In 2023, the global market for rice could face its biggest shortage in decades, according to industry analysts. Production of rice is dropping and the industry is expected to experience its largest deficit between supply and demand in 20 years, according to Fitch Solutions, a credit ratings agency recognized by the U.S. Securities and Exchange Commission. Rice prices have already been high since the start of the COVID-19 pandemic and the expected shortage means prices will likely remain high, CNBC reported. Falling production in China and Pakistan, as well as in the U.S. and Europe, have meant the supply of rice is shrinking compared to global demand.