The rice research reveals that new product development in packaged rice in India has more than doubled in the past two years, with over 200 packaged rice launches in 2012 compared to around 100 in 2011.
In 2012, India was the most active country in terms of new product development, accounting for 50% of packaged rice introductions in Asia alone, followed by Vietnam and Thailand which accounted for 10% and 8% respectively of NPD in the region. Malaysia came forth with 7% of new packaged rice launches in APAC followed by Australia with 6%.
Overall, the Indian retail rice market stood at INR 122 billion in value and two million kg in volume in 2012, from INR 75.56 billion and 1.2 million kg in 2010.
And there is further good news for the market in the future too, as Mintel expects the market to grow even further to reach an estimated INR 333 billion and four million kg by 2016 (+175%).
Ranjana Sundaresan, Food and Drink Analyst – India at Mintel, said: “Packaged rice is becoming increasingly popular in India, especially in urban areas due to its convenience. Not so long ago, all rice used to be bought loose from small retailers, kirana stores or ration shops.
Consumers could feel and taste the rice to judge their quality, but loose rice still needs manual cleaning before cooking. In the case of packaged rice this is usually not required, since the cleaning tends to be handled on a large scale by machines.”
Source: Mintel
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