The rice and products market size in South Africa stood at 1.32 million metric tons in 2023. Over the last two years, the year-on-year variations were -0.23% for both years. The most recent CAGR over the past five years leading up to 2023 was -0.27%, indicating a slight decline over this period.
From 2014 to 2023, the market experienced various fluctuations. Initial growth occurred in 2015 and 2016 with positive year-on-year changes of 1.46% and 0.87%, respectively. However, a significant drop of -6.51% was noted in 2017. Though there were occasional increases, such as 2.22% in 2018 and 4.95% in 2021, overall the market has shown a slight declining trend.
Looking ahead from 2024 to 2028, the forecast suggests stability with minimal annual changes, around 1.31 million metric tons until a marginal drop to 1.30 million metric tons in 2028. The forecasted 5-year CAGR is -0.19%, reflecting a continued but slow decline.
Future trends to watch include variations in domestic rice production, potential shifts in import policies, and changes in consumer preferences for rice and related products. Additionally, external factors like global rice prices and trade relations may impact the market dynamics.
