a vital role in agriculture by providing food, income, environmental benefits, and cultural significance, contributing to economic development, sustainable farming, and food security. For example, in February 2024, the Department for Environment Food & Rural Affairs reported that the average farm business income (FBI) across UK farms rose significantly from USD 50,461 (£46,500) in 2020/21 to USD 78,133 (£72,000) in 2021/22. Additionally, the UK's total income from farming (TIFF) was $6.61 billion (£7.9 billion) in 2022, up 17% from USD 5.6 billion (£6.6 billion) in 2021. Thus, the agriculture sector's growth is driving the paddy rice market.
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Paddy Rice Market Competitive Landscape
REI Agro Ltd., Jumbotail Technologies Pvt. Ltd., LT Foods Limited, Bühler Group, KRBL Limited, Tilda, American Commodity Company (ACC) LCC, ERGOS Technology Partners Inc., American Rice Inc., Ebro Foods S.A, Taj Foods Limited, Agrico Organics Ltd., Sunshine Industries, McCormick & Company, Asia Golden Rice Co. Ltd., Thai Hua, Dhula Rice Mill Private Limited, Arya.ag, Prosperity Solutions Group, SME Business services Ltd
Key Paddy Rice Market Trend
In the paddy rice market, companies are pioneering a new class of insecticides using PLINAZOLIN technology, aimed at supporting farmers in enhancing productivity while minimizing environmental impacts. This innovative compound targets specific receptors in insects, reducing the risk of cross-resistance with existing insecticides. In July 2023, Syngenta launched Incipio and Simodis, which are tailored for paddy, cotton, and vegetable farmers across India. These products tackle challenges such as climate change and increasing pest resistance, which can lead to significant crop losses if not managed effectively. Simodis is particularly effective against sucking pests and lepidopteran insects, thus helping farmers achieve higher yields and better crop quality.
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Paddy Rice Market Segmentation
The paddy rice market covered in this report is segmented –
1) By Type: Indica, Japonica, Javanica, Other Types
2) By Variety: Long-Grain Rice, Medium-Grain Rice, Short-Grain Rice
3) By Nutrition: High Fiber, High Carbohydrates
4) By Distribution Channel: Hypermarkets And Supermarket, Departmental Stores, Online, Other Distribution Channels
By Geography:The regions covered in the paddy rice market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the paddy rice Market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Paddy Rice Global Market Report 2024 furnishes information about the global paddy rice market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
