Vegetables - India

India

Gross production value in Vegetables market is projected to amount to US$7.28bn in 2024. An annual growth rate of 8.80% is expected (CAGR 2024-2028), resulting in gross production value of US$10.20bn in 2028.
The import value in Vegetables market is projected to amount to US$50.9m in 2024. An annual growth rate of 11.59% is expected (CAGR 2024–2028).
The export value in Vegetables market is projected to amount to US$0.6bn in 2024. An annual growth rate of -0.89% is expected (CAGR 2024–2028).

Key regions: Germany, Brazil, Spain, Italy, United Kingdom

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Analyst Opinion

The Indian subcontinent is known for its diverse cuisine and extensive use of vegetables in their traditional dishes. The Vegetables market in India has been growing steadily over the years, driven by various factors.

Customer preferences: Indian consumers have a strong preference for fresh vegetables as they are an essential part of their daily diet. They prefer to buy vegetables from local markets or street vendors instead of supermarkets, as they believe that the produce is fresher. Additionally, traditional Indian dishes require specific vegetables, which are not easily available in other countries, making the Indian market unique.

Trends in the market: One of the major trends in the Indian vegetable market is the increasing demand for organic produce. Consumers are becoming more health-conscious and are willing to pay a premium for organic vegetables. Another trend is the rise in the consumption of frozen vegetables, which are convenient and have a longer shelf life. The demand for exotic vegetables like broccoli, zucchini, and asparagus has also been increasing in urban areas.

Local special circumstances: India is a vast country with varying climatic conditions, resulting in different growing seasons for vegetables. Therefore, the availability of certain vegetables is limited to specific regions and seasons, making it challenging for farmers to meet the demand throughout the year. Additionally, the Indian government has implemented various policies to support the agriculture sector, such as subsidies and minimum support prices, which have helped farmers to increase their production.

Underlying macroeconomic factors: The Indian economy has been growing steadily, resulting in an increase in disposable income and a rise in the standard of living. This has led to a shift in dietary habits, with consumers opting for healthier food options like vegetables. The growing population and urbanization have also contributed to the rise in demand for vegetables. Furthermore, the government's focus on promoting the agriculture sector and increasing exports has led to the growth of the vegetable market in India.In conclusion, the Vegetables market in India is witnessing a steady growth due to the increasing demand for fresh and organic produce, the rise in consumption of frozen and exotic vegetables, and the government's support to the agriculture sector. However, the limited availability of certain vegetables and the challenges faced by farmers in meeting the demand throughout the year remain a concern.

Methodology

Data coverage:

The data encompasses B2B. Figures are based on the value of gross production in the agriculture market, which values of production are calculated by multiplying gross production by output prices at the farm gate.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting agriculture products due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.