The analysis of the rice consumption at the farm gate in India from 2013 to 2023 shows substantial fluctuations. Starting at 95.63 million metric tons in 2013, it reached 100.48 million metric tons in 2023. Notably, there were significant yearly changes, with the sharpest decline in 2016 (-17.14%) and notable increases such as in 2014 (7.38%) and 2017 (12.14%). From 2019 to 2023, the consumption grew modestly with a positive trend in most years, except for a slight dip in 2021. The compound annual growth rate (CAGR) over the last five years ending in 2023 stands at 0.3%.
Future trends to watch for:
- Projected annual growth rates indicate a steady increase in rice consumption, anticipated to reach 105.26 million metric tons by 2028.
- Forecasted average growth rate (CAGR) over the next five years is 0.74%, suggesting a stable yet moderate rise in demand.
