LONDON–(BUSINESS WIRE)–SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Rice Market – Procurement Intelligence Report.
The rice market is set to experience an impressive spend growth owing to the rapid acceptance of rice as a staple food across most of the geographies that are also experiencing swelling 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. By 2023, the rice market is expected to reach a value of about USD 80 billion. However, according to our experts, the rice price is typically dynamic at different times during a year and tends to vary across regions. This will increase the risk of buyers incurring excess procurement expenditure in the rice market. To get better insights into the region-specific rice price trends, request the free sample of this rice market procurement intelligence report.
This procurement intelligence report on the rice market has provided insights into such factors that are driving the market price. To help buyers leverage such insights and devise their procurement strategies accordingly, this report has provided rice strategic sourcing inputs that will allow the buyers to optimize their procurement budget according to the rice price trends.
Some Insights into Rice Price Trends
- 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 create volatilities in the rice price across regions.
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- To address the factors that are inhibiting the crop yield, producers are adopting improved rice varieties that are tolerant or resistant to extreme weather conditions, pests, and diseases. They are also introducing mechanization to accelerate their production process. While these initiatives will boost production, these will also make a significant addition to the production expenditure in the rice market.
Rice Strategic Sourcing Insights to Address Inflationary Procurement Expenditure
“Such a skyrocketing price can be effectively addressed by gaining actionable insights into the rice strategic sourcing practices that are specific to some of the key regions,” says SpendEdge procurement expert Sumit Yadav.
- Considering the impact of meteorological factors on the crop yield, it is imperative for buyers 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.
- One of the highly recommended strategic sourcing practices to address the increase in rice price on a long term is to select suppliers who engage in backward integration practices in their supply chain. Such practices limit their dependence on third-party vendors and sub-contractors for raw materials and also boost their capabilities in providing on-time delivery and cost-effectiveness.
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