India Rice Market Size

Statistics for the 2023 & 2024 India Rice market size, created by Mordor Intelligence™ Industry Reports. India Rice size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of India Rice Industry

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India Rice Market Summary
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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 %
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Indian 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).

  • According to the FAO, rice production in India accounted for 178.3 million metric tons in 2020. The cultivation of high-yielding rice varieties such as IR 64, CR 2301, Kudrat 5, etc., makes India the second-largest rice producer in the world after China, with more than 11.0% of the global production share. Rice production in the country has increased by 3.5 times in the last 60 years. According to the Rice Exporters Association, Indian rice exports touched 20 million tons in 2021, including 16 million tons of non-Basmati rice. Rice being an essential commodity, no country imposed restrictions on its import, making the country to become the top exporter of rice in the world. The overall production was ample enough to support exports of around 16 million tons of non-Basmati rice. Higher demand for Indian rice from the North American and European regions in recent years and good climatic conditions are supporting the growth of the Indian rice market.
  • The timely onset of monsoons, such as South Western monsoons and North Eastern 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 due to 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.

Rice Industry in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)