In 2023, rice production at the farm gate in the Philippines stood at 6.15 billion US dollars. The forecasted data for the years 2024 to 2028 show a consistent upward trend, with values reaching 6.3 billion US dollars in 2024, 6.46 billion US dollars in 2025, 6.63 billion US dollars in 2026, 6.79 billion US dollars in 2027, and 6.95 billion US dollars in 2028.
The year-on-year variations indicate steady growth:
- 2024: +2.44%
- 2025: +2.53%
- 2026: +2.63%
- 2027: +2.41%
- 2028: +2.36%
The compound annual growth rate (CAGR) over the forecasted period is approximately 2.47%.
Future trends to watch for include the impact of climate change, advancements in agricultural technology, government policies supporting rice production, and global market conditions affecting rice prices. These factors will play crucial roles in shaping the trajectory of the rice production industry in the Philippines.
