LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global rice market and the market is poised to experience spend growth of more than USD 20 billion between 2018-2023 at a CAGR of over 4% during the forecast period. Request Free Sample Pages.
Read the 131-page research report with TOC and LOE on "The Global Rice Market, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
This spend growth will be directly attributed to the steady adoption of rice as a staple food across most of the geographies that account for growing demography. The global increase in the demand for various rice products such as bran oil, rice flour, rice starch, and rice husk will substantially contribute to the accelerating spend momentum of the rice market.
In terms of spend share, APAC will account for the largest contribution. The presence of countries such as China, India, Vietnam, and the Philippines that are one of the largest producers of rice globally and rice being the staple food in the region will cater to the spend growth in the rice market in this region. In North America, the demand for rice from the processed food segments, such as baby food, pet food, and beer, is expected to increase in the region which will drive rice procurement in this region.
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Insights into the market price trends
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Meteorological factors and seasonality of production are creating extreme uncertainties in the volume of crop yield. These factors will agitate the demand and supply harmony which will exert a negative impact on rice procurement prices across regions.
- The adoption of various smart systems, such as temperature-controlled warehouses and WMS for efficient management of the inventory is expected to increase the warehousing cost for suppliers during the forecast period. This is expected to have a significant inflationary impact on rice procurement prices.
Insights into strategies that will help buyers optimize their rice procurement spend
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It is a highly recommended practice to partner with suppliers who have expertise in hedging and financial tools. These tools will help buyers in effectively managing risk and enhancing their returns. Strong alliances of suppliers with growers is a must-have parameter in the rice market. This will translate into cost-savings for buyers during rice procurement due to the priority given to suppliers by growers on aspects, including pricing, delivery, and samples.
- Buyers are advised to assess suppliers' capabilities in providing a comprehensive portfolio of services that will play a major role in the overall costs for buyers. Such services include transportation, storage, logistics, risk and financial management, among others.
COVID-19 Impact Assessment and Market Insights
SpendEdge’s reports now include an in-depth complimentary analysis of the COVID-19 impact on procurement and latest market data to help your company overcome sourcing challenges. Our Rice Procurement Market Intelligence Report offers actionable procurement intelligence insights, sourcing strategies, and action plans to mitigate risks arising out of the current pandemic situation. The insights offered by our reports will help procurement professionals streamline supply chain operations and gain insights in the best procurement practices to mitigate losses.
To stay on top of latest trends and supply market information, check out SpendEdge’s knowledge center on COVID-19 impact assessment.
The top rice suppliers enlisted in this report
This rice procurement market intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.
- Louis Dreyfus Co. BV
- Olam International Ltd.
- Bunge Ltd.
- Cargill Inc.
- Archer Daniels Midland Co.
- Wilmar International Ltd.
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Some of the key topics covered in this report are:
- Rice market spend segmentation by region
- Rice supply market analysis
- Rice procurement best practices
- Regional spend opportunity for rice suppliers
- Rice suppliers cost structure
- Total cost of ownership analysis in the rice market
- Rice suppliers pricing models analysis
- Category management objectives to promote an optimized rice procurement
- Cost saving opportunities in the rice market
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About SpendEdge:
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