Indian Rice Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 52.82 Billion |
| Market Size (2029) | USD 59.46 Billion |
| CAGR (2024 - 2029) | 2.40 % |
India Rice Market Analysis
The India Rice Market size is estimated at USD 52.82 billion in 2024, and is expected to reach USD 59.46 billion by 2029, growing at a CAGR of 2.40% during the forecast period (2024-2029).
- As a cereal grain, rice is the most widely consumed staple food for most people in the country. Rice is cultivated in a significant acreage of land in the country, which has increased in recent years. For instance, as per FAOSTAT, the total area harvested for rice in India was 46,278,680 hectares in 2021, which increased to 46,400,000 hectares in 2022. The timely onset of monsoons, such as the Southwestern and Northeastern monsoons in India, is a major driver for high rice production. This also results in higher productivity than in other Asian countries such as Thailand and Indonesia, as these countries are affected by fluctuating rainfall causing floods and drought. The major rice-producing states in India are West Bengal, Uttar Pradesh, Andhra Pradesh, Punjab, Haryana, Tamil Nadu, Odisha, and Bihar.
- Further, the country's increasing food and restaurant sector is anticipated to promote market growth in the coming years. Likewise, continuous development in rice mill machinery and attractive packaging enhance product demand among the people in the country. In addition, the rising demand for specialty rice varieties has increased the trade for long-grain rice, which, in turn, is driving the market growth. According to the FAO, rice production in India accounted for 196.2 million metric tons in 2022. Cultivating high-yielding rice varieties such as IR 64, CR 2301, and Kudrat 5 makes India one of the largest rice producers in the world, with more than 20% of the global rice production share.
- Rice exports from the country have increased significantly in recent years. According to the ITC Trade Map, India's rice exports touched 22.2 million metric tons in 2022 compared to 21.3 million metric tons in 2021. The overall rice production in India was ample enough to support exports. Higher demand for Indian rice in the international market in recent years and good climatic conditions are supporting the growth of the Indian rice market.
India Rice Market Trends
Increasing Demand for Indian Rice
India鈥檚 high production capacities have made it gain high export potential, supplying rice to over 120 countries. Also, high domestic stocks and low local prices have allowed the country to offer rice at cheaper prices in the global market over the past few years. The country's rice exports in 2022 crossed over 22 million metric tons, more than the combined exports of the next four biggest exporters worldwide, Thailand, Vietnam, Pakistan, and the United States, with 19.2 metric tons in 2022 as per the ITC Trade Map.
As rice is an important staple food for over 3 billion people, the demand for Indian rice has increased, making many countries depend on Indian rice to meet their food security needs. Specific rice varieties in India, such as basmati, are known to be among the best varieties of rice in the world. They are known for their sleek, slender, tapering grains with unique aroma and taste and their grain elongation quality upon cooking. Exporting this premium variety from India has a significant share in the global basmati export market.
Enhancing Production Capacities
India is one of Asia-Pacific's top 10 rice-producing countries, endowed with a wet environment suitable for rice cultivation. Rice-based farming is the main economic activity for hundreds of millions of rural farmers in the country, with major rice varieties grown in India, including Ambemohar Rice, Kalanamak Rice, Navara Rice, Palakkadan Matta Rice, and Joha Rice.
India is well-known for both basmati and non-basmati rice production. There was an increase of over 15 million metric tons in total rice production during 2019-2022, reaching over 22 million metric tons in 2022, and it is projected to grow further due to the wider adoption of high-yielding rice varieties in the country. The growing demand for rice from the country's growing population further fuelled the increasing production. As per the World Bank, the total population in India was 1.41 billion in 2021, which increased to 1.42 billion in 2022.
In addition to this, favorable monsoons, the rising number of rice processing industries, and government support have positively affected rice production in the country in the past few years. For instance, in 2022, the Government of India approved the distribution of fortified rice across government schemes in the Indian States.
India Rice Market News
- June 2024: The Acharya N.G. Ranga Agricultural University released rice varieties suitable for Andhra Pradesh. The varieties are MTU 1271, BPT 2846, BPT 2841, and NLR 3238. The new varieties are high-yielding and resistant to various pests and diseases.
- September 2022: The Government of India prohibited the export of broken rice through an amendment made to the export policy, which is aimed at increasing the domestic availability of broken rice amid rising demand from the poultry industry and increasing ethanol production as part of Ethanol Blended Petrol (EBP) program in the country.
- June 2022: Vida Carbon Corp. signed an Emission Reduction Purchase Agreement with Core CarbonX Solutions Pvt. Ltd, an established climate and sustainability consulting firm based in India. The agreement aims to improve rice farmers' cultivation and water management practices on over 100,000 hectares in Telangana in four phases, thereby increasing production.
Indian Rice Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for Indian Rice
4.2.2 Enhancing Production Capacities
4.2.3 Increasing Government Initiatives
4.3 Market Restraints
4.3.1 Abiotic and Biotic Stresses in Rice Cultivation
4.3.2 High Market Entry Costs
5. MARKET SEGMENTATION
5.1 Production Analysis (Volume)
5.2 Consumption Analysis (Value and Volume)
5.3 Import Analysis (Value and Volume)
5.4 Export Analysis (Value and Volume)
5.5 Price Trend Analysis
6. REGIONAL ANALYSIS
6.1 PESTLE Analysis
6.2 Government Policies and Regulations
6.3 Value Chain Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
India Rice Industry Segmentation
Rice is an edible starchy cereal grain grown in rainfed, lowland areas in both wet and dry seasons, mostly in Asian countries. The study on the Indian rice market includes production analysis (volume), consumption analysis (value and volume), and trade in terms of import analysis (value and volume), export analysis (value and volume), and price trend analysis of rice. The report offers the market size and forecasts in terms of volume in metric tons and value in USD for all the above segments.
Indian Rice Market Research FAQs
How big is the India Rice Market?
The India Rice Market size is expected to reach USD 52.82 billion in 2024 and grow at a CAGR of 2.40% to reach USD 59.46 billion by 2029.
What is the current India Rice Market size?
In 2024, the India Rice Market size is expected to reach USD 52.82 billion.
What years does this India Rice Market cover, and what was the market size in 2023?
In 2023, the India Rice Market size was estimated at USD 51.55 billion. The report covers the India Rice Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Rice Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Rice in India Industry Report
Statistics for the 2024 Rice in India market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Rice in India analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
