India: Rice Market 2024

Rice Market Size in India

The Indian rice market stood at $X in 2023, rising by X% against the previous year. Overall, the total consumption indicated a remarkable increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2012 indices. Rice consumption peaked in 2023 and is expected to retain growth in years to come.

Rice Production in India

In value terms, rice production expanded slightly to $X in 2023 estimated in export price. In general, production, however, enjoyed a strong increase. The growth pace was the most rapid in 2013 when the production volume increased by X% against the previous year. Rice production peaked at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

The average yield of rice in India dropped modestly to X tons per ha in 2023, remaining constant against the year before. The yield figure increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2016 when the yield increased by X%. Over the period under review, the average rice yield hit record highs at X tons per ha in 2022, and then dropped in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2023, the rice harvested area in India dropped to X ha, stabilizing at 2022. Overall, the harvested area, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to rice production reached the maximum at X ha in 2022, and then contracted modestly in the following year.

Rice Exports

Exports from India

In 2023, after three years of growth, there was significant decline in overseas shipments of rice, when their volume decreased by X% to X tons. Overall, exports, however, showed resilient growth. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, the exports attained the maximum at X tons in 2022, and then contracted rapidly in the following year.

In value terms, rice exports contracted modestly to $X in 2023. Over the period under review, total exports indicated a buoyant increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. The exports peaked at $X in 2022, and then reduced modestly in the following year.

Exports by Country

Benin (X tons), Iran (X tons) and Nepal (X tons) were the main destinations of rice exports from India, together accounting for X% of total exports. Cote d'Ivoire, Saudi Arabia, Bangladesh, Togo, Guinea, China, Sri Lanka, Iraq, Madagascar and Senegal lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Iran ($X), Saudi Arabia ($X) and Benin ($X) were the largest markets for rice exported from India worldwide, with a combined X% share of total exports. Iraq, Bangladesh, Cote d'Ivoire, Nepal, Togo, Guinea, China, Sri Lanka, Madagascar and Senegal lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, China, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average rice export price amounted to $X per ton, increasing by X% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2023, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Nepal ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Nepal (X%), while the prices for the other major destinations experienced more modest paces of growth.

Rice Imports

Imports into India

In 2023, approx. X tons of rice were imported into India; with a decrease of X% against 2022. Overall, imports recorded a abrupt slump. The most prominent rate of growth was recorded in 2013 when imports increased by X%. As a result, imports reached the peak of X tons. From 2014 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, rice imports reduced rapidly to $X in 2023. In general, imports recorded a drastic downturn. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, imports reached the peak of $X. From 2014 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2023, Thailand (X tons) constituted the largest rice supplier to India, accounting for a X% share of total imports. Moreover, rice imports from Thailand exceeded the figures recorded by the second-largest supplier, Oman (X tons), sevenfold. The third position in this ranking was held by Italy (X tons), with a X% share.

From 2012 to 2023, the average annual growth rate of volume from Thailand amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Oman (X% per year) and Italy (X% per year).

In value terms, Thailand ($X) constituted the largest supplier of rice to India, comprising X% of total imports. The second position in the ranking was taken by Italy ($X), with an X% share of total imports. It was followed by the United States, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from Thailand amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and the United States (X% per year).

Import Prices by Country

The average rice import price stood at $X per ton in 2023, growing by X% against the previous year. Overall, the import price continues to indicate slight growth. The pace of growth was the most pronounced in 2019 when the average import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2020 to 2023, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform