The historical import values of rice to the UK have shown considerable fluctuation over the past decade. After increasing by 18.22% in 2014, the import value dropped by 13.37% in 2015 and plunged further by 25.77% in 2016. Occasional increments were seen, such as a 26.94% increase in 2017. However, from 2019 onwards, the figures steadied with minimal variation, even showing minor annual decreases from 2020 to 2023. As of 2023, the value stood at $488.14 million USD.
From 2024 onwards, forecasted trends indicate a slight and consistent decline in import values. The expected Compound Annual Growth Rate (CAGR) over the next five years is predicted to be -0.26%, suggesting an average annual decrease. Projecting further into 2028, the overall import value is anticipated to reach $480.29 million USD.
Future trends to watch for:
- Potential impacts of geopolitical changes on trade agreements.
- Fluctuations in global rice production and prices.
- Shifts in UK's domestic consumption patterns and dietary trends.