Rice Milling Machinery Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Rice Milling Machinery Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The rice milling market is expected to register a CAGR of 2.5% during the forecast period (2022-2027).

During the COVID-19 outbreak, the sector saw a sharp dip in the business. The dealership network was the most affected due to supply chain disruption. Additionally, manufacturing units were not 100% active. Due to travel restrictions, the production of goods got delayed as supply was interrupted, resulting in a sharp decrease in machinery sales during the pandemic.​The demand for rice is expanding with the rising global population, which led to many rice processing plants opening new rice mills and boosting the market’s growth. Buhler Group, Fowler Westrup, MillTECH Machinery Private Ltd, Savco Sales Pvt. Ltd, and Satake are some of the prominent players with their distribution and manufacturing facilities worldwide.

According to a report published by the USDA, paddy is a staple crop for more than half of the global population. The area under paddy cultivation increased from 161.7 million ha in 2019 to 164.1 million ha in 2020. High prices, new techniques to reduce the greenhouse gas emissions from the paddy field, and new varieties developed for paddy cultivation with fewer water requirements are the few major reasons for the increase in the area under paddy cultivation. This factor also provides an opportunity for many players to start rice mills and boost the rice milling machinery market.

Rice, wheat, and corn are the major consumed staple crops worldwide, whereas rice serves as a major staple crop among the three, helping more than half of the global population to meet its daily calorie requirements. According to Ricepedia, a website maintained by the International Rice Research Institute, Africa Rice, and the International Center for Tropical Agriculture, Asia is the leading global consumer of rice, with India, China, and Indonesia as major rice consuming countries in Asia, holding more than half of the rice consumed globally. Africa and Lain America are the other major consumers of rice, followed by Asia.

The rice milling machinery market is fragmented with a few big players, resulting in competition between small players. Buhler Group, Fowler Westrup, MillTECH Machinery Private Ltd, Savco Sales Pvt. Ltd, and Satake are some of the prominent players with their distribution and manufacturing facilities worldwide. The development of regional markets and local players in different parts of the world is the major reason behind the fragmented nature of the market.

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