Let's Dive into Canada's Booming Rice Market
Vietnam bolsters rice export status within the Canadian market.
Canada, home to over 7 million individuals of Asian origin, finds itself among the world's leading rice importers, with an annual demand worth a staggering $500 million and a growing trend. But here's the catch - it doesn't grow any rice domestically and relies heavily on imports.
With the US supplying over 50% of Canada's rice imports, our Vietnamese rice suppliers are smelling an opportunity to expand their share in the market. Vietnam has already set foot in Canada's market, assisted by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the escalating popularity of ST25 rice.
The Canadian Trade Office has been proactive in supporting both domestic exporters and overseas Vietnamese businesses involved in rice import-export, aiming to raise Vietnam's market share in Canada above the current 2%. Some of the aggressive players who have embarked on this journey include KD Trading, with their imports of ST25 rice, helping to create a buzz and boost brand awareness in Canada. Now, Vietnam finds itself among the top five rice exporters to Canada.
The recent SIAL exhibition in Toronto saw a Vietnam-based rice brand, Lotus, attracting significant interest from Canadian importers. Their showcased products, including jasmine rice, Japanese-style sushi rice, and ST25, have been creating ripples in major Canadian cities. While Lotus has been successful in exporting rice to Canada, they're yet to attain the desired volume. They express their hopes of reaching more customers and partners through trade fairs to increase exports and take advantage of Canada's substantial consumption demand.
Rice being packed for export at a factory in Cần Thơ City. - VNA/VNS Photo
Vietnamese rice isn't alone in its mission for growth in the Canadian market. The chairman of Kien Fat Trading, Huà Vạn Haò, believes that Vietnamese agricultural exports, particularly rice and related products like rice noodles, have a significant potential to compete effectively with those from neighboring countries like Thailand. He emphasizes that there's ample room for growth in the Canadian market for Vietnamese rice exports.
Amidst the waves of global trade uncertainties, Canada is hungry for market diversification, calling out to ambitious Vietnamese rice exporters. Leveraging free trade agreements between both nations will be crucial to swiftly increasing Vietnam's food exports to the North American nation. Let's seize this moment, folks. Market diversification is our ticket to success.
- In the realm of business, ambitious Vietnamese rice exporters like Kien Fat Trading, led by Huà Vạn Haò, see opportunity for growth in Canada's rice market, which is eager for market diversification amidst global trade uncertainties.
- The chairman of Kien Fat Trading emphasizes that Vietnamese agricultural exports, particularly rice and rice noodles, have the potential to compete effectively with those from neighboring countries like Thailand, given the growing demand and trend in Canada's booming rice markets.
- As the housing market, sports, and various other sectors continue to evolve in Canada, the war for market share in the rice industry becomes increasingly competitive, with players like KD Trading, Lotus, and Kien Fat Trading making strides to increase exports and cater to the substantial rice consumption demand in Canada.
