The rice and products market size in Malaysia has shown considerable fluctuations over the last decade. In 2014, the market volume stood at 3.55 million metric tons, peaking at 3.65 million metric tons in 2016. However, from 2017 onwards, there was a general declining trend, reaching 3.47 million metric tons in 2023. The year-on-year variation in 2023 was a slight dip of -0.17%, consistent with the modest CAGR of 0.069% over the past five years.
Key trends:
- From 2015 to 2016, the market grew steadily with over 1.4% year-on-year increases.
- There was a notable drop in 2017 and 2018, with reductions of -1.73% and -3.65% respectively.
- The market remained relatively flat from 2019 to 2023, with minimal year-on-year changes.
Forecasting through 2028, the market is predicted to continue its slight decline, with an expected 5-year CAGR of -0.15%, resulting in a projected volume of 3.44 million metric tons by 2028.
Future trends to watch for: Consider the impact of technological advancements in rice farming, policy changes affecting import and export regulations, and climate change impacts on agricultural yields. Additionally, shifts in consumer preferences toward alternative grains and dietary habits could influence future demand.
