Portugal: Rice Market 2024

Rice Market Size in Portugal

In 2021, the Portuguese rice market increased by 2.4% to $X, rising for the fourth year in a row after two years of decline. Overall, consumption recorded a relatively flat trend pattern. Rice consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Rice Production in Portugal

In value terms, rice production expanded notably to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.1% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, production attained the peak level and is likely to continue growth in the immediate term.

In 2021, the average rice yield in Portugal soared to X tons per ha, picking up by 17% compared with 2020 figures. Over the period under review, the yield, however, showed a relatively flat trend pattern. Over the period under review, the average rice yield hit record highs at X tons per ha in 2015; however, from 2016 to 2021, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, the harvested area of rice in Portugal stood at X ha, growing by 13% on 2020 figures. In general, the harvested area, however, saw a relatively flat trend pattern. The rice harvested area peaked at X ha in 2012; however, from 2013 to 2021, the harvested area stood at a somewhat lower figure.

Rice Exports

Exports from Portugal

In 2021, shipments abroad of rice increased by 13% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports posted a resilient expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 125% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, rice exports skyrocketed to $X in 2021. In general, exports showed a strong expansion. The growth pace was the most rapid in 2014 when exports increased by 101% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

Jordan (X tons), Spain (X tons) and France (X tons) were the main destinations of rice exports from Portugal, with a combined 66% share of total exports. These countries were followed by the UK, Israel, the Netherlands, Belgium, Syrian Arab Republic, Saudi Arabia, Sao Tome and Principe, Italy, Angola and Turkey, which together accounted for a further 25%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Syrian Arab Republic (with a CAGR of +106,920.3%), while the other leaders experienced more modest paces of growth.

In value terms, Jordan ($X), Spain ($X) and the UK ($X) were the largest markets for rice exported from Portugal worldwide, with a combined 63% share of total exports. France, Israel, the Netherlands, Syrian Arab Republic, Belgium, Saudi Arabia, Sao Tome and Principe, Italy, Angola and Turkey lagged somewhat behind, together comprising a further 26%.

Among the main countries of destination, Syrian Arab Republic, with a CAGR of +136,684.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average rice export price stood at $X per ton in 2021, with an increase of 8.7% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 19%. Over the period under review, the average export prices attained the maximum in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Angola ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Syrian Arab Republic (+27.8%), while the prices for the other major destinations experienced more modest paces of growth.

Rice Imports

Imports into Portugal

In 2021, purchases abroad of rice decreased by -26.7% to X tons for the first time since 2017, thus ending a three-year rising trend. Over the period under review, total imports indicated a notable increase from 2012 to 2021: its volume increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when imports increased by 43%. Over the period under review, imports hit record highs at X tons in 2020, and then declined rapidly in the following year.

In value terms, rice imports fell to $X in 2021. In general, total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +58.8% against 2017 indices. The growth pace was the most rapid in 2018 when imports increased by 38%. Imports peaked at $X in 2020, and then declined in the following year.

Imports by Country

In 2021, Guyana (X tons) constituted the largest supplier of rice to Portugal, with a 41% share of total imports. Moreover, rice imports from Guyana exceeded the figures recorded by the second-largest supplier, Spain (X tons), twofold. Pakistan (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from Guyana totaled +26.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-3.4% per year) and Pakistan (+108.9% per year).

In value terms, Guyana ($X), Spain ($X) and Pakistan ($X) constituted the largest rice suppliers to Portugal, together comprising 66% of total imports. Italy, Suriname, Paraguay, Cambodia and Uruguay lagged somewhat behind, together comprising a further 23%.

Paraguay, with a CAGR of +111.4%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average rice import price stood at $X per ton in 2021, increasing by 19% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2017 when the average import price increased by 23% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Suriname ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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