India Rice Market Size (2024 - 2029)

The market size of the Indian rice industry is projected to grow steadily in the coming years, driven by the cultivation of high-yielding rice varieties and favorable climatic conditions. India's position as the second-largest rice producer globally, along with its status as the top rice exporter, contributes to the market's expansion. The regular onset of monsoons in the country plays a significant role in boosting rice production, resulting in higher productivity compared to other Asian nations. The primary rice-producing regions in India also play a crucial role in the market size of the industry.

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Market Size of India Rice Industry

India Rice Market Summary
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.

Indian Rice Industry Segmentation

Rice is an edible starchy cereal grain and is grown in rainfed, lowland areas in both wet and dry seasons, mostly in Asian countries. Rice is also the most important staple food for the majority of people in India and many other South 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 thousand for all the above segments.

India Rice Market Size Summary

The Indian rice market is witnessing significant growth, with the country being the second-largest rice producer globally. High-yielding rice varieties are cultivated, contributing to a substantial share of global production. The country's rice production has seen a significant increase over the past decades. The Indian rice market's growth is further supported by high demand from North America and Europe, and favorable climatic conditions. The onset of monsoons in India also contributes to high rice production, leading to greater productivity than other Asian countries. India's rice market has also seen a surge in export potential due to its high production capacities. The country supplies rice to over 150 countries, with competitive pricing due to high domestic stocks and low local prices. Specific rice varieties such as basmati are known globally for their unique aroma, taste, and grain elongation quality, with India holding a significant share in the global basmati export market. The increasing demand for Indian rice and its varieties, coupled with high domestic production and competitive pricing, is expected to drive the growth of the Indian rice market.

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India Rice Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

  2. 2. MARKET SEGMENTATION

    1. 2.1 Production Analysis (Volume)

    2. 2.2 Consumption Analysis (Value and Volume)

    3. 2.3 Import Analysis (Value and Volume)

    4. 2.4 Export Analysis (Value and Volume)

    5. 2.5 Price Trend Analysis

India Rice Market Size FAQs

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.

In 2024, the India Rice Market size is expected to reach USD 52.82 billion.

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