Global rice prices are not expected to decrease significantly before 2025

In 2023, the global rice market will witness strong fluctuations due to rice export restrictions from India, the world's largest rice exporter. In addition, Climate Change, especially the complicated El Nino weather phenomenon, has affected key rice producing countries. Rising world rice prices and limited supply have become a new threat to global food security. The market "erupts" after India's ban. On July 20, India issued a ban on the export of ordinary rice. The order to stop rice exports was issued by India in the context of rice prices in this country having increased more than 11.5% within 1 year (as of the date the ban was issued). In addition, unfavorable weather developments during the Spring-Summer rice crop further motivated the Indian Government to make this decision. The export halt order is said to help India boost domestic food supply and control inflation. India is the world's leading rice supplier with 40% market share, followed by Thailand and Vietnam. Although ...