Driven by rising demand for paddy rice in Northern America, the market is expected to see growth in both volume and value over the next decade. With a projected CAGR of +0.6% in volume and +2.1% in value, the market is forecasted to reach 7.1M tons and $3.4B respectively by the end of 2035.
Market Forecast Driven by rising demand for paddy rice in Northern America, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.6% for the period from 2024 to 2035, which is projected to bring the market volume to 7.1M tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +2.1% for the period from 2024 to 2035, which is projected to bring the market value to $3.4B (in nominal wholesale prices) by the end of 2035.
Consumption
Northern America's Consumption of Paddy Rice
In 2024, consumption of paddy rice in Northern America fell rapidly to 6.7M tons, which is down by -23% compared with 2023. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, consumption attained the peak volume at 8.9M tons in 2020; however, from 2021 to 2024, consumption failed to regain momentum.
The revenue of the paddy rice market in Northern America reduced sharply to $2.7B in 2024, waning by -20.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw a relatively flat trend pattern. Over the period under review, the market attained the peak level at $3.4B in 2023, and then contracted dramatically in the following year.
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