Global procurement intelligence advisory firm, SpendEdge, has announced the release of their 'Rice Market Procurement Research Report.' The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the agro commodities and raw materials industry. This report breaks down the data and analysis behind the procurement of rice and acts as an all-inclusive guide for making smart purchasing decisions.
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Global Rice Procurement Market Intelligence Report (Graphic: Business Wire)
"The changes in consumer food preferences globally have resulted in a shift from rice to relatively more nutritious diet, and this significantly affects the growth of the rice market in APAC," says SpendEdge procurement analyst A Kowshik. "The supply of rice from emerging markets such as Africa is expected to increase due to improvements in production technologies and growing domestic demand in the region," added Kowshik.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Rice Market:
- Growing consumer preference for organic rice and expected supply shortages
- Increasing government subsidies for production of rice
- Rise in consumer preference for packaged and branded rice in emerging countries
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Growing consumer preference for organic rice and expected supply shortages:
The global demand for organically grown foods, especially rice is experiencing fast growth, with the US and Europe being the most significant markets. Also, during the forecast period, it is expected that the gap in demand and supply of organic rice is likely to result in its shortage. To meet the growing demand and supply shortages, organic farming is undergoing rapid expansion in key producing countries. Moreover, the factors such as the cost of certifications for organic products and lack of suitable production facilities can potentially augment supply shortages.
Increasing government subsidies for production of rice:
The government offers various subsidies for the cultivation of rice in countries such as India, Thailand, Vietnam, the US, and Pakistan; this has a major impact on export of rice across the world. Moreover, the buyers in the global rice market could obtain cost savings by engaging with suppliers from low-cost countries.
The rise in consumer preference for packaged and branded rice in emerging countries:
The consumers in this market now prefer branded and packaged products that offer better grain size, color, and post-cooking attributes such as taste and aroma. This shift is due to factors such as an increase in disposable income and middle-income population, especially in emerging countries. The buyers in this market can widen their product portfolio by branding their product for different grades of rice.
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