<p>The goal of this study was to assess the national baseline of materials and evaluate the potential material circularity of various circular value-added products from rice waste. The studied circular products included food, cosmetics, home and garden, and building material products from rice straw, husk, bran. Beyond providing a national material baseline, this study developed a material circularity assessment approach that enables systematic monitoring of material circularity performance at the national scale, benchmarking, and identifying opportunities for systemic circular economy innovation. It was revealed that the conversion of rice by-products into home and garden, and building materials obtained a higher economic value-added, material circularity, and carbon footprint values while the conversion of rice by-products into cosmetics obtained higher economic value-added, lower material circularity, and higher carbon footprint values. Compared to food products, the economic value-added, material circularity, and carbon footprint values were moderate. Thailand’s rice sector faces structural and economic barriers to adopt the Bio-Circular-Green Economy Model, but there are opportunities in valorizing by-products, low-carbon cultivation, and sustainable market trends. Policies should focus on infrastructure, market creation, farmer capacity-building on low carbon and sustainable rice cultivation practices and creating local circular business models associated with sustainable marketing strategies. This can be implemented with incentives via low-interest green loans, preferential credit schemes, tax incentives, and sustainability-linked investment programs.</p>