Basmati Rice Market
Basmati Rice Market (Type - Raw, Steamed, and Parboiled; Species - White and Brown; Application - Food and Cosmetic and Personal Care; Sales Channel - HORECA, Modern Trade, Convenience Store, Online Store, and Traditional Grocery Stores) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022
Press Release :
Global Basmati Rice Market: Snapshot
Basmati rice has been enjoying a premium position in the global marketplace, which has reflected greatly on the growth of the market for basmati rice across the world. The high demand for basmati rice in Asian countries, with it being the staple food of most of the people, residing in this continent, has been supporting the global basmati rice significantly. With inventory prices going down steadily, this market is likely to keep a high pace of growth over the next few years.
The worldwide market for basmati rice is anticipated to present an opportunity worth US$10.51 bn by 2017. The market is further expected to rise to US$17.74 bn by 2022, proliferating at a robust CAGR of 11.0% during the period from 2017 to 2022. The export demand for basmati rice is projected to improve further in the near future, adding considerably to the market’s growth.
Raw Basmati Rice to Remain Most Preferred
Primarily, three types of basmati rice is available across the global market: Raw, parboiled, and steamed. Among these, the demand for raw basmati is much greater than parboiled and steamed basmati rice around the world, thanks to its superior quality, fragrance, and taste. With a CAGR of 12.90% between 2017 and 2022, the raw basmati rice segment is anticipated to remain on the top over the next few years. Based on the species, basmati rice is available in two categories: white and brown. White basmati rice is more preferred among the masses. However, due to the rising awareness about its health benefits, brown basmati rice is anticipated to witness a high growth rate in the years to come.
In terms of application, the global basmati rice market is classified into the food and the cosmetic and personal care sectors. The food industry is reporting a higher demand for basmati rice in comparison with the cosmetic and personal care industry and this trend is expected to continue in the near future. By the sales channel, the market is categorized into HORECA, modern trade, online store, convenience store, and traditional grocery stores. Traditional grocery stores are still the main sales channel for basmati rice, with convenience stores closely following. Modern trade and online stores are attempting aggressively to keep up with the market.
APEJ to Dominate Global Basmati Rice Market
The worldwide basmati rice market is also classified on the basis of the geography. Asia Pacific excluding Japan (APEJ), North America, Europe, the Middle East and Africa (MEA), Japan, and Latin America have surfaced as the main regional segments of this market. Thanks to the high yield of paddy crop, APEJ has acquired the leading position in the global market. Researchers expect the APEJ market for basmati rise to occupy a share of more than 46% in the overall market by 2017.
Further, this regional market is anticipated to retain its dominance over the forthcoming years due to the increasing prices of paddy. Apart from APEJ, MEA, Europe, and Japan are also expected to experience steady growth in the years to come.
McCormick & Co. Inc., LT Foods Ltd., The Hain Celestial Group Inc., Estraco Kft., East End Foods, The Rice 'n Spice Int. Ltd., KRBL Ltd., Amira Nature Foods Ltd., Mars Inc., and REI Agro Ltd. are some the key vendors of basmati rice across the world.
Aromatic Rice Varieties in Basmati Rice Market Attract Consumers
Basmati rice is long-grain rice characterized by distinct aroma, flavour, and gastronomical delight. The drive for the basmati rice stems from these characteristics. As many as 29 varieties of Basmati rice have been observed, and they are grown in only specific geographies with a distinct agro-climatic conditions. An example is Indian subcontinent. Another key producing region is Pakistan. In fact, the country has become the major exporter of the Basmati Rice. Continuously growing exports of these to several countries including Iran, Saudi Arab, UAE, Kuwait, and Iraq has boosted the valuation of the basmati rice. The growing penetration of e-commerce and online retail chains has spurred the sales in the basmati rice market. A variety of rice items can be made with Basmati rice, the reason having to do with the growing popularity of the varieties to make ordinary dish extraordinary. The demand for long-grain rice has been growing in recent years. Brands are going for environmentally friendly packaging to attract buyers. Companies are also focusing on giving a distinct texture to make their products unique from others, and gain a better foothold in the basmati rice market. Advancements being made in harvesting and processing methods will allow companies to this end, expanding the avenue in the market.
The COVID-19 pandemic has caused sea changes in the consumption and demand patterns of several businesses across industries. The pandemic witnessed food industries rapidly looking for new production strategies and consumer propositions owing to the wide-ranging supply and production bottlenecks that arose due to restrictions on economic activities. Further, retail chain companies also suffered from the lack of variety of products in their shelves, considerably changing the dynamics of the basmati rice market. In 2020, due to restrictions on movement of people, many had to modify their consumer targeting approaches to keep consumers hooked to buying online.
Global Basmati Rice Market: Overview
The global market for basmati rice is witnessing a noticeably high growth, at present, and is expected to continue on the same track over the next few years. This report by Transparency Market Research (TMR) attempts to present a comprehensive analysis of the global basmati rice market by examining the prominent trends, growth drivers, limitations, and opportunities and the impact of these factors on the demand for basmati rice between 2017 and 2022. It also examines the potential of this market at the global as well as the regional level.
Further, a detailed analysis of the value chain, which offers an exhaustive overview of the worldwide market for basmati rice has been offered in this research study, encompassing the analysis of the attractiveness of the market, in which, the end users are characterized on the basis of their size of the market, rate of growth, and general attractiveness.
Global Basmati Rice Market: Scope of the Study
The research study provides a comprehensive assessment of various important factors that influence the sales of basmati rice across the world to readers for wise decision making. It also offers a thorough evaluation of the lucrative opportunities, which involve untapped or recently explored factors that are expected to drive this market over the forthcoming years. Further, it carries out an analysis of the value chain to help in understanding the market at length. This value chain assessment includes a detailed evaluation of the roles of numerous important entities in the global basmati rice market, from the raw materials suppliers to the end users.
Various procedures of the production of basmati rice have also been examined in the value chain analysis. Furthermore, the assessment of market attractiveness has been conducted to evaluate the end-use segments, which are projected to be lucrative and profitable over the forecast period, taking a number of factors, such as the size of its market, its profitability, growth rate, and the degree of the competition, in consideration.
Largely, the global market for basmati rice is analyzed on the basis of the type of rice, sales channel, spices, and the application. Based on the type of rice, the market is classified into rice, steamed, and parboiled. By the sales channel, the market is categorized into HORECA, modern trade, convenience store, online store, and traditional grocery stores. Based on the application, the report bifurcate the market into food and cosmetic and personal care.
Global Basmati Rice Market: Geographical Outlook
In terms of the geography, the research study broadly classifies the global basmati rice market into North America, the Middle East and Africa (MEA), Europe, Asia Pacific excluding Japan (APEJ), Latin America, and Japan. These geographical categories are, then, evaluated on the basis of the current and imminent trends in each of the regions in order to provide an insight into the current and expected demand for basmati rice there. The demand from the individual end-use sections in each of the regional markets has also been presented in this research report.
Furthermore, the report estimate the market size of each of the regional basmati rice market in 2017 and make predictions for the coming years. The figures related to the regional markets have been estimated on the basis of their performance, in terms of the basmati rice, sales channel, application, and the species.
Companies Mentioned in the Report
McCormick & Co. Inc., LT Foods Ltd., The Hain Celestial Group Inc., Estraco Kft., East End Foods, The Rice 'n Spice Intl Ltd., KRBL Ltd., Amira Nature Foods Ltd., Mars Inc., and REI Agro Ltd. are the leading companies functional in the global market for basmati rice.