Global Rice Prices Expected to Drop by 11% in 2025 Due to Favorable Weather

18-Feb-2025 11:36 AM

Global Rice Prices Expected to Drop by 11% in 2025 Due to Favorable Weather
★ India's return to the rice export market and a bumper harvest are expected to put downward pressure on rice prices in the first quarter of the year.
★ Global rice production is expected to increase by 8% in 2024, which could lead to 11% decline in rice prices in 2025.
★ Increased rice supply from exporters in Asia and the United States will further contribute to price reductions.
★ According to the United States Department of Agriculture (USDA), Nigeria's rice production is estimated at 5.23 million metric tons in 2024/25, a 7% decline from 5.61 million metric tons in 2023/24.