From 2013 to 2023, the value of rice production at farm gate in India fluctuated, with notable decreases in 2014 and 2015 but generally showing a recovery trend since 2016. In 2023, the value stood at $47.03 billion. Year-on-year variations indicate significant declines around 2014 and 2015 followed by a more stable positive trend from 2016 onwards. The last two years saw moderate increases of 3.46% and 3.32% in 2022 and 2023, respectively. The CAGR over the last five years has been modest at 0.64%.
Looking ahead, forecasted data from 2024 to 2028 show consistent growth, with an average annual CAGR of 2.29% and a total forecasted growth rate of 12.01% by 2028. The value is expected to reach $54.35 billion by 2028.
Future trends to watch for include:
- Climate change impacts on rice yield and production.
- Advances in agricultural technology and practices.
- Policy changes and governmental support for rice farmers.
- Fluctuations in global rice demand and export opportunities.
