India Rice Market Size (2024 - 2029)

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 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.