The rice and products market in Africa has shown steady growth from 2014 to 2023, with the volume reaching 39.95 million metric tons in 2023. Over the last two years (2022-2023), the year-on-year growth rate was around 0.51%, indicating a consistent but modest increase. The Compound Annual Growth Rate (CAGR) over the last five years stood at 0.44%, reflecting a stable market expansion.
Noteworthy long-term trends include a significant increase in 2016 (4.03%) and a more gradual rise in the subsequent years. From 2024 to 2028, the forecasted 5-year CAGR is projected at 0.37%, with an overall growth rate of 1.88%.
Future trends to watch for include the impact of technological advancements in agriculture and potential changes in trade policies, which could influence supply and demand dynamics. Additionally, initiatives focused on improving local rice production capacity could contribute to market growth.
