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Revenue in the Rice market amounts to US$36.95bn in 2024. The market is expected to grow annually by 7.23% (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$310.20 are generated in 2024.
In the Rice market, volume is expected to amount to 32.71bn kg by 2029. The Rice market is expected to show a volume growth of 4.8% in 2025.0.
The average volume per person in the Rice market is expected to amount to 226.9kg 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 Philippines has seen minimal growth, impacted by factors such as increasing consumer health awareness and convenience of online services. This trend is expected to continue as digital technologies become more prevalent in The Food market.

Customer preferences: Consumers in the Philippines are increasingly seeking healthier food options, leading to a rise in demand for whole grain and organic rice varieties. This trend is driven by the growing health consciousness among Filipinos, as well as the shift towards sustainable and locally-sourced products. Additionally, the rising number of health-conscious millennials and working professionals are also driving the demand for convenient and nutritious rice-based meals, such as ready-to-cook rice dishes and rice-based snacks.

Trends in the market: In the Philippines, the Rice Market of the Bread & Cereal Products Market within The Food market is experiencing a surge in demand for healthier and more sustainable rice varieties, such as organic, brown, and glutinous rice. This trend is driven by the increasing health consciousness among consumers and the government's promotion of sustainable agriculture. As a result, rice producers are diversifying their product offerings and investing in more sustainable farming practices. This not only caters to the changing consumer preferences but also addresses concerns over food security and environmental sustainability. Industry stakeholders, including farmers, processors, and retailers, are adapting to these trends to stay competitive in the market and meet the evolving demands of consumers.

Local special circumstances: In the Philippines, the Rice Market of the Bread & Cereal Products Market within The Food market is heavily influenced by the country's geographical and cultural factors. The archipelago's unique landscape and climate make rice cultivation a major agricultural activity, with the government implementing policies to support its production. Additionally, rice is a staple food in Filipino cuisine, deeply embedded in the country's cultural traditions. These factors contribute to the high demand for rice in the Philippines, making it a key player in the Bread & Cereal Products Market.

Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market in the Philippines is greatly affected by macroeconomic factors such as global economic trends and national economic health. The country's strong agricultural sector and government support for rice production contribute to the market's growth. However, fiscal policies that affect the cost of production and trade agreements with other countries can also impact market performance. Moreover, rising consumer demand for healthier food options and the growing population in the Philippines are driving the demand for rice, creating opportunities for market expansion.

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.