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Indian pkgd rice mkt to grow at 11% until ’23, states TechSci Research
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Saturday, 19 January, 2019, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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The Indian packaged rice market is anticipated to register growth at a CAGR (compound annual growth rate) of over 11 per cent until 2023. This was one of the findings of a report titled India Packaged Rice Market By Type, By Distribution Channel, By Price Range, By Pack Size, By State and City, Competition, Forecast and Opportunities, 2023, by research-based global management consulting firm TechSci Research.
Rice is the most widely consumed staple food for a large part of global population and is divided majorly into two types - Basmati and Non-Basmati. Basmati is long-grain aromatic rice grown for many centuries in specific geographical areas at the Himalayan foothills of the Indian sub-continent. Any rice other than Basmati rice is called non-Basmati rice.
Anticipated growth in the packaged rice market can be attributed to growing brand- consciousness among consumers and rising disposable income in India. Moreover, a shift towards packaged, branded products with better quality, grain size, and post-cooking attributes, like aroma and taste, is being witnessed in the Indian households.
The western and northern regions of the country cumulatively accounted for the major share in the Indian packaged rice market, owing to the regions’ large population base. Moreover, cities like Mumbai, Pune, Ahmedabad and New Delhi are some of the largest markets in India for packaged rice due to their large urban population.
Among distribution channels, independent small grocery is the leading segment. However, in the coming years, supermarkets/hypermarkets and online sales channels are anticipated to grow at a swift pace on account of increasing consumer preference for non-store-based retailing.
According to the report, the India packaged rice market is anticipated to grow at a good pace in the coming years due to the rising shift towards packaged and hygienic food products. Moreover, with increasing health-consciousness, people are showing inclination towards organic food products, which includes organic rice as well.
“This is the reason, leading players are increasingly focussing on expanding their product portfolio to include more varieties of rice for health-conscious consumers. Additionally, rice companies are focussing on expanding their distribution channel and innovation in packaging of rice, thereby making the products more appealing, which is expected to positively influence India packaged rice market during forecast period,” said Karan Chechi, research director, TechSci Research.
The report evaluated the future growth potential of the Indian market and provides statistics and information on market structure, size, share and future growth. It was intended to provide cutting-edge market intelligence and help decision makers to take sound investment decision. Besides, the report also identified and analysed the emerging trends along with essential drivers, challenges and opportunities present in the Indian packaged rice market.
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