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Paddy Rice Market Strategies 2024-2033 - Size, Growth Analysis, Outlook, Overview
Paddy Rice Market Strategies
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According to The Business Research Company's, The paddy rice market size has grown steadily in recent years. It will grow from $303.97 billion in 2023 to $317.97 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to increased vulnerability to pests and diseases, increase the disposable income, increase in self-consciousness about health, increase in demand for fragrant and specialty rice, and increased cultivation.
The paddy rice market size is expected to see strong growth in the next few years. It will grow to $382.49 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to increasing consumer preference for organic and specialty rice, increasing popularity of online grocery shopping, increasing the trade for long-grain rice, increasing global demand for japonica rice, and dietary preferences in many cultures. Major trends in the forecast period include the increasing use of technology in rice cultivation and processing, development of high-yielding rice, value-added processing and product innovation, water-saving techniques, and organic farming.
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Market Drivers and Trends:
The growth in the agriculture sector is expected to propel the growth of the paddy rice market going forward. The agriculture sector refers to the part of the economy that involves producing, processing, and distributing crops, livestock, and other agricultural products. The rising agriculture sector is due to shifts in dietary patterns and increased investment in agricultural research, development, and infrastructure. Paddy rice cultivation supports agriculture by providing food, income, environmental benefits, and cultural significance that encompass economic development, sustainable farming practices, and food security initiatives. For instance, in February 2024, according to the Department for Environment Food & Rural Affairs reports, a UK-based government agency, the average farm business income (FBI) across all UK farms increased significantly from USD 50461 (£46,500) in 2020/21 to USD 78133( £72,000) in 2021/22. Furthermore, the UK total income from Farming (TIFF) in 2022 was $6.61 billion(£7.9 billion), an increase of 17% from 2021 with USD 1.43 billion(£1.1 billion ). Therefore, growth in the agriculture sector drives the paddy rice market.
Major companies operating in the paddy rice market are developing an innovative class of insecticide with PLINAZOLIN technology for next-generation products for paddy, cotton, and vegetable farmers, ultimately supporting farmers in achieving higher productivity and profitability while minimizing environmental impact. It is a compound that targets a specific receptor in insects that other insecticides have not previously exploited, reducing the risk of cross-resistance with other products. For instance, in July 2023, Syngenta, an India-based ag-tech company, introduced Incipio and Simodis for paddy, cotton, and vegetable farmers across India. These new products are designed to address the challenges posed by climate change and increasing pest resistance, which can lead to 30-40% crop losses if not controlled effectively. Simodis offers a reliable solution for cotton and vegetables against sucking pests and lepidopteran insects such as butterflies and moths. It is particularly effective on crops like hot pepper, brinjal, cotton, groundnut, soybean, and red gram. Based on the unique PLINAZOLIN technology, these advanced products provide effective pest control, resulting in higher yields and crop quality.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Paddy Rice Market 2024 Key Insights:
• The paddy rice market size is expected to see strong growth in the next few years. It will grow to $382.49 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
• Paddy Rice Market Growth Driven By Expansion In The Agriculture Sector
• Advanced Plant Protection Solutions For Precision Farming In India
• North America was the largest region in the paddy rice Market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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