Asia: Rice Market 2024

Rice Market Size in Asia

The Asian rice market expanded modestly to $X in 2023, increasing by X% against the previous year. Overall, consumption, however, showed a mild decrease. The growth pace was the most rapid in 2021 when the market value increased by X% against the previous year. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Rice Production in Asia

In value terms, rice production totaled $X in 2023 estimated in export price. In general, production, however, saw a noticeable decline. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

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.

In 2023, the average yield of rice in Asia reached X tons per ha, stabilizing at 2022. Over the period under review, the yield recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, the rice yield attained the maximum level 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 total area harvested in terms of rice production in Asia stood at X ha, remaining stable against 2022. In general, the harvested area saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, the harvested area dedicated to rice production attained the maximum at X ha in 2013; however, from 2014 to 2023, the harvested area failed to regain momentum.

Rice Exports

Exports in Asia

After three years of growth, shipments abroad of rice decreased by X% to X tons in 2023. 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 most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports attained the peak figure at X tons in 2022, and then reduced in the following year.

In value terms, rice exports stood at $X in 2023. The total export value 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 was the most pronounced in 2017 when exports increased by X%. Over the period under review, the exports hit record highs in 2023 and are likely to see steady growth in years to come.

Exports by Country

India represented the largest exporting country with an export of about X tons, which resulted at X% of total exports. It was distantly followed by Thailand (X tons), Vietnam (X tons) and Pakistan (X tons), together achieving a X% share of total exports. The following exporters - China (X tons), Myanmar (X tons) and Cambodia (X tons) - together made up X% of total exports.

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, 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 Thailand (X p.p.), Pakistan (X p.p.) and Vietnam (X p.p.) displayed negative dynamics.

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

In India, rice exports expanded at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (X% per year) and Vietnam (X% per year).

Export Prices by Country

In 2023, the export price in Asia amounted to $X per ton, growing by X% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. Over the period under review, the export prices reached the peak figure 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

In 2023, after two years of growth, there was significant decline in supplies from abroad of rice, when their volume decreased by X% to X tons. The total import volume 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 most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2022, and then declined in the following year.

In value terms, rice imports fell to $X in 2023. The total import value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2017 when imports increased by X%. The level of import peaked at $X in 2022, and then contracted slightly in the following year.

Imports by Country

China (X tons), Bangladesh (X tons), Iraq (X tons), the Philippines (X tons), Malaysia (X tons), Iran (X tons), Vietnam (X tons), Nepal (X tons), the United Arab Emirates (X tons), Turkey (X tons), Japan (X tons) and Indonesia (X tons) represented roughly X% of total imports in 2023. Yemen (X tons) held a minor share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Vietnam (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X), China ($X) and Iran ($X) were the countries with the highest levels of imports in 2023, together comprising X% of total imports. Iraq, Malaysia, Japan, Bangladesh, Vietnam, the United Arab Emirates, Turkey, Yemen, Nepal and Indonesia lagged somewhat behind, together accounting for a further X%.

Vietnam, with a CAGR of X%, recorded the highest rates of growth with regard to 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

The import price in Asia stood at $X per ton in 2023, increasing by X% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2023, the import prices remained at a lower figure.

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