Global rice shortage is set to be the largest in 20 years – here’s why

Bowl of white rice at Bamboo Sushi restaurant in San Ramon, California, January 23, 2022. Gado | Archive Photos | Getty Images From China to the U.S. to the European Union, rice production is falling and driving up prices for more than 3.5 billion people across the globe, particularly in Asia-Pacific - which consumes 90% of the world’s rice. The global rice market is set to log its largest shortfall in two decades in 2023, according to Fitch Solutions. And a deficit of this magnitude for one of the world’s most cultivated grains will hurt major importers, analysts told CNBC….