Asia-Pacific: Rice Market 2024

Rice Market Size in Asia-Pacific

The Asia-Pacific rice market reached $X in 2023, almost unchanged from the previous year. Over the period under review, consumption, however, recorded a slight descent. The pace of growth appeared the most rapid in 2021 when the market value increased by X% against the previous year. The level of consumption peaked at $X in 2012; however, from 2013 to 2023, consumption stood at a somewhat lower figure.

Rice Production in Asia-Pacific

In value terms, rice production stood at $X in 2023 estimated in export price. In general, production, however, saw a noticeable shrinkage. The growth pace was the most rapid in 2014 with an increase of X%. The level of production peaked at $X in 2012; however, from 2013 to 2023, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2023 were China (X tons), India (X tons) and Bangladesh (X tons), with a combined X% share of total production.

From 2012 to 2023, the biggest increases were recorded for India (with a CAGR of X%), while production for the other leaders experienced more modest paces of growth.

The average rice yield was estimated at X tons per ha in 2023, remaining relatively unchanged against 2022. In general, the yield continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of X%. The level of yield peaked at X tons per ha in 2021; afterwards, it flattened through to 2023. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2023, the rice harvested area in Asia-Pacific amounted to X ha, standing approx. at the year before. Overall, the harvested area recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to rice production reached the peak figure at X ha in 2021; however, from 2022 to 2023, the harvested area failed to regain momentum.

Rice Exports

Exports in Asia-Pacific

In 2023, after three years of growth, there was significant decline in shipments abroad of rice, when their volume decreased by X% to X tons. The total export volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when exports increased by X%. Over the period under review, the exports attained the maximum at X tons in 2022, and then contracted in the following year.

In value terms, rice exports totaled $X in 2023. The total export value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. The level of export peaked in 2023 and is likely to continue growth in years to come.

Exports by Country

India was the key exporting country with an export of around X tons, which finished at X% of total exports. Thailand (X tons) took the second position in the ranking, followed by Vietnam (X tons) and Pakistan (X tons). All these countries together took approx. X% share of total exports. China (X tons), Myanmar (X tons) and Cambodia (X tons) followed a long way behind the leaders.

Exports from India increased at an average annual rate of X% from 2012 to 2023. At the same time, Cambodia (X%), China (X%), Myanmar (X%) and Thailand (X%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of X% from 2012-2023. Pakistan experienced a relatively flat trend pattern. By contrast, Vietnam (X%) illustrated a downward trend over the same period. While the share of India (X p.p.), China (X p.p.), Cambodia (X p.p.) and Myanmar (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Pakistan (X p.p.) and Vietnam (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest rice supplier in Asia-Pacific, comprising X% of total exports. The second position in the ranking was taken by Thailand ($X), with a X% share of total exports. It was followed by Vietnam, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in India amounted to X%. In the other countries, the average annual rates were as follows: Thailand (X% per year) and Vietnam (X% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2023, jumping by X% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The level of export peaked at $X per ton in 2013; however, from 2014 to 2023, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Cambodia ($X per ton) and Pakistan ($X per ton), while Myanmar ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Pakistan (X%), while the other leaders experienced mixed trends in the export price figures.

Rice Imports

Imports in Asia-Pacific

After two years of growth, overseas purchases of rice decreased by X% to X tons in 2023. Total imports indicated a measured expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2022, and then reduced dramatically in the following year.

In value terms, rice imports fell to $X in 2023. Total imports indicated a temperate expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2013 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. The level of import peaked at $X in 2022, and then declined in the following year.

Imports by Country

China (X tons), Bangladesh (X tons), the Philippines (X tons), Malaysia (X tons), Vietnam (X tons), Nepal (X tons), Japan (X tons), Indonesia (X tons), South Korea (X tons), Sri Lanka (X tons), Singapore (X tons) and Afghanistan (X tons) represented roughly X% of total imports in 2023.

From 2012 to 2023, the biggest increases were recorded for Vietnam (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X), China ($X) and Malaysia ($X) appeared to be the countries with the highest levels of imports in 2023, together accounting for X% of total imports. Japan, Bangladesh, Vietnam, South Korea, Nepal, Indonesia, Singapore, Sri Lanka and Afghanistan lagged somewhat behind, together accounting for a further X%.

Vietnam, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in Asia-Pacific amounted to $X per ton, with an increase of X% against the previous year. In general, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of X%. Over the period under review, import prices attained the peak figure in 2023 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was the Philippines ($X per ton), while Nepal ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Philippines (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform